“Global Automotive Fasteners Market, by Material Type (Iron, Nickel, Brass, Stainless Steel, Aluminum, Plastic), by Application (Passenger Car, Commercial Vehicle), as well as by Region – Global Forecast 2020 to 2029.”, which offers a comprehensive view of the global automotive fasteners market through systematic segmentation, covering every aspect of this target market. The 5-year (2020–2025) cumulative revenue of this market is projected to be over USD $25,278.5 Mn, and is estimated to increase significantly over the latter part of the forecast period.
An automotive fastener is a device that is used to mechanically join (or fasten) two or more objects together. There are many different types that can be made from a wide range of materials, but, they can be generally classified under two types – permanent and non-permanent automotive fasteners.
The drastic increase in global populations in recent years, as well as improved levels of globalization are some of the most crucial factors that are resulting in the increased demand for vehicles across the world. This exponential spike in the demand for automotive products can be witnessed none more so than in the emerging economies of the world such as China, India, Brazil, etc. Moreover, the presence of a well-established automotive sector, in both the developed and developing regions of the world, as well as increasing investments being made by key industry players towards the development and incorporation of innovative components (such as plastic components, etc.) that not only improve the efficiency of a given vehicle, by reducing its overall weight and improving the strength in the process, but also in lowering the total cost of the vehicle as well. Furthermore, the steady increase in disposable incomes of individuals across the world, especially in the developing regions of the globe, has also resulted in improving their respective purchasing powers. These are some of the other major factors that are slated to have a profound influence on the revenue growth of the global automotive fasteners market in the coming years, and in doing so, are expected to edge the projected revenue of this global industry to USD $29,400.7 Mn by 2030, at a CAGR of 4.0%.
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