The Asia Pacific Automotive Fasteners Market would witness market growth of 5.8% CAGR during the forecast period (2023-2030).
Fasteners' crucial importance in cars and the booming automotive industry both play significant roles in the market's expansion. Due to which with the increased sale of automotive, the market is estimated to grow. A rise in market demand is projected as a result of mechanical advancements and better fastener quality. Additionally, the choice for automotive fasteners over welding is driven by the rising need for lighter cars and their stability, fueling the expansion of the market over the anticipated time.
The development of different vehicles that operate on alternative fuels, including those from sustainable sources, or that use hybrid technology, which combines gasoline or diesel engines and electric power, has received significant investment from automakers. Automotive fasteners include washers, nuts, bolts, screws, spring clips, and retainers. They hold the various components of the vehicle together to avoid leaks, reduce wobbling, and transmit loads. Each fastener is created so that it can support particular automotive requirements. Additionally, fasteners are made expressly for any make or model of car. They can be temporary or permanent fasteners that either permanently or temporarily bind things together.
India is the world’s fourth-largest sector for vehicles. The Indian government has set ambitious goals and implemented supportive policies to ensure that electric vehicles replace fossil fuel-based vehicles as the main means of transportation, even though these vehicles dominate the current automotive sector. The ambitious goal is to sell 6-7 million hybrid and electric vehicles annually in 2020 under the National Electric Mobility Plan (NEMMP). The Indian government hopes to fulfil the electrified dream of 400 million customers by 2030. It is expected that the market will expand as a result of the rising popularity of electric vehicles and the focus on environmentally friendly practices supported by governments of regional nations.
The China market dominated the Asia Pacific Automotive Fasteners Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $3,698 Million by 2030. The Japan market is registering a CAGR of 5.1% during (2023 - 2030). Additionally, The India market would showcase a CAGR of 6.4% during (2023 - 2030).
Based on Type, the market is segmented into Threaded, and Non-Threaded. Based on Material Type, the market is segmented into Metal, and Plastic. Based on Characteristic, the market is segmented into Removable, and Fixed. Based on Vehicle Type, the market is segmented into Passenger Car, and Commercial Vehicles. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Automotive Fasteners Market is Projected to reach USD 33 Billion by 2030, at a CAGR of 5.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Bulten AB, KAMAX Holding GmbH & Co. KG, Stanley Black & Decker, Inc., Berkshire Hathaway, Inc., Illinois Tool Works Inc., SFS Group AG, LISI GROUP, Westfield Fasteners Ltd, Shanghai Prime Machinery Co., Ltd. (Shanghai Electric Group Company Limited) and Sundram Fasteners Limited (TVS Group).
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