The North America Automotive Fasteners Market would witness market growth of 5.4% CAGR during the forecast period (2023-2030).
Automotive fasteners are mechanical parts that attach or connect one or more joints and parts of the car. Aluminium, nickel, stainless steel, and other materials make fasteners. Holding together vehicle parts to prevent their separation and joint leaking is the main purpose of automotive fasteners. Due to the wide range of shapes, sizes, designs, and quality, the automobile sector is saturated with different fasteners, particularly for components.
The expanding need for technical advancement and design enhancement in these components propels the market. Additionally, it is anticipated that increasing demand for vehicle stability and decreased vehicle weight would open up new business prospects for suppliers of the market.
Vehicle repair businesses and MRO service providers drive the demand for automotive fasteners. The demand will rise in the upcoming assessment period due to increased aftermarket maintenance and service activities for commercial and passenger cars. Another factor projected to increase demand in the market is improved quality and sturdiness of fasteners due to mechanical improvements. Additionally, the market is expected to develop as a result of the rising need for lighter automobiles and their stability, which has increased the preference for automotive fasteners over welding.
According to the International Trade Association, Mexico is the seventh-largest global manufacturer of passenger vehicles, producing over three million vehicles annually. In addition, 90% of vehicles manufactured in Mexico are exported, with 76% traveling to the United States. These factors have contributed to the region’s automotive industry’s constant expansion, resulting in a rise in demand for automotive fasteners.
The US market dominated the North America Automotive Fasteners Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $6,112.4 Million by 2030. The Canada market is experiencing a CAGR of 7.8% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 6.8% 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 U.S., Mexico, Canada, and Rest of North America.
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).
By Type
By Material Type
By Characteristic
By Vehicle Type
By Country
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