Global Automotive Fastener/Connector Market Size Study, By Product Type, By Characteristics, By Material, By Vehicle Type, and Regional Forecasts 2022-2032

Global Automotive Fastener/Connector Market is valued at approximately USD 34.2 billion in 2023 and is projected to grow with a healthy growth rate of more than 4.4% over the forecast period 2024-2032. The automotive fastener/connector industry is an integral part of the automotive sector, focusing on the development, production, and application of components that are essential in assembling vehicles, particularly in supporting the sustainability goals of reducing environmental impact and improving energy efficiency. The market covers a broad spectrum of fasteners used in various types of vehicles and mobility solutions, including battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), hybrid electric vehicles (HEVs), and alternative fuel vehicles, as well as the fasteners and connectors critical for the emerging sectors of autonomous vehicles and shared mobility solutions.

The growth of the automotive fastener/connector market is primarily driven by the rise in lightweight vehicle manufacturing and the increase in global vehicle production. The trend towards lighter vehicles, which are designed to improve fuel efficiency and reduce emissions, has spurred demand for specialized fasteners capable of securely joining advanced materials such as aluminum, magnesium, and high-strength steel. Concurrently, as vehicle production escalates globally, there is a parallel surge in demand for a variety of fasteners necessary for the assembly of these vehicles.

However, the market faces challenges due to the increasing availability of alternatives to traditional fasteners and the rising costs of raw materials such as steel and aluminum. The adoption of advanced joining techniques like laser welding and ultrasonic welding, which do not rely on conventional fasteners, poses a potential threat to the demand for traditional fasteners. Additionally, the rise in material costs makes the production of fasteners more expensive, which could lead to higher prices and potentially dampen demand.

Nonetheless, innovation in manufacturing technology offers significant opportunities for market expansion. The ongoing development of lightweight materials, advanced coatings that improve corrosion resistance, and the adoption of state-of-the-art manufacturing technologies such as 3D printing and CNC machining are all contributing to the evolution of the automotive fastener/connector market. These advancements not only enhance the durability and efficiency of fasteners but also support the overall push towards more sustainable and energy-efficient vehicles.

Regionally, North America is a significant market for automotive fasteners/connectors, bolstered by cutting-edge manufacturing technologies and the growing adoption of electric vehicles (EVs). The region's robust automotive industry, characterized by leading manufacturing plants and a strong network of automotive parts suppliers, continues to drive demand for specialized fasteners. Similarly, Canada and China are emerging as key markets, with their strong automotive manufacturing sectors and government support for the automotive industry's growth.

The key regions considered for the global automotive fasteners/connectors Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is a dominating region in the automotive fasteners/connectors Market in terms of revenue. The market growth in the region is being attributed to factors including strong automotive manufacturing base and high vehicle production volumes. The increasing emphasis on vehicle safety and advanced technologies, including electric and autonomous vehicles, propels demand for sophisticated fasteners and connectors. Moreover, stringent regulatory standards and growing consumer preference for high-quality, durable automotive components contribute to market growth. Additionally, the expansion of the automotive aftermarket sector and ongoing investments in innovation and technology within the automotive industry further boost market dynamics in North America. Whereas, the market in Asia Pacific is anticipated to grow at the fastest rate over the forecast period fueled by rapid industrialization and urbanization, which boost vehicle production and sales. Additionally, increasing consumer demand for advanced, reliable, and fuel-efficient vehicles fuels the need for high-quality fasteners and connectors. Government initiatives to improve infrastructure and promote automotive manufacturing, along with rising investments in electric vehicles (EVs) and automotive technology, further stimulate market growth. The burgeoning automotive aftermarket and the growing trend towards vehicle customization also contribute to the market's expansion in this region.

Major market players included in this report are:

• Sterling Tools Limited
• SFS Group AG
• Illinois Tool Works Inc.
• Nipman Fasteners
• Sundaram Fasteners
• Boltun Corporation
• Maclean Fogg
• Berkshire Hathaway Inc.
• Lisi Group
• TR Fastenings
• Bollhoff Group
• Wurth Group
• Stanley Black & Decker
• The Philips Screw Company
• Westfield Fasteners Limited

The detailed segments and sub-segment of the market are explained below:

By Product Type

• Threaded
• Non-Threaded

By Characteristics

• Removable Fasteners
• Permanent Fasteners
• Semi-Permanent Fasteners

By Material

• Stainless Steel
• Brass
• Nickle
• Aluminum
• Plastic
• Iron
• Bronze

By Vehicle Type

• Passenger Car
• Commercial Vehicle

By Region:

• North America
• U.S.
• Canada
• Europe
• UK
• Germany
• France
• Spain
• Italy
• ROE
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• RoAPAC
• Latin America
• Brazil
• Mexico
• RoLA
• Middle East & Africa
• Saudi Arabia
• South Africa
• RoMEA

Years considered for the study are as follows:

• Historical year - 2022
• Base year - 2023
• Forecast period - 2024 to 2032

Key Takeaways:

• Market Estimates & Forecast for 10 years from 2022 to 2032.
• Annualized revenues and regional level analysis for each market segment.
• Detailed analysis of geographical landscape with Country level analysis of major regions.
• Competitive landscape with information on major players in the market.
• Analysis of key business strategies and recommendations on future market approach.
• Analysis of competitive structure of the market.
• Demand side and supply side analysis of the market.