Automotive fastener market expected to touch USD 20 billion by the year 2026, according to market report
In the last few years, the automotive industry has seen exponential growth due to many technological advancements. Automobile manufacturers are making safety of passenger as their top priority as customers focus on safety features while purchasing a vehicle. Significant factors such as toughness and quality of fasteners and mechanical enhancements could play a pivotal role in driving the adoption of these fasteners. Besides, the ability to easily replace these clasps from vehicles make it ideal for end-user.
Increasing shift towards lightweight fasteners due to rising demand for fuel-efficient vehicles could enhance the business outlook. Increasing demand for lightweight fasteners over welding could significantly boost the automotive fastener industry size. Based on these markets trends, Global Market Insights, Inc., estimates that the automotive fastener market could touch USD 20 billion by the year 2026.
Presently, there is an economic slowdown due to the coronavirus pandemic and extended lockdowns. Automobile sector has been severely impacted due to this disruption, and has impacted the demand of fasteners. However, the sector is already on the path of recovery, with manufacturing activities started across nations.
North America is considered to be a lucrative market for automotive fastener. Estimates claim that the region might register over 15% of the global market within the predicted timeframe. This growth can be attributed to numerous ongoing and future automotive developmental activities being conducted within the region. This would ensure healthy growth prospects of automotive fastener manufacturers over the next few years.