Automotive fasteners market to reach USD 27.42 Billion by 2027 – Market Report
Automotive fasteners market is projected to be worth USD 27.42 Billion by 2027, registering a CAGR of 4.5% during the forecast period, according to research report by Market Research Future. The market was valued at USD 23.71 billion in 2020.
The growth is being primarily being driven by key players that have incorporated several strategies to stay ahead such as mergers and acquisitions, new product launches, partnerships, collaborations, geographic expansions, new research and development activities, and more.
In addition, growing automobile industry and the importance of fasteners is driving the growth of the market. The improvements in the durability and quality and technical developments of fasteners coupled with easy replaceable nature of automotive fasteners that makes it convenient for the end use consumers in purchasing fasteners for their cars are also adding to the automotive fasteners market share.