The Europe Automotive Fasteners Market would witness market growth of 5.2% CAGR during the forecast period (2023-2030).
Fasteners are pieces of mechanical equipment that hold, connect, or affix two or more pieces. The industry for fasteners that is expanding the fastest is the automotive sector. Several materials, including aluminum, iron, brass, nickel, stainless steel, and plastic, are used to make automotive fasteners. They are further divided into different categories based on their special characteristics. Automotive fasteners are frequently used to carry weights, stop joint leaks, and hold vehicle parts together to prevent separation or instability. To meet the needs of the market, a wide range of shapes, coatings, colors, and appealing designs are offered for vehicle fasteners.
The growing acceptance of technology in cars, rising disposable income, and changing consumer preferences for smart vehicles are some factors boosting the market. The demand for automotive fasteners is expected to increase over the forecasted period due to the necessity for various types of fasteners to fit current electronic components such as sensors, high-frequency signals, improved trims, etc. Furthermore, people worldwide are attracted to electric vehicles since they are sustainable and environmentally beneficial.
The expansion of the automotive industry is vital to the European economy. The automotive industry in the European Union employs 2.6 million individuals or 8.5% of all manufacturing employment. In addition, the EU is one of the world’s leading manufacturers, and the automotive industry is the largest private investor in research and development (R&D). Thus, the European Commission promotes technical harmony and finances R&D to increase competitiveness and maintain the technological leadership of the automotive industry. In addition, German manufacturers of lightweight commercial trailers produce more than the government requires. The expansion of the automotive industry would eventually result in the development of the market.
The Germany market dominated the Europe Automotive Fasteners Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $2,033.1 Million by 2030. The UK market is exhibiting a CAGR of 4.3% during (2023 - 2030). Additionally, The France market would experience a CAGR of 5.9% 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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
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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