Automotive Fasteners Market - Growth, Trends, and Forecast (2020 - 2025)
|出版商||Mordor Intelligence LLP||商品編碼||938154|
|出版日期||內容資訊||英文 60 Pages
|汽車緊固件市場-成長，趨勢，預測(2020年∼2025年) Automotive Fasteners Market - Growth, Trends, and Forecast (2020 - 2025)|
|出版日期: 2020年05月01日||內容資訊: 英文 60 Pages||
The automotive fasteners market is expected to exhibit a CAGR of 5% during the forecast period (2020-2025)
Infrastructure Development is Driving the Market Growth for Automotive Fasteners
The automotive industry is going through a period of declining sales and production that started during late 2018 owing to slow economic growth. The global vehicle production in 2019 stood at 91.78 million vehicles (passenger and commercial), which was 5.2% as compared to 2018. In addition to this, the coronavirus outbreak that started during second half of December 2019 has hardly hit China, South Korea and Europe, the major automotive and automotive component producing geographies, leading to shutting down of manufacturing facilities by many manufacturers such as Hyundai and Tesla motors.
However, the global electric vehicle, autonomous vehicles and two-wheeler markets are expected to show a good growth during the forecast period.
The used car market across the world is growing rapidly. The main reasons for the same has been the advent of organized players in developing nations, rise in income levels, increasing demand for luxury cars, shorter car ownership periods, booming import-export and a growing preference of two-wheeler owners to upgrade to small and compact cars. Organized players provide a decent warranty and better service than aftermarket players and change vehicle components if necessity arises. Aforementioned factors are driving the growth of the used car market and thus automotive fasteners market due to replacement cycle.
Asia-Pacific to Exhibit the Highest Growth Rate During the Forecast Period
Countries such as India, China and South Korea are major OEM hubs in the world and prominent automotive makers source fasteners from several players located in these geographies. The domestic demand in Asia-Pacific is also on the rise owing to the increased investment in infrastructure development, growth in shared mobility market, etc.
Increase in disposable income in emerging economies such as China and India have allowed customers to spend on travel. Air travel industry grew by 6% in 2018. This is resulted in increased usage of Airport transportation system. More than 50% of car rental revenue came from airport usage in 2019 which is expected to grow to 57.66% by 2025.
Owing to the growing tourism and increasing construction, mining, and logistics activities across several countries in the Asia-Pacific region, the demand for heavy-duty commercial vehicles is likely to increase during the forecast period. The aforementioned factor is expected to drive the market growth for automotive fasteners.
Ongoing mega projects in China needs a lot of machinery and materials to be displaced from one part of the country to the other. Projects such as Belt and Road Initiative, Tianhuangping hydroelectric project, South North water transfer project and Beijing airport are some of the many projects that will deploy a large number of construction equipment and thus will increase the demand of automotive fasteners.
The market for automotive fasteners is a highly fragmented one with players such as Bulten AB, Shanghai Tianbao Fastener Manufacturing company limited, etc. dominating the market
Bulten AB opens its new factory in Tianjin, China on 22nd November 2019 as a step to strengthen its supply chain in the region. This will also strengthen Bulten's in house cold forming, heat treatment and surface treatment processes for production of high quality fateners.
In November 2019, LISI Automotive of France developed LISI insulating screw that will fasten circuits and starter alternator belt system operating at 12V and 48V respectively. This screw is specifically designed for Mild Hybrid vehicles to minimize the energy losses.