Electric Vehicle (EV) Fasteners Market is Forecasted to Reach US$ 20 Billion in 2030, Says Stratview Research

Stratview Research, a global market research firm has launched a report on the global Electric Vehicle (EV) Fasteners Market which provides a comprehensive outlook of the global and regional industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

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Market Statistics:

Market Size in 2023: US$ 8.1 billion

Market Size in 2030 US$ 20 billion

Growth (CAGR): 13.5% during 2024-2030

Leading Vehicle Type: Light Vehicles (LV)

Leading EV Type: Hybrid EV

Leading Material Type: Metal fasteners

Leading Threading Type: Threaded

Leading Application Type: Body in white

Leading Fastener Type: Rivets

Leading Region: Asia-Pacific

Forecast Period: 2024-2030

Trend Period: 2018-2022

Base Year: 2023

Number of Segments Covered: 7

Number of Tables & Graphs: 100+

Country-Level Market Assessment: 20

Segment Insights on the Electric Vehicle (EV) Fasteners Market:

The global Electric Vehicle (EV) Fasteners Market is segmented based by vehicle type, EV type, application type, material type, threading type, fastener type & Region 

Based on vehicle type: The EV fasteners market is segmented into LV and M&HCV. Despite utilizing fewer fasteners than medium &-and heavy-duty vehicles, light vehicles are expected to maintain the leading position in the market throughout the forecast period. LV (light vehicle) includes passenger cars and LCVs (light commercial vehicles). Increasing motorization rate and higher production of passenger cars and LCVs are the key factors behind its dominance.

Based on EV type: Driven by their complex component requirements, increasing production volumes, and critical structural and safety needs. Hybrid vehicles are projected to dominate the EV fasteners market during the forecast period. Other factors include higher consumer acceptance compared to BEV and government policies supporting hybrid vehicle manufacturing in various regions. Hybrid vehicles need robust fasteners to secure batteries, engines, and other components effectively.

Based on material type: In terms of material type, the market is segmented into metal and plastic. Metal fasteners are expected to remain the most preferred and faster-growing of the market during the forecast period. Metal is the most preferred material type in the market owing to its advantages, such as high tensile strength, resistance to rust and heat, shockproof, recyclable, versatility, compatibility with coatings, cost-effectiveness, high machinability, and resistance to wear and tear.

Plastic is expected to remain the fastest-growing material type during the forecast period owing to its properties, such as lightweight, cost-efficient production, corrosion resistance, excellent electrical insulation, design flexibility, and eco-friendly innovations.

Based on Threading Type: In terms of threading type, the market is segmented into threaded and non-threaded fasteners. Threaded fasteners are projected to maintain their dominance and experience faster growth in the market throughout the forecast period.

The market is split into threaded and non-threaded fasteners based on threading type. Threaded fasteners provide reliable and easily removable joints, and hence, they are used in many automobile parts, ensuring their continued demand and growth.

Threaded fasteners’ ability to be easily assembled, disassembled, and reused for repairs or maintenance contributes to their widespread use and market expansion.

Based on application type: The body in white is the largest application for EV fasteners and is expected to retain its dominant position in the forecasted period. The body in white is the basic framework of a car; it requires a large number of fasteners to provide strength and stiffness to the structure.

Vehicle bodies are subjected to stringent safety regulations, which include fasteners for securing components. Trends towards lightweight car body construction also require specialized fasteners. The fasteners used for the body in the white application must be adapted to these new designs and performance specifications.

Based on fastener type: In terms of fastener type, the market is segmented into clips, nuts, bolts, screws, rivets, and other fastener types. Rivets hold the dominant market position. Technological advancements within assembly methods, including self-piercing rivets and automated riveting systems, drive the demand for rivets in modern ft assembly processes.

Nuts hold the second dominant position in the market. Nuts play a crucial role in EV fasteners owing to their versatility, cost-effectiveness, strength, and adaptability to various materials and applications. Key applications of nuts include engines, suspension, chassis, interior components, and body assemblies. They are compatible with bolts, screws, and threaded studs, making them versatile fasteners.

To know the most attractive segments, click here for a free sample of the report:

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 Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that The Asia-Pacific is expected to remain the largest market for EV fasteners during the forecast period. This growth outlook is majorly attributed to the following–

• The market is segmented by region into North America, Europe, Asia-Pacific, and the Rest of the World.
• Key factors driving the Asia-Pacific’s dominance include higher production of passenger cars and LCVs, particularly in China, Japan, and South Korea, the presence of key EV manufacturers (such as BYD, NIO, Toyota, and Hyundai), government incentives and policies, and massive investment in EV infrastructure in the region.
• China leads global and Asia-Pacific EV fasteners markets, fueled by its massive EV production capacity, strong government support, and well-established supply chain infrastructure.
• Europe and North America are also projected to generate sizeable demand for EV fasteners during the forecast period. The USA, Germany, France, and the UK stand out as key markets for EV fasteners, driven by their strong automotive industries, manufacturing expertise, and focus on innovation in electric vehicle technologies.

Electric Vehicle (EV) Fasteners Market Drivers:

·      Key factors driving the growth of the EV fasteners market include the rise in electric vehicle production, the increasing adoption of EVs fueled by environmental concerns, government incentives, advancements in EV technology, stricter environmental regulations, and the expanding EV charging infrastructure.

·      Other factors include an increase in motorization rate, the development of advanced lightweight materials and unique fasteners for fuel efficiency and safety, customization and modular vehicle designs creating a need for more fasteners, and safety regulations, which include advanced and high-strength fasteners for securing components.

Top 10 Companies in the Electric Vehicle (EV) Fasteners Market:

Stratview Research has identified the following companies as the top market players:

·      ITW

·      Aoyama Seisakusho Co., Ltd

·      Stanley Black & Decker, Inc.

·      Shanghai Prime Machinery Co., Ltd.

·      Lisi Automotive

·      Bulten AB

What Unique Insights Does This Report Offer?

This report provides comprehensive insights into the data center liquid cooling market, answering critical questions like

-       How big is the sales opportunity?

-       Which regions offer the best sales opportunities?

-       Which are the most attractive market segments?

-       Which are the top players and their market positioning?

-       How complex is the business environment?

-       What are the factors affecting the market?

For Customization or Any Other Queries, get in Touch with our industry experts at sales@stratviewresearch.com

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Stratview Research is a global market research and consulting firm that highly specializes in IT & telecom, aerospace & defense, chemicals, and a few other industries.

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