The global Automotive Hardware market is highly competitive, with many companies operating in different regions. Nevertheless, the automotive hardware market is dominated by a few key players, who hold a relatively small share in the overall market. The Automotive Hardware market report covers global industry data and trends, regional breakdowns, and competitive landscape. Regional breakdowns include the Automotive Hardware market size, volume, and growth rate for each region, along with market forecasts for 2021-2028. This report also includes year-on-year growth rates for each of the segments covered in the report. Further, it offers a detailed analysis of raw materials, labor costs, and marketing status for the Automotive Hardware market.
According to the World Bank, the global Automotive Hardware market is expected to reach $$ million by 2021, up from $million in 2016. The number of cases of COVID-19 is approaching 200 million, but the situation is under control. Global economic growth is expected to be around four percent by 2021, and 3.8 percent by 2022, according to the World Bank. With the increase in global automobile production, there will be an increased demand for Automotive Hardware.
The Automotive Hardware Market has been analysed at the global, regional, and country level. This report includes market size estimates for the period 2015 to 2026 by product type and application. The report also highlights recent market developments that are likely to affect the market. For instance, the Covid-19 virus outbreak has already affected the production and distribution of various types of automotive hardware in different regions. As a result, this disease will negatively impact the Automotive Hardware market in 2020.
As an industry, the automotive hardware market is largely driven by the high aftermarket replacement rate and the trend of vehicle modification. Increasing vehicle modifications are driving demand for aftermarket replacements, and this is largely fueled by independent players. In addition to OEMs, aftermarket sales of automotive hardware make up over 40% of the total revenue of the industry. The automotive hardware market is predicted to grow at a CAGR of six percent during the forecast period.
The growth of the automotive hardware market is due in part to the advancement in technology. This sector is becoming as important as software components for the industry, as manufacturers are investing in environmentally-friendly and high-performing materials. Additionally, manufacturers are taking advantage of the latest innovations in raw materials and are designing innovative concepts with them. By the end of 2020, the market will be worth US$75 billion. So, the opportunity is there for anyone looking to make a profit in the automotive industry.
In the automotive fastener market, threaded fasteners are expected to account for over half of the market during the forecast period. These fasteners contain threads and external linings, and are used in many different applications, such as assembly and disassembly. However, the automotive hardware market is also expected to grow at a moderate CAGR over the next decade. The forecast period is also anticipated to be quite beneficial for the industry as manufacturers begin to use more customized fasteners.