Electric Vehicle (EV) Fasteners Market Analysis | 2024-2030

Market Insights

The electric vehicle (EV) fasteners market was estimated at USD 8.1 billion in 2023 and is likely to grow at a CAGR of 13.5% during 2024-2030 to reach USD 20 billion in 2030. 

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Market Dynamics

Introduction

Fasteners are essential components used for joining parts and accessories in electric vehicles. They are available in a wide range of designs and materials (key materials include titanium, stainless steel, aluminum, high-strength alloys, and plastics). They must possess exceptional mechanical properties, including high-stress resistance, corrosion resistance, and vibration resistance, to maintain the structural integrity of the vehicles. In contrast to internal combustion engine (ICE) vehicles, the major applications of fasteners in EVs include battery management, electric motors, inverters, cables and wires, and charging systems.

Coatings play a key role in EV fasteners, enhancing durability, resisting environmental factors, and ensuring reliability in critical applications. The key coating types include zinc plating, black oxide, phosphate coating, cadmium plating, and organic or epoxy coatings.

Rising focus on sustainability in the EV industry is fueling the adoption of recyclable and eco-friendly fasteners, helping manufacturers meet stringent environmental regulations and align with global sustainability goals.

Market Drivers

• Surging Demand for Electric Vehicles Driving Fastener Usage: The rapid adoption of electric vehicles worldwide is fueling demand for specialized fasteners designed to meet the unique requirements of EVs, including lightweight, high strength, and corrosion resistance.
• The requirement for high-performance, lightweight fastening solutions: Weight reduction is a top priority for EV manufacturers in order to increase battery range and efficiency.  The usage of cutting-edge materials like titanium fasteners and aluminum, which provide strength without adding extra weight, has expanded as a result.  The safety and performance of batteries depend on the thermal and electrical conductivity that these materials improve.
• Technological Innovations Enhancing Fastener Reliability: Advanced developments in protective coatings, engineered threading designs, and specialized alloys are strengthening fastener performance against deterioration, mechanical stress, and environmental attack—critical factors for electric vehicle systems operating under severe conditions. These technological breakthroughs preserve mechanical stability and safety requirements while enabling the progressive complexity of next-generation EV platforms.
• Growth of Supply Chains and Production Facilities for EVs: The need for fasteners is being driven by the expansion of EV manufacturing hubs worldwide, particularly in Asia-Pacific and Europe, as a result of scaling production quantities.  The availability of specialized EV fasteners is further facilitated by investments in supply chain integration and localization, which accelerates market expansion.

Segment Analysis

By Vehicle Type

“Light vehicles (LV) are anticipated to drive the highest demand for EV fasteners in the forecast period.”

• 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.

By EV Type

“Hybrid vehicles are projected to dominate the EV fasteners market during the forecast period.”

• Driven by their complex component requirements, increasing production volumes, and critical structural and safety needs.
• 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.

By Material Type

“Metal fasteners are expected to remain the most preferred and faster-growing of the market during the forecast period.”

• In terms of material type, the market is segmented into metal and plastic.
• 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.

By Threading Type

“Threaded fasteners are projected to maintain their dominance and experience faster growth in the market throughout the forecast period.”

• In terms of threading type, the market is segmented into threaded and non-threaded fasteners.
• 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.

By 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.

By Fastener Type

“Rivets represent the largest fastener type, whereas nuts hold the second leading position in the market.”

• 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.

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Regional Analysis

“The Asia-Pacific is expected to remain the largest market for EV fasteners during the forecast period.”

• 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.

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Key Players

The market is highly fragmented, with over 50 players. Most of the major players compete in some of the governing factors, including price, service offerings, regional presence, etc. Leading players manufacture fasteners not only for the EV (including the automotive industry) but also serve a wide range of other industries, such as aerospace, electronics, medical, construction, etc. The following are the key players in the EV fasteners market.

Here is the list of the top players (based on dominance)

• ITW
• Aoyama Seisakusho Co., Ltd
• Stanley Black & Decker, Inc.
• Shanghai Prime Machinery Co., Ltd.
• Lisi Automotive
• Bulten AB

Note: The above list does not necessarily include all the market's top players.

Are you the leading player in this market? We would love to include your name. Please write to us at [email protected]

Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s EV fasteners market realities and future market possibilities for the forecast period. 
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants and investors in identifying the low-hanging fruits available in the market and formulating growth strategies to expedite their growth process.
• This report offers high-quality insights and results from a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 10 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain qualitative and quantitative insights.

Report Features

This report provides market intelligence most comprehensively. The report structure has been kept so that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players and those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The EV fasteners market is segmented into the following categories. 

By Vehicle Type

• LV 
• M&HCV 

By EV Type

• BEV 
• Hybrid 

By Material Type

• Metal Fasteners 
• Plastic Fasteners 

By Threading Type

• Threaded Fasteners 
• Non-Threaded Fasteners 

By Application Type

• Body in White 
• Engine & Powertrain 
• Chassis 
• Interior 
• Exterior 
• Other Applications 

By Fastener Type

• Clips 
• Nuts 
• Bolts 
• Screws 
• Rivets
• Other Fasteners 

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, Italy, and Rest of Europe)
• Asia-Pacific (Country Analysis: Japan, China, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Brazil, Argentina, and Others)

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Service portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to [email protected]