The automatic self-piercing rivets market is set to reach 45 billion units by 2022, growing at a CAGR of 26.2% between 2016-2022. Increasing focus towards the development of lightweight vehicles is escalating the use of automatic self-piercing rivets across various vehicle segments. This is expected to propel the demand of automatic self-piercing rivets during the forecast period.
Insights on market segments
In terms of application, the automatic self-piercing rivets market is categorized into conventional vehicles and new energy vehicles. The conventional vehicles were estimated to have contributed 66.2% in the automatic self-piercing rivets industry in 2015. The market is forecasted to grow at a CAGR of 24.3% during the forecast period. The growth can be attributed by the growing applications of self-piercing rivets in premium cars; however, the self-piercing rivets market is gaining further traction due to the adoption of new energy vehicles segment.
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Europe stands as the largest automatic self-piercing rivets market
Europe accounted for the largest region in the automatic self-piercing rivets market, where Germany contributed to the largest revenue. The U.S. was the major market in North America, whereas China contributed to the largest revenue in Asia-Pacific region. Rest of the World included Brazil as the largest market and Iran, South Africa and rest of Latin American, and Middle-East and African countries.
Increasing government initiatives towards reduction of co₂ emissions is driving the growth of the market
Government initiatives to reduce CO₂ emissions and improve fuel efficiency has been promoting the use of various lightweight materials such as aluminum, which is further increasing the use of self-piercing rivets for the fastening purposes and thereby driving the growth of the automatic self-piercing rivets market. The government across various countries in the North American and European region have been increasingly developing stringent emission standards and accordingly automotive manufacturers across the globe have been reducing the weight of the cars by using aluminum.
According to the Aluminum Transportation Group (ATG), 5-7% fuel could be saved by every 10% reduction in the weight of a vehicle, and substituting aluminum for the heavier material with the usage of self-piercing rivets is an effective way for facilitating the fuel saving initiative.
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Competitive Landscape
The automatic self-piercing rivets market is dominated by three major players that account for the majority of the share in the market. Some of the key players in the global market for automatic self-piercing rivets include Henrob Ltd, STANLEY Engineered Fastening, Wilhelm Bollhoff GmbH und Co. KG, TOX PRESSOTECHNIK GmbH & Co.KG, Richard Bergner Holding GmbH & Co. KG and ECKOLD AG.
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