Boltun President Mark Wu: Global Automotive Fastener Market Demand Continues to Grow, but Price Cutting Must be Avoided

According to the current market statistics, the global automotive fastener demand in 2018 reaches about 26.1 billion USD (28% of the global fastener demand). Taiwanese fastener industry has been also dedicated to the development of automotive fasteners in recent years and has been seeking for transformation. In 2017, the supply of automotive fasteners of Taiwan already represented 32% of its total production and this ratio is estimated to increase to 35%. 

As the number of competitors in the market keeps growing, the competition becomes more fierce than ever. President Mark Wu said that Taiwanese companies should focus on quality enhancement rather than price cutting in order to avoid the loss of revenue and profit margin caused by adverse competition.

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