by The India Automotive Stamping Market is estimated to be valued at US$ 4655.93 Mn or billion in 2023 and is expected to exhibit a CAGR of 4.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Automotive stamping involves the process of converting flat metal sheets into specific shapes and parts used in automotive vehicles through a stamping press. Some key automotive components produced through stamping include auto body panels, Drive shafts, Brake pedal arms, Steering components etc. Stamping provides an economical and high-volume production of automotive parts compared to other production techniques.
Market key trends:
Automotive stamping market is witnessing key trends such as development of new lightweight automobile parts through automotive stamping. With a focus on reducing vehicle weight and improving fuel-efficiency, automakers are incorporating materials such as aluminum and magnesium alloys for automotive stamping. Additionally, implementation of advanced stamping techniques such as hot stamping is enabling automakers to manufacture complex and integrated vehicle structures with improved strength, rigidity, and crash performance. Hot stamping allows forming high strength steel at temperatures above 950 °C followed by an immediate quenching process, resulting in parts that are three times harder than conventional steel.
Rising electric vehicle adoption is another key trend driving changes in automotive stamping. EVs have fewer mechanical components compared to internal combustion engine vehicles, however, battery enclosures and packs require advanced stamping of various aluminum, steel and magnesium alloys. Overall, lightweighting and shift towards electric mobility will shape future developments in global automotive stamping market.
Market key trends:
The automotive stamping market in India is expected to witness steady growth driven by rising vehicle production and sales in the country. As the economy expands and households see rise in disposable incomes, demand for passenger and commercial vehicles is on the uptrend. This is prompting automakers to boost investments in domestic manufacturing facilities, benefiting the automotive stamping industry with higher volumes. Stamping part manufacturers are also modernizing their plants and automation levels to improve productivity and quality standards as per OEM requirements.
SWOT Analysis
Strength: Well established automotive component supply chain with presence of large stamping manufacturers and part suppliers catering to both domestic and international OEMs.
Weakness: High dependency on automobile industry cycles makes the sector vulnerable to demand fluctuations. Poor technology adoption at some small stamping units.
Opportunity: Growing localizations requirements with free trade agreements pushing OEMs to enhance local sourcing from India, creating more stamping orders. Entry of electric vehicles to bring new investment opportunities for tooling and forming of lightweight body panels.
Threats: Intense price pressures from OEMs and competition from cheap imports from China and ASEAN countries. Rising raw material costs.
Key Takeaways
The India automotive stamping market size was valued at US$ 4655.93 Mn in 2023. The market is expected to grow at a healthy CAGR of 4.4% during 2023 to 2030. The growth is backed by the considerable expansion of the domestic automotive manufacturing industry in India over the past decade. Passenger vehicles and commercial vehicles production in India grew at a CAGRs of 7% and 8% respectively between FY2015-2021. A growing middle class, rising incomes, and higher urbanization are increasing vehicle ownership in India.
Regional analysis: India’s western states such as Maharashtra and Gujarat dominate the automotive stamping market owing to presence of major automotive hubs and OEM manufacturing clusters in these regions. Southern states like Tamil Nadu and Telangana are also emerging as major stamping suppliers centers near vehicle manufacturing plants.
Key players: The key automotive stamping market players in India include Automotive Stampings and Assemblies Ltd., JBM Group, Klt Automotive And Tubular Products Limited, Autocomp Corporation Panse Pvt. Ltd., Omax Auto Ltd., Mahindra CIE Automotive Limited, Sona Koyo Steering Systems Limited, Harsha Engineers Limited, Tata Autocomp Systems Limited, Cosma International (India) Private Limited, Yeshshree Press Comps Private Limited, Gestamp Automobile India Private Limited, Surin Automotive Private Limited, Skh Metals Limited, and Caparo India.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
