The India Automotive Stamping Market is estimated to be valued at US$ 4655.93 Mn 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:
The India automotive stamping market consists of metal forming operations carried out on sheet metal to produce automotive parts that are used extensively in structural and safety components of passenger cars and commercial vehicles. Metal stampings find applications in exterior and interior automotive components such as doors, hoods, fenders, panels, handles etc. offering advantages such as mass producibility, precision and shaping flexibility. Stamped automotive parts are indispensable in automobile manufacturing as they help reduce production costs and improve design efficiencies.
Market key trends:
One of the key trends in the India automotive stamping market is the adoption of advanced stamping technologies such as progressive die stamping and tandem stamping to achieve higher production outputs. Progressive die stamping facilitates multi-step stamping operations with a single press stroke, while tandem stamping employs two or more stamping presses configured in series to double production capacities. Another notable trend is the increasing emphasis on lightweight materials such as aluminium and magnesium alloys in auto body panels to curb overall vehicle weight and comply with fuel efficiency norms. Several OEMs are opting for hot stamping technique as well to produce complex high strength steel components for improved crashworthiness.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as automotive stamping requires high initial investment in machinery and technical expertise. However, availability of low-cost labor and large domestic market attract new players.
Bargaining power of buyers: Bargaining power of buyers like automotive OEMs is high as they source components from multiple suppliers and can negotiate on price and quality standards.
Bargaining power of suppliers: Bargaining power of suppliers like steel producers is moderate as they have to meet international quality standards and dependencies on automotive OEMs for demand.
Threat of new substitutes: Threat of new substitutes is low as metal stamping is integral to automotive manufacturing and alternatives are limited.
Competitive rivalry: Competition is high among existing players to capture market share through quality, innovation and value-added services.
Key Takeaways
The India Automotive Stamping Market is expected to witness high growth, exhibiting CAGR of 4.4% over the forecast period, due to increasing automobile production in the country. India is one of the largest automobile producer globally.
Regional analysis: The India region dominates the automotive stamping market owing to presence of major automotive hubs and OEMs in the region. States like Maharashtra, Tamil Nadu, Haryana contribute over 60% to the total vehicle production.
Key players operating in the India Automotive Stamping Market are 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