The automotive stamping industry produces parts for automobiles through a stamping process in which sheet metal is placed into stamping dies and stamped to produce automobile body panels, chassis and other components. Major products produced through automotive stamping include hoods, roof panels, door panels, trunk lids, liftgates and other exterior and interior automotive body parts. The growing demand for automobiles, especially passenger vehicles, across India has fueled the growth of the automotive stamping market in the country. Rising incomes and standards of living have increased the demand for personal mobility, propelling vehicle production and sales.
The global India Automotive stamping Market is estimated to be valued at US$ 4655.93 Mn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growing demand for passenger vehicles, as referred in the heading, has been a major driver for the India automotive stamping market. Improving economic conditions, increasing disposable incomes and rising aspirations have boosted demand for private transportation modes like cars and SUVs in India. According to industry estimates, domestic car sales grew by over 26% in FY 2022, crossing the 3 million unit mark. This expanded the requirements for body panels, chassis and other stamped components in automobile manufacturing. Another driver has been the “Make in India” initiative by the government which focuses on developing the country as a global manufacturing hub. It provides incentives for industries to set up manufacturing plants locally and cater to domestic as well as international markets. Various automakers have expanded or set up new production facilities in India to tap into this opportunity. However, rising raw material costs remain a challenge for stamping component manufacturers due to fluctuating metal prices in the global market.
Segment Analysis
The India automotive stamping market is dominated by the passenger vehicle sub-segment which accounts for nearly 60% share of the total market. Passenger vehicles have seen increasing demand in India owing to rising disposable income, changing lifestyle preferences and availability of vehicle financing options. This has led OEMs to increase production of passenger vehicles which in turn is driving the demand for auto stamping components.
PEST Analysis
Political: The government’s increased focus on building road infrastructure and promoting automobile manufacturing under schemes like ‘Make in India’ is positively impacting the automotive stamping market.
Economic: Rising GDP, per capita income and consumer spending on personal vehicles is fueling the growth of the automotive industry and stamping component requirements.
Social: Changing social trends like nuclearization of families, desire for personal transport and increasing road connectivity in rural areas is propelling vehicle adoption in India.
Technological: Use of advanced materials, computer-assisted manufacturing techniques and robotics by stamping manufacturers is enhancing productivity and producing complex 3D parts for new automobile designs.
Key Takeaways
The India Automotive Stamping Market Growth is expected to witness high over the forecast period supported by rising vehicle production in the country. The global India Automotive stamping Market is estimated to be valued at US$ 4655.93 Mn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2030.
The western region currently dominates the market owing to presence of major automotive hubs in Maharashtra and Gujarat which are home to key OEMs like Tata Motors, Mahindra & Mahindra and Ford. The southern region is expected to be the fastest growing market for automotive stamping in India supported by upcoming vehicle manufacturing clusters in Telangana and Tamil Nadu as well as expanding domestic demand in these states.
Key players
Key players operating in the India automotive stamping market are Avery Dennison, Magna, Gestamp, Hyundai-WIA, 3M, and Xin Peng Industry
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
