by The automotive stamping process is widely used in the automotive industry to form various metal components that are used to manufacture vehicles. The stamping process helps in mass production of auto parts in a cost-effective manner. It involves placing a sheet metal through a stamping press where various tools and dies are used to imprint the desired design and shape on the metal. The major components produced through stamping include body panels, suspension parts, engine components, and interior & exterior trim parts. With the rising automobile production in India driven by increasing disposable income and growing middle-class population, the demand for stamped automotive components is surging.
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 key trends:
Electrification of vehicles is a major trend in the automotive sector to reduce emissions. As automakers focus on developing electric vehicles, the demand for stamped components in electric drive systems like battery covers, electric motor housing, and lightweight body panels is increasing. This is helping spur growth in the automotive stamping market as more metal stamping is required to manufacture components optimized for electric vehicle architecture. Various vehicle manufacturers are actively investing in electric vehicles development which will propel the demand for automotive stampings over the forecast period in India.
SWOT Analysis
Strength: The automotive stamping market in India is growing due to increasing automotive production in the country. Automotive stamping parts are extensively used in vehicles for strength and safety.
Weakness: High cost of investment in automotive stamping dies and tools may act as a restraint for small players. Lack of advanced technology and automation in stamping process also affects productivity.
Opportunity: Rising demand for electric vehicles provides an opportunity for tool makers and component suppliers to invest in new technologies. Growing preference for customized and premium vehicles from customers also allows scope for customized stamping parts.
Threats: Slowdown in the domestic automotive industry impacts the demand for stamping parts. Stiff competition from global automakers enhancing local sourcing also increases pressure on domestic stamping parts manufacturers.
Key Takeaways
The Global India Automotive Stamping Market Size is expected to witness high growth. 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.
Regional analysis comprises. The western and southern regions dominate India’s automotive stamping market due to the presence of major automakers. Maharashtra and Tamil Nadu are leading automotive hubs in India.
Key players operating in the India automotive stamping market are Avery Dennison, Magna, Martinrea, Gestamp and Saholite. These players are focusing on capacity expansion, automation, and customization to gain more orders from OEMs. Avery Dennison recently invested in a new stamping operation in Tamil Nadu.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
