by The automotive stamping market in India involves manufacturing components for automobiles through stamping process. Key automotive stamping products include body panels, drive train parts, closures, and others. In India, the automotive industry has been growing significantly over the past few years on account of rising disposable income, low interest auto loans, and increasing investment by foreign automakers to manufacture cars locally. Major OEMs like Maruti Suzuki, Hyundai, Tata Motors, Mahindra & Mahindra, etc. have expanded their production capacity to meet the growing domestic demand for passenger vehicles as well as commercial vehicles.
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 4.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increased automobile production in India is one of the major drivers of the automotive stamping market. As per data released by Society of Indian Automobile Manufacturers (SIAM), total vehicle production in India increased from 23.59 million units in 2017 to 30.91 million units in 2021 thereby witnessing a growth of over 30% during the last five years. Furthermore, automobile manufacturers are also promoting make in India initiative by increasing local sourcing of auto components including stamping parts. This is creating significant demand for automotive stampers in the country. Another driver is growing preference of customers towards vehicles with advanced safety features like airbags and anti-lock braking system (ABS). Since stamping is the primary process used for manufacturing such high strength and complex auto body parts, increasing focus on vehicle safety further drives the India automotive stamping market.
Segment Analysis
The India automotive stamping market is dominated by the Passenger Vehicles sub-segment. Passenger vehicles account for more than 60% of the total automotive production in India owing to rising personal income and availability of affordable vehicles. High demand for passenger cars from tier-1 and tier-2 cities is driving the growth of this sub-segment.
PEST Analysis
Political: The government’s increased focus on developing local manufacturing under policies like Automotive Mission Plan (AMP) 2026 and FAME II scheme is positively impacting the automotive stamping market in India.
Economic: Growth in disposable income, lowering of Interest rates on vehicle loans and rising penetration of organized automotive financing is fueling the growth of the overall automotive industry and in turn boosting the automotive stamping market.
Social: Changing lifestyle, rising nuclear families and preference for personal vehicles for commute are increasing the demand for passenger vehicles thereby driving the automotive stamping market.
Technological: Adoption of advanced stamping techniques like hot stamping, tandem stamping etc. to produce complex auto parts with improved strength-to-weight ratio is helping automakers to launch fuel-efficient vehicles meeting stringent emission norms.
Key Takeaways
The India Automotive Stamping Market Size is expected to witness robust growth over the forecast period aided by rising passenger vehicle production in the country. The passenger vehicles sub-segment will continue to dominate owing to increasing disposable income and availability of affordable financing options. 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 4.4% over the forecast period 2023 to 2030.
Regional analysis: Western and Southern regions of India are expected to be the fastest growing markets for automotive stamping. States like Maharashtra, Tamil Nadu, and Gujarat account for more than 60% of the total passenger vehicle production in the country due to presence of major automakers production base and supply chain network in these regions.
Key players: 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. These players are focusing on adopting new technologies to meet the emerging needs of OEMs.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
