December 6, 2024
India Automotive Stamping Market

The Rising Electric Vehicle Sector Is Anticipated To Open Up New Avenues For The India Automotive Stamping Market

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:

Automotive stamping is a process of converting flat metal sheets into specific shapes and sizes as parts for automotive applications. The most common automotive stamping processes used in India include progressive die stamping, transfer die stamping, and deep drawing. Some key components produced through stamping include body panels, chassis members, suspension components, springs, brackets, and heat exchangers. The growing automotive industry in India driven by rising vehicle production is creating significant demand for metal stamping parts and components.

Market Dynamics:

The India Automotive Stamping Market is driven by growing vehicle production in the country and increasing preference for light-weight vehicles to improve fuel efficiency. As per the Society of Indian Automobile Manufacturers (SIAM), domestic passenger vehicle sales in India jumped 13.2% annually to 2,752,438 units during FY 2021-22. With the government pushing for higher localization in automotive manufacturing, the demand for locally produced stamping parts is also rising. Furthermore, the rising demand for electric vehicles presents new opportunities for stamping manufacturers to supply components suitable for EV applications. However, volatile metal prices remain a key challenge for stamping producers in India.

Segment Analysis

The India automotive stamping market is segmented by vehicle type into passenger cars, light commercial vehicles, and heavy commercial vehicles. The passenger cars segment is expected to hold the largest market share and dominate the market during the forecast period. The increasing demand for passenger cars owing to rising income levels and changing lifestyles of people in India is expected to drive the growth of this segment.

PEST Analysis

Political: The Indian government has announced plans to invest heavily in road infrastructure, which will boost the automotive sector growth in the long run. Additionally, initiatives like Make in India will attract more investments in local auto manufacturing.

Economic: India has one of the fastest growing economies globally, with a projected real GDP growth rate of over 6% during the forecast period. Rising income levels and growing middle class are increasing disposable incomes and boosting automotive demand.

Social: Factors such as changing customer preferences, increasing nuclear families, and rising aspirational population are fueling vehicle demand across India. Moreover, increasing road connectivity in rural areas is expanding the market.

Technological: Technologies such as lightweight materials, aluminum stampings, and advanced high-strength steel (AHSS) are being increasingly used for body stamping by automakers to enhance safety, reduce emissions, and enable fuel efficiency.

Key Takeaways

The India automotive stamping market size was valued at US$ 4655.93 Mn in 2023 and is expected to reach US$ 6857.43 Mn by 2030, expanding at a CAGR of 4.4% during the forecast period. The steady growth can be attributed to rising vehicle production and sales across India along with growing investment by governments in infrastructure development.

Regional analysis – India dominates the South Asia automotive stamping market with a share of over 80% in 2023. states such as Maharashtra, Tamil Nadu, and Gujarat accounted for more than 50% of the India’s total passenger vehicle production. West India is expected to remain the fastest growing regional market during the forecast period.

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. The market is highly fragmented in nature.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it

Money Singh
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. 

Money Singh

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. 

View all posts by Money Singh →