Automotive stamping refers to sheets of metal that are pressed or stamped to produce body parts for vehicles like hoods, doors, fenders, bumpers and others. It is a necessary process in automotive manufacturing to transform flat metal sheets into specific three-dimensional shapes. The automotive stamping market in India is witnessing significant growth owing to the rising demand for automobiles from domestic as well as export markets. India is emerging as a favored manufacturing hub for global automakers due to lower production costs and availability of skilled workforce. Furthermore, the ‘Make in India’ initiative by the government aims to make the country a global manufacturing hub and encourages domestic manufacturing of automobiles and automotive components.
The global India Automotive stamping Market is estimated to be valued at US$ 5363.64 Mn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand from the growing automobile industry in India is a key growth-driving factor for the automotive stamping market. As per the Society of Indian Automobile Manufacturers (SIAM), domestic passenger vehicle sales grew by 27.9% year-on-year to 30.69 lakh units in FY 2022. Commercial vehicle sales also witnessed growth of 39.2% during the same period. Rising disposable incomes, improved road infrastructure and increasing preference for personal mobility are positively impacting automobile sales in India. This rise in automobile production is translating into higher demand for automotive stamping from OEMs, thus accelerating the growth of the market over the forecast period.
Segment Analysis
The India Automotive Stamping Market Demand is dominated by the passenger vehicles segment. Within passenger vehicles, the hatchback sub-segment accounts for the major share in automotive stamping due to increasing demand for affordable mobility and fuel-efficient small cars in the country. The demand for automotive stamping from the hatchback sub-segment is further aided by the Make in India initiative of the government to encourage domestic production.
Key Takeaways
The India automotive stamping market is expected to witness high growth over the forecast period of 2023 to 2031 supported by increasing economic activity and rising disposable incomes in the country. Domestic automakers are undertaking large investments in capacity expansions to cater to the growing demand. The global India Automotive stamping Market is estimated to be valued at US$ 5363.64 Mn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2031.
The southern region currently dominates the India automotive stamping market owing to the presence of major automotive hubs such as Chennai and Bengaluru which are home to global and domestic OEM manufacturing facilities.
Key players operating in the India automotive stamping market are Avery Dennison, Magna, Thyssenkrupp, Hyundai-Kia, Toyota Boshoku, Gestamp, Martinrea, Voestalpine, and Kenmode. These players are focusing on developing advanced high-strength steel stamping technologies to integrate complex parts and meet stringent safety and emission norms.The new vehicle segments including utility vehicles and electric vehicles are expected to open significant opportunities for automotive stampers in the country over the coming years supported by the Made in India initiative and FAME schemes.
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