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:

The India automotive stamping market comprises of metal forming through mechanical working processes like blanking, embossing, bending, forming, and piercing to manufacture vehicle body parts including doors, hoods, trunk lids, fenders, and others. These parts are largely used in passenger cars, light commercial vehicles, and heavy commercial vehicles. Rapid growth in automotive production, infrastructure development, and rising disposable incomes are driving demand for automobiles which is supporting growth of automotive stamping market in India.

Market Dynamics:

The Global India automotive stamping market size is primarily driven by increasing automotive production in the country. Growing demand for passenger cars and commercial vehicles owing to improving economic conditions and rising infrastructure development is fueling automotive production. According to SIAM (Society of Indian Automobile Manufacturers), passenger vehicle production increased from 3.14 million units in 2017-18 to 3.37 million units in 2018-19, registering a year-on-year growth of 7.15%. Commercial vehicle production increased from 7.43 lakh units in 2017-18 to 7.70 lakh units in 2018-19, registering a growth of 3.59%. This rising automotive production is increasing demand for automobile body parts manufactured through stamping process, thereby driving the market growth. Moreover, rising disposable incomes are enabling increased consumer spending on vehicles which is further supporting automotive production and automotive stamping market in India.

SWOT Analysis for India Automotive Stamping Market

Strength:
- Large automotive production base and rising vehicle demand. India is currently the fifth largest automotive producer in the world.
- Availability of low-cost skilled labor. This reduces costs for automotive stamping production in India.
- Growing auto component exports from India. Automotive stamping export opportunities are increasing.

Weakness:
- Fragmented market structure with many small players. Economies of scale cannot be achieved easily.
- High dependence on imports for certain advanced stamping machines and tools.

Opportunity:
- Shift towards electric vehicles. Growing EV market will boost demand for lightweight auto stamping components.
- Growth in commercial vehicle segment. Rising commercial vehicle sales are spurring automotive stamping demand.

Threats:
- Intense competition ly. Indian players face competition from established foreign automotive stamping manufacturers.
- Rising raw material costs. Fluctuating prices of steel and aluminum impact production costs.

Key Takeaways

The  India automotive stamping market is expected to witness high growth, exhibiting CAGR of 4.4% over the forecast period, due to increasing vehicle demand in India. The automotive production and sales have been consistently rising in India, driven by low car penetration and growing middle-class population.

Regional analysis: India dominates the Asia Pacific automotive stamping market with over 40% share. States such as Gujarat, Tamil Nadu, Maharashtra, and Haryana are major automotive hubs in India hosting  OEMs and auto component suppliers. In 2021, the Indian market size reached US$ 4655.93 Mn and is estimated to surpass US$ 7000 Mn by 2030.

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.

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