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.
The India automotive stamping market comprises metal forming manufacturing processes, which are used to convert flat metal sheets into specific shapes and sizes as desired by automotive original equipment manufacturers (OEMs). Techniques used in automotive stamping include progressive die stamping and blanking to manufacture vehicle body parts such as doors, hoods, fenders, trunk lids, among others. The process offers advantages such as high production efficiency and minimal wastage of metal sheets. Automotive stamping plays a critical role in modern automotive manufacturing.
Market key trends:
One of the key trends witnessed in the India automotive stamping market is the increasing adoption of aluminum stamping. Aluminum stamping is gaining popularity as it offers benefits such as lightweighting of vehicles, which enhances fuel efficiency. The process is not only economical but also exhibits superior formability and paintability qualities. Additionally, it helps OEMs comply with stringent emission norms. Rising adoption of electric vehicles (EVs) in India is another trend fueling the market growth, wherein aluminum stamping extensively finds application in manufacturing of battery enclosures, casings for electric drive systems, and chassis. With India targeting 30% electric mobility by 2030 under its FAME II program, demand for aluminum stamping from EV OEMs is expected to surge significantly over the forecast period.
The India automotive stamping market is dominated by the passenger vehicles sub-segment. Passenger vehicles account for the largest share of the overall automotive stamping market due to increasing demand for vehicles from growing population, rising disposable income, and an increase in living standards in India. Stamped components used in passenger vehicles include body panels, doors, hoods, roof, bumpers, and others. Passenger vehicles require complex stampings and precision forming, which drives the demand for high-quality and efficient stamping processes.
The India automotive stamping market is expected to witness high growth, exhibiting CAGR of 4.4% over the forecast period, due to increasing vehicle production and sales in the country.
The western region accounts for the largest share in the India automotive stamping market. States like Maharashtra and Gujarat have a high concentration of automobile manufacturers which drives the demand for automotive stampings in the region. The southern region is expected to be the fastest growing market owing to emerging automotive hubs in states like Tamil Nadu and Karnataka.
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.