July 21, 2024
India Automotive Stamping Market
Ict

The Growing India Automotive Stamping Market Is Driven By Increasing Automotive Production

Automotive stamping involves using stamping dies and presses to convert flat metal sheets into specific automotive parts. Some key automotive stamping products include hoods, doors, lift gates, body sides, deck lids, fenders, and more. The automotive stamping process allows for high-volume and low-cost production of complex automotive body panels with precise dimensions. It is widely used by automakers and their suppliers to manufacture vehicle body parts. The automotive industry in India has been growing steadily over the past few years, driven by rising disposable incomes, availability of finance, and increasing preference for personal mobility over public transport. This has resulted in higher demand for passenger and commercial vehicles across the country, thereby fuelling the need for automotive stamping products.

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 key trends:

One of the key trends in the India automotive stamping market is the growing adoption of advanced stamping technologies like hot stamping and super-plastic forming. Such technologies allow automakers to develop lightweight vehicle parts with complex geometries using stronger and higher-strength materials like boron steels and aluminum alloys. This helps in improving the performance, safety, and fuel efficiency of modern vehicles. Furthermore, several local automotive stampers are investing in robotic automation, Internet of Things (IoT) solutions, and Industry 4.0 technologies to enhance manufacturing productivity and meet rising production demand from OEMs. Shifting focus towards electric vehicles is another emerging trend, with stampers developing unique and optimized body parts tailored for electric vehicle platforms and battery enclosures.

Porter’s Analysis

Threat of new entrants: The automotive stamping market in India requires high initial investments and has significant economies of scale due to established manufacturing facilities of existing players. This poses high entry barriers for new players.

Bargaining power of buyers: The bargaining power of buyers is moderate as automotive OEMs have considerable influence over stampers due to technological expertise and large order volumes. However, availability of numerous stampers provides options to buyers.

Bargaining power of suppliers: The bargaining power of suppliers is low due to availability of substitute raw materials and fragmented supplier base. However, integrating technologies increase suppliers’ bargaining power.

Threat of new substitutes: There is no threat of new substitutes for automotive stamping as it is an integral process for vehicle manufacturing.

Competitive rivalry: The market is highly competitive due to presence of numerous international and domestic players. Intense competition keeps pricing pressures and forces participants to focus on cost optimization.

Key Takeaways

The Global India Automotive Stamping Market Demand is expected to witness high growth. The central and southern regions are dominating the market currently due to presence of major automakers whereas the western and northern regions are fastest growing markets.

The central region accounted for the largest share in 2022 led by presence of major automakers such as Maruti Suzuki and Hyundai in states like Haryana and Maharashtra. The southern region is another major automotive manufacturing hub due to companies like Toyota, Renault and Daimler.

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.

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