The India automotive stamping market is expected to be worth US$ 6.88 billion in 2022, rising to US$ 18.68 billion by 2032. The demand for automotive stamping in India is expected to grow at a CAGR of 10.5% over the forecast period.
Increasing vehicle production and sales to drive growth in the India automotive stamping market. Furthermore, four-wheeler manufacturing in India has grown dramatically, while two- and three-wheeler production has increased somewhat. This is owing to rising domestic and worldwide consumer demand. As a result, the use of automobile stamping in India has increased. Furthermore, growing disposable income, greater consumer confidence, credit availability, and cheap interest rates are fueling the adoption of automotive stamping services in Inda.
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According to the Organization Internationale des Constructeurs d’Automobiles (OICA), motor vehicle manufacturing in India increased 7.3% from 3.8 million units in 2014 to 4.1 million units in 2015. Furthermore, according to the Automotive Component Manufacturers Association of India (ACMA), three-wheeler production in India reached approximately 25 million units in 2019. As a result of these factors, India’s automotive stamping market share is expected to increase considerably throughout the projected period.
By 2032, the Indian market for automotive components is expected to grow dramatically. The export of vehicle components accounts for around 30% of total income. Furthermore, India is a fast-developing market for engine and transmission parts in the automotive industry, thus demand for automotive stamping is projected to increase in the near future. Furthermore, growing demand is expected to drive OEMs and tier 1 suppliers to manage production capacity by creating a new stamping process for vehicle components. This is expected to propel India’s automotive stamping market rise throughout the forecast period.
Key Takeaways from Market Study
- The India automotive stamping market is dominated by the hot stamping segment. Since this technique enables the production of lightweight, high-strength vehicle components, hot stamping is widely used in the automotive industry.
- By vehicle, the passenger vehicle sector dominated the India automotive stamping market in 2021, accounting for 38.4% of the total value, followed by commercial vehicles and three wheelers.
- Rising vehicle production and growing demand for passenger vehicles globally are likely to propel the India automotive metal stamping market to significant expansion.
- The Indian automotive metal stamping market is likely to be propelled by technical advancements such as laser metal stamping and hydraulic metal stamping, which help to cut manufacturing costs.
“The Indian automobile stamping industry is benefiting from technological improvements such as the usage of hybrid electromagnetically supported sheet metal stamping machines. Local players could provide their clients with specialized customization services as well as standard goods to large industrial machinery manufacturers, vehicle OEMs, and consumer electronics manufacturers.” –FMI Analyst
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Competitive Landscape
Given the amount of small and large-scale companies in the India automobile stamping market, the competition is fierce. Local businesses compete with international corporations based on services and customized products. Growing collaborations and partnerships between firms and stamped component suppliers to improve product development and production are projected to be a prominent trend in the India automotive stamping market during the forecast period.
India Automotive Stamping Market: Segmentation
By Stamping:
- Hot Stamping
- Cold Stamping
By Vehicle:
- Two-Wheeler
- Three-Wheeler
- Passenger Car
- Commercial Vehicle
By Material:
- Steel
- Aluminium
- Others
By Process:
- Progressive Die Stamping
- Tandem Stamping
- Transfer Stamping
By Product:
- Body Stamping
- BIW Parts
- Chassis
- Non-Body Stamping
- Engine Parts
- Transmission and Steering Parts
- Braking and Suspension Parts
- Electrical Parts
- Fuel Delivery, Emission and Filtration
- Safety Equipment and Seating System
- Lighting Components
- Cooling System
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Developments in the India Automotive Stamping Market:
- Gestamp Automobile India Private Limited established a new factory in Pune in February 2017 to meet the increased demand for stamped component requirements from Ford, Tata Motors, and Fiat Chrysler Automotive (FCA).
- In February 2019, JBM Group acquired a majority stake in Linde-Wiemann GmbH KG, a German supplier and producer of complex structural components and assemblies for the automotive industry.
- Tata Autocomp Systems Limited, an Indian auto component maker, secured a contract with Fortaco Group in June 2019 to produce off-highway vehicle safety cabins in India.
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