The India automotive stamping market primarily includes stamping of vehicle body parts such as doors, hoods, outer and inner panels, among others. The automotive stamping process involves metal forming techniques including blanking, embossing, bending, coining and flanging to form various vehicle body panels and parts. The automotive stamping industry has gained strategic importance in the automotive supply chain as original equipment manufacturers aim to reduce cost and improve process efficiencies. Stamping of auto components is a mass production process and helps automakers achieve economies of scale. Demand for automotive stampings is highly correlated to automobile production trends in a country.
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:
The rising production of passenger and commercial vehicles in India is a key factor driving the growth of the automotive stamping market. According to Society of Indian Automobile Manufacturers (SIAM), domestic passenger vehicle production increased by 13.2% year-on-year to 3,017,859 units during the fiscal year 2022-23. Commercial vehicle production has also picking up after pandemic induced slowdown. Growing investments by automakers in new plant capacities to cater to rising demand is increasing need for auto stamping components. For instance, in 2022, Tata Motors inaugurated a new manufacturing plant in Lucknow with an annual capacity of 3 lakh units. Such capacity additions are expected to accelerate demand for automotive stamping in the long run.
Segment Analysis
The India Automotive stamping market is dominated by the passenger vehicle segment. Within passenger vehicles, the compact car sub-segment accounts for over 40% share owing to rising demand for affordable personal transportation options in tier-2 and tier-3 cities. The compact car segment is growing at a faster pace compared to other sub-segments such as luxury and SUVs due to low monetization costs and easy financing options making them accessible for average Indian households.
Key Takeaways
The Global India Automotive Stamping Market Demand is expected to witness high growth over the forecast period supported by rising vehicle production in the country. According to SIAM, domestic passenger vehicle sales are estimated to grow at a CAGR of 9.5% during 2023-2030.
Regional analysis
The western region of India accounts for over 35% share of the automotive stamping market led by Maharashtra and Gujarat. Major automakers such as Tata Motors, Mahindra & Mahindra, and Renault-Nissan have large manufacturing bases in these states contributing to growth. The southern region is another major hub with states like Tamil Nadu, Karnataka, and Telangana emerging as automotive clusters. The region witnessed 8% YoY growth in domestic vehicle sales in FY23 led by startup investments into electric mobility in Bangalore and Chennai.
Key players
Key players operating in the India Automotive stamping market include 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. Players are focusing on capacity expansions, new production lines, and developing complex high-tensile steel stampings to cater to production needs of original equipment manufacturers.
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