According to Future Market Insight, the India automotive stamping market is projected to reach US$ 18.86 billion by 2033, with a CAGR of 10.5%. This marks a substantial increase from the estimated value of US$ 6.94 billion in 2023.
The expansion of India’s automotive industry directly translates into increased demand for automotive stamping components. As more vehicles are produced, the need for stamped parts such as body panels, chassis components, and engine parts rises, driving the market growth.
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India’s status as a key automobile producer contributes to the automotive stamping market growth. With the production of passenger cars, commercial vehicles, and two-wheelers on the rise, there is a consistent demand for stamped components that are essential for vehicle assembly.
The “Make in India” campaign and the National Electric Mobility Mission Plan 2020 promote domestic manufacturing and attract investments in the automotive sector. These initiatives create a favorable environment for automotive stamping manufacturers, as they encourage local production, leading to increased demand for stamped components.
Lightweighting has become a crucial aspect of vehicle design as it helps improve fuel efficiency and reduce emissions. Automotive stampings made from lightweight materials such as aluminum and advanced high-strength steels enable automakers to achieve weight reduction goals, driving the demand for such components.
The expanding middle-class population in India has increased the demand for passenger vehicles. As more people are able to afford cars, the automotive industry experiences a surge in production, leading to increased demand for automotive stampings.
Infrastructure projects, such as the construction of highways and bridges, stimulate the demand for commercial vehicles. These vehicles require various stamped components like chassis frames and suspension parts. This has fueled the India automotive stamping market expansion.
Indian automotive stamping manufacturers capitalize on export opportunities due to factors such as cost competitiveness, skilled labor, and adherence to quality standards. Expanding into international markets diversifies their customer base and drives market growth.
The Indian government’s emphasis on electric vehicle adoption creates new opportunities for automotive stamping manufacturers. EVs require specific components, such as battery enclosures and structural components, which drive the demand for specialized stamped parts.
Global automakers establishing manufacturing facilities in India promote the localization of the automotive supply chain. This shift creates partnerships with local automotive stamping manufacturers, boosting their market share and driving the overall growth of the industry.
Stricter safety regulations and emission norms in India necessitate the use of high-quality stamped components to ensure vehicle safety and compliance. This drives the demand for automotive stamping components that meet the required safety standards and regulatory requirements.
The abundant pool of skilled labor, including engineers and technicians, supports the growth of the India automotive stamping market. The availability of a skilled workforce enables efficient production, innovation, and adaptation to changing industry needs, driving the overall market.
Key Takeaways from the India Automotive Stamping Market
- In 2023, the global automotive stamping market is anticipated to attain a valuation of US$ 11.01 billion. With a projected CAGR of 5.3% until 2033, the global market is expected to exceed US$ 18.46 billion.
- In 2022, the automotive stamping industry in India reached a market size of US$ 6.88 billion, demonstrating a CAGR of 10.1%.
- The passenger car segment held the leading market share of 28.7% in the India automotive stamping industry in 2022. From 2022 to 2023, the automotive industry in India manufactured a total of 4,578,639 passenger cars.
- The electric vehicle market is growing rapidly in India, creating new opportunities for automotive stamping companies.
- The steel segment commanded a market share of 54.4% and emerged as the dominant player in the India automotive stamping industry in 2022. High-strength steels are gaining popularity in automotive stamping due to their superior strength, stiffness, and fatigue resistance.
- The rapid growth of the aftermarket segment in India is generating fresh opportunities for automotive stamping companies to supply replacement parts.
- The Indian automotive stamping industry is becoming increasingly competitive with the entry of international players. This is driving innovation and market investment, which is likely to create new opportunities for domestic players.
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Competitive Landscape in the India Automotive Stamping Market
Key players are actively engaged in various activities to maintain a strong market presence. They focus on advanced technology integration, product innovation, strategic collaborations, and expanding their production capacities. These players also invest in research and development to enhance manufacturing processes, improve product quality, and cater to evolving customer demands. Additionally, they emphasize sustainability practices and adopt eco-friendly initiatives to align with environmental regulations and meet customer expectations.
Top Key Players in the India Automotive Stamping Market
- 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
India Automotive Stamping Market: Segmentation
By Stamping:
- Hot Stamping
- Cold Stamping
By Vehicle:
- Two-Wheeler
- Three-Wheeler
- Passenger Car
- Commercial Vehicle
By Material:
- Steel
- Aluminum
- 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
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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