Automotive stamping involves the use of stamping dies and presses to convert flat metal sheets into specific shapes and geometries. This process primarily manufacturers body panels like hoods, doors, trunk lids, fenders, and other auto body parts. The automotive industry is demanding more complex and customized auto parts in small volumes which is driving technological advancements in stamping. Automotive stamping delivers reduced weight and optimized strength of vehicles leading to improved fuel efficiency. It allows high-volume manufacturing of auto parts with tight tolerances.
The global India Automotive Stamping Market is estimated to be valued at US$ 5363.64 Mn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing demand for electric vehicles is a major trend in the automotive industry. Stamping technology helps manufacture lightweight yet durable body panels for electric vehicles resulting in improved driving range. Many leading automakers are planning heavy investments in electric mobility over the coming years. This rise in electric vehicle production will augment the demand for advanced automotive stamping across India. Developments in additive manufacturing also offer opportunities for novel stamping die designs with improved performance and lifespan. 3D printed tooling promises reduced lead times and costs for prototype development and low-volume production in the auto stamping market.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate due to presence of established automotive OEMs and suppliers in the Indian market.
Bargaining power of buyers: The bargaining power of buyers is high owing to presence of various OEMs who can negotiate prices of auto parts including stampings.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as major auto component suppliers have long term relationships with OEMs.
Threat of new substitutes: There are low threat of substitutes as stamping parts have limited substitutes and are integral for automotive production.
Competitive rivalry: Competition is high among existing stamping part suppliers due to presence of global as well as domestic players.
Key Takeaways
The India Automotive Stamping Market Growth is expected to witness high over the forecast period. The global India Automotive Stamping Market is estimated to be valued at US$ 5363.64 Mn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2031.
Regional analysis: Western region accounts for around 35% share of the India automotive stamping market led by Maharashtra and Gujarat states which are major automotive manufacturing hubs. Southern region also has a significant market share with presence of automotive companies in Tamil Nadu and Karnataka.
Key players: Key players operating in the India automotive stamping market are Avery Dennison, Minnesota Automotive Specialty Tools LLC, Toyota Industries, Volkswagen, General Motors, Ford Motor, Fiat Chrysler Automobiles, Nissan Motor, Honda Motor, and BMW. Avery Dennison and Toyota Industries are leading automotive component suppliers in India while automotive manufactures also have in-house stamping operations to cater to their vehicle production.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it