Digital Payment Is Fastest Growing Segment Fuelling The Growth Of India Automotive Stamping Market
The India automotive stamping market is primarily driven by increasing automotive production in the country. Growing demand for passenger cars and commercial vehicles owing to improving economic conditions and rising infrastructure development is fueling automotive production. According to SIAM (Society of Indian Automobile Manufacturers), passenger vehicle production increased from 3.14 million units in 2017-18 to 3.37 million units in 2018-19, registering a year-on-year growth of 7.15%. Commercial vehicle production increased from 7.43 lakh units in 2017-18 to 7.70 lakh units in 2018-19, registering a growth of 3.59%. This rising automotive production is increasing demand for automobile body parts manufactured through stamping process, thereby driving the market growth. Moreover, rising disposable incomes are enabling increased consumer spending on vehicles which is further supporting automotive production and automotive stamping market in India.
The India automotive stamping market is expected to witness high growth, exhibiting CAGR of 4.4% over the forecast period, due to increasing vehicle demand in India. The automotive production and sales have been consistently rising in India, driven by low car penetration and growing middle-class population.
Regional analysis: India dominates the Asia Pacific automotive stamping market with over 40% share. States such as Gujarat, Tamil Nadu, Maharashtra, and Haryana are major automotive hubs in India hosting global OEMs and auto component suppliers. In 2021, the Indian market size reached US$ 4655.93 Mn and is estimated to surpass US$ 7000 Mn by 2030.
Key players: 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.
Read More: https://healthcarelatesteditionnews.blogspot.com/2023/11/digital-payment-is-fastest-growing.html
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