India Automotive Stamping Market is Estimated to Witness Significant Growth Owing to Growing Production of Passenger and Commercial Vehicles
Automotive stamping involves the process of applying force on a sheet of metal to form it into specific shapes. Automotive stamping is used to manufacture vehicle body parts including doors, vehicle hoods, exterior body panels, vehicle frames and various interior vehicle trim components. Major players use high-end stamping machines and tools to perform stamping operations with precision. The process involves feeding hot rolled steel coil to stamping presses, which form parts by punching, blanking or embossing the metal into the desired shapes.
The global India automotive stamping Market is estimated to be valued at US$ 5363.64 Mn in 2024 and is expected to exhibit a CAGR of 4.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing production of passenger and commercial vehicles is the primary driver for the India automotive stamping market. As per Society of Indian Automobile Manufacturers (SIAM), passenger vehicles production increased by 13.2% to 30,69,499 units in FY 2021-22 from 27,11,457 units in FY 2020-21. Similarly, commercial vehicles production rose by 28.04% to 7,56,855 units in FY 2021-22 compared to 5,90,454 units in FY 2020-21. Rising vehicle production is increasing the demand for automotive stamping from OEMs. Moreover, technological advancements in automotive stamping such as use of robotics for higher productivity, and development of new high strength steel alloys is supporting the market growth over the forecast period.
SWOT Analysis
Strengths: One key strength is growing domestic sales of automobiles in India with rising disposable incomes. Another strength is the presence of a large skilled workforce for automotive stamping operations in the country at competitive costs. A further strength is the government's focus on developing localizing auto component manufacturing to boost Make in India initiative.
Weaknesses: One weakness is high dependence on imported steel for stamping processes since domestic steel supply is limited. Another weakness could be price volatility of steel impacting input costs for automotive stampers.
Opportunities: One opportunity for growth is localization of auto components manufacturing for global OEMs setting up or expanding local operations. A further opportunity is development of advanced high strength steel grades to cater to changing needs of automakers and enable weight reduction.
Threats: Rising imports of fully built units pose a threat by bypassing local auto component suppliers. Another threat is shift towards electric vehicles which have fewer mechanical parts impacting demand for certain body stampings.
Key Takeaways:
The India Automotive Stamping Market Growth is expected to witness high growth over the forecast period owing to rising vehicle production in the country. The global India automotive stamping Market is estimated to be valued at US$ 5363.64 Mn in 2024 and is expected to exhibit a CAGR of 4.0% over the forecast period 2024 to 2031.
Regionally, western and southern states are currently the major hubs for automotive stamping production in India. States like Maharashtra, Tamil Nadu and Gujarat account for over 60% of total automobile production in the country currently.
Key players operating here include Avery Dennison, Magna International, Gestamp Automoción, D&H Industries, and Alcoa Corporation among others.
For more insights, read- https://www.pressreleasebulletin.com/india-automotive-stamping-market-size-and-trends-analysis/
For more details on the report, Read- https://dailynewsmotion.weebly.com/report-blog/luxury-travel-market-is-estimated-to-witness-high-growth-owing-to-increased-adventurism
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