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The Emerging Role of Stamping in the India's Automotive Stamping

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Though vehicle sales declined in FY21 due to the pandemic, India continues to offer promising growth prospects for automakers. The government's initiatives such as 'Make in India' and relaxed FDI norms have attracted significant investments from global OEMs to establish or expand vehicle and component manufacturing facilities in the country. Major automakers like Mercedes-Benz, Volkswagen, Toyota, and Hyundai now have large production bases in India to cater to both domestic and export.

Rise of the Stamping Industry

In line with the growth of the India's Automotive Stamping, the automotive components sector has also witnessed considerable growth over the past decade. The stamping segment, in particular, has emerged as a critical link in the automotive value chain. Stamped body parts constitute around 30-35% of the total cost and weight of a vehicle. With increasing vehicle volumes and localization requirements, OEMs are sourcing more stamped components from local suppliers. Major global leaders as well as tier 1 suppliers have established stamping facilities along with press lines, tooling setup and heat treatment capabilities. Indian players are also upgrading their plants to offer advanced high-precision stamping solutions.

Demand Drivers for Stamping

The demand drivers for the growth of India Automotive stamping include:

- Increasing vehicle production: As India aims to become a global manufacturing hub, annual vehicle production is projected to reach over 7.6 million by 2025 from around 4 million currently. This will create sustained demand for stamped body parts.

- Stringent fuel efficiency norms: The transition to BS6 emission norms and requirements to reduce CO2 footprint are prompting OEMs to adopt lighter materials like advanced high strength steel (AHSS) for vehicle bodies. Stamped parts allow optimal use of such strengthened lightweight materials.

- Growth of passenger vehicles: With rising incomes, availability of financing and evolving preferences, the passenger vehicle segment is growing rapidly in India compared to commercial vehicles. Stamped components have higher penetration in passenger cars vis-à-vis other vehicle segments.

- Localization push: TheAuto Policy mandates minimum 50% localization for automobile production in India. This encourages OEMs and suppliers to boost local sourcing of even critical stamped parts that were earlier imported.

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