India Automotive Stamping Market Analysis By Manufacturers Omax Auto., Mahindra CIE Automotive, Sona Koyo Steering Systems, Harsha Engineers, Tata Autocomp Systems

Market Overview

Metal stamping is a manufacturing procedure used to convert flat metal into desired shapes. Automotive stamping is a type of metal stamping, in which high volume sheet metal parts are processed for automotive OEMs are aftersales market. The automotive stamping industry produces a wide range of products manufactured from sheet metal including bracket, plate holder, roofs, fenders, valves, exhaust systems, brake shoes, and fuel delivery systems. Different types of procedures are used in automotive stampings such as cold stamping, hot stamping, progressive die stamping, transfer stamping, and tandem stamping. The stamping market India is classified as Automotive OEMs with in-house stamping capabilities, Stamped component supplier, and stamping service provider.

The India automotive stamping market was accounted for US$ 4,519.6 Mn in 2018 and is expected to grow at a CAGR of 10.8% during the forecasted period (2019-2027)

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Market Dynamics-Drivers

Increasing production and sales of vehicles is expected to drive growth of the India automotive stamping market during the forecast period.
There has been significant growth in four-wheeler production in India and marginal growth in two & three-wheeler production. This is owing to growing demand from domestic as well as international consumers. This, in turn, has increased the demand for automotive stamping. Furthermore, growth of automotive sales in India is due to growing disposal income, increasing consumer confidence, credit availability, and affordable interest rates. For instance, according to the Organisation Internationale des Constructeurs d’Automobiles” (OICA), in 2015, motor vehicle production in India reached to 4.1 million units, which is up by 7.3% from 2014, which pegged at 3.8 million units. Furthermore, according to the Automotive Component Manufacturers Association of India (ACMA), in 2015, three-wheeler production in India was 19.8 million units.

High growth in export of automotive components is expected to propel the India automotive stamping market over the forecast period
In 2008 and 2009, the automotive components industry showed substantial growth, even during the economic crisis. The automotive components export account for around 30% of the total revenue. As India is a rampantly emerging automotive components hub for engine and transmission parts, it is expected to increase the demand for automotive stamping in the near future. Moreover, this demand will compel OEMs and tier 1 manufacturers to manage their production capacity by establishing a new process for stamping automotive components. This, in turn, is expected to fuel the market growth over the forecast period.

Market Restraints

Pressure on suppliers for cost reduction is expected to restrain growth the India automotive stamping market over the forecast period
In the recent past, automakers have focused on weight reduction and performance improvements. However, in order to achieve these two features, automakers need to use advanced materials that are more expensive than conventional materials. Moreover, manufacturers are focused on cost reduction, which becomes a challenging job considering present competition in the market. This, in turn, has limited the pricing flexibility in the automotive stamping market, thereby restraining growth of the India automotive stamping market in the near future.

Market Opportunities

Significant investment in advanced technologies are expected to pose lucrative growth opportunities for market players
Investing in the latest and advanced technologies can prove to be beneficial for key market players. Since the automotive industry in India is growing at a rapid pace, both automotive production and sales have increased significantly in the recent past. Moreover, increasing investment has led to continuous incorporation of advanced technologies, which is expected to pose significant growth opportunities for market players in the near future.

Enhancement in stamping technology is expected to pose excellent business opportunities for market players in the near future
Advent of latest technology has improved the existing stamping processes and technologies. These advanced technologies can provide better performance to manufacturers, thereby enhance the overall product quality. For instance, precision stamping uses high tonnage presses and stamping dies to forge sheets of metal into complete or semi-complete parts. It includes complex stamping applications with stamping, folding, drawing, or piercing of a product in a single series operations. This, in turn, is expected to offer conducive growth opportunities for market players during the forecast period.

Segment information:

In India automotive stamping market, by vehicle type segment, passenger vehicle sub segment dominated the India automotive stamping market in 2018, accounting for 38.4% share in terms of value, followed by commercial vehicle and three wheelers, respectively.

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