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| India Automotive Stamping Market |
Automotive stamping refers to sheets of metal that are pressed or stamped to produce body parts for vehicles like hoods, doors, fenders, bumpers and others. It is a necessary process in automotive manufacturing to transform flat metal sheets into specific three-dimensional shapes. The automotive stamping market in India is witnessing significant growth owing to the rising demand for automobiles from domestic as well as export markets. India is emerging as a favored manufacturing hub for global automakers due to lower production costs and availability of skilled workforce. Furthermore, the ‘Make in India’ initiative by the government aims to make the country a global manufacturing hub and encourages domestic manufacturing of automobiles and automotive components.
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 key trends:
The increasing demand from the growing automobile industry in India is a key
growth-driving factor for the automotive stamping market. As per the Society of
Indian Automobile Manufacturers (SIAM), domestic passenger vehicle sales grew
by 27.9% year-on-year to 30.69 lakh units in FY 2022. Commercial vehicle sales
also witnessed growth of 39.2% during the same period. Rising disposable
incomes, improved road infrastructure and increasing preference for personal
mobility are positively impacting automobile sales in India. This rise in
automobile production is translating into higher demand for automotive stamping
from OEMs, thus accelerating the growth of the market over the forecast period.
Segment Analysis
The India automotive stamping market is dominated by the passenger vehicles
segment. Within passenger vehicles, the hatchback sub-segment accounts for the
major share in automotive stamping due to increasing demand for affordable
mobility and fuel-efficient small cars in the country. The demand for
automotive stamping from the hatchback sub-segment is further aided by the Make
in India initiative of the government to encourage domestic production.
Key Takeaways
The India
Automotive Stamping Market Growth is expected to witness high growth
over the forecast period of 2024 to 2031 supported by increasing economic
activity and rising disposable incomes in the country. Domestic automakers are
undertaking large investments in capacity expansions to cater to the growing
demand. 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.
The southern
region currently dominates the India automotive stamping market owing to the
presence of major automotive hubs such as Chennai and Bengaluru which are home
to global and domestic OEM manufacturing facilities.
Key players
operating in the India automotive stamping market are Avery Dennison, Magna,
Thyssenkrupp, Hyundai-Kia, Toyota Boshoku, Gestamp, Martinrea, Voestalpine, and
Kenmode. These players are focusing on developing advanced high-strength steel
stamping technologies to integrate complex parts and meet stringent safety and
emission norms.The new vehicle segments including utility vehicles and electric
vehicles are expected to open significant opportunities for automotive stampers
in the country over the coming years supported by the Made in India initiative
and FAME schemes.
For more insights, read- https://www.newsstatix.com/india-automotive-stamping-market-size-and-share-analysis-growth-trends-and-forecasts/
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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