(1) Introduction to the Automotive Precision Stamping Mold and Metal Structural Parts Industry
Stamping is a forming and processing method that uses a press and mold to apply external force to plates, strips, pipes, and profiles, causing them to undergo plastic deformation or separation, in order to obtain the desired shape and size of the workpiece. Automotive stamping parts refer to the metal stamping parts that make up automotive components. Stamping parts are widely used in various body coverings, interior support components, structural reinforcement components, as well as a large number of automotive components such as engine exhaust and inlet bends and mufflers, hollow camshafts, oil pans, engine brackets, vehicle frame structural components, transverse and longitudinal beams, etc.
With the increasing penetration rate of new energy vehicles in the entire vehicle market and the deepening trend of vehicle lightweighting, the demand for stamped parts in new energy vehicles is also constantly increasing. The demand for stamped parts in the new energy vehicle industry chain is mainly concentrated in three aspects: vehicle body structural parts, power battery structural parts, and charging pile chassis structural parts. Among them, in terms of automotive body structural components, lightweighting is more about the replacement of product materials and technological updates, replacing the traditional steel plate stamping parts with aluminum alloy/high-strength steel stamping parts.
(2) Industry chain of automotive precision stamping molds and metal structural components
From the perspective of the automotive stamping parts industry chain, the upstream entities are suppliers of raw materials such as aluminum and steel; The midstream entities are manufacturers of automotive stamping parts, ultimately targeting vehicle manufacturers. In recent years, China's automobile industry has flourished and become one of the pillar industries of the national economy. In 2022, new energy vehicles have become the biggest highlight of China's automobile industry. Driven by both policies and the market, the penetration rate of the new energy vehicle market has rapidly increased, promoting the stable development of the midstream automotive stamping parts industry.
(3) Development status of automotive precision stamping molds and metal structural parts industry
The automotive stamping parts industry belongs to the automotive parts industry, which provides the foundation for the development of the automotive stamping parts industry. In recent years, faced with rapid changes and continuous development in the automotive industry, the production and operation models of many international automotive giants have gradually shifted from traditional vertical integration and pursuit of large-scale and comprehensive production models to specialized production models mainly focused on developing complete vehicle projects. While expanding production capacity, they have significantly reduced the rate of self production of parts and instead formed market-based supply relationships with external parts enterprises. Affected by this, international automotive parts suppliers are constantly moving towards the path of independence and scale development.
The international mature automotive industry market usually has a mature supporting parts market, and after long-term development and integration, the mature automotive parts market has the characteristics of industrial concentration. At present, internationally renowned automotive parts companies are mainly concentrated in North America, Europe, and Japan, including Robert Bosch GmbH from Germany, Continental AG from Germany, Denso Corp from Japan, Magna International Inc. from Canada, and Lear Corp from the United States. These enterprises are large in scale, strong in technology, and have sufficient capital strength, while also guiding the development direction of the world's parts industry.
According to the Global Top 100 Automotive Parts Suppliers list released by Automotive News, a total of 16 countries and regions made it to the list in 2021. Japanese companies surpassed the United States in terms of the number of companies on the list, with a total of 23 companies on the list, while 22 companies from the United States made it to the 2021 list; 18 German companies have been shortlisted. In addition, South Korea, China (including Hong Kong), France, Canada, Spain, the United Kingdom, and Switzerland each have 9, 8, 3, 4, 3, 2, and 2 companies on the list, while Ireland, Brazil, Sweden, Mexico, India, and the Netherlands each have 1 company shortlisted.
Data source: Automotive News
The automotive parts industry in China emerged in the 1950s. In the initial stage, the technological level of automotive parts manufacturing enterprises is relatively weak, and they have a strong dependence on vehicle manufacturers. With the rapid development of China's economy and the increase in residents' income levels, the automotive consumer market has rapidly expanded, laying the foundation for the rapid development of China's automotive parts industry. In April 2017, the Ministry of Industry and Information Technology, the National Development and Reform Commission, and the Ministry of Science and Technology jointly issued the "Medium - and Long Term Development Plan for the Automotive Industry", which pointed out the cultivation of internationally competitive component suppliers, the formation of a complete industrial system from components to vehicles, and the formation of several automotive component groups that have entered the top ten in the world by 2025. The successive introduction of supporting industrial policies has created a favorable external environment for the development and growth of China's automotive parts industry. In addition, the enormous potential and relatively low labor costs of the Chinese auto parts market have attracted international auto parts companies to invest and establish factories in China, further promoting the development and growth of China's auto parts manufacturing industry.
In 2019, under the influence of factors such as the overall decline in the automotive market, the decrease in subsidies for new energy vehicles, and the gradual increase in emission standards, component companies faced unprecedented pressure. However, China's automotive component manufacturing industry still showed a stable growth trend. The sales revenue of automotive parts in China increased from 3.5 trillion yuan in 2016 to 4.9 trillion yuan in 2021, with a compound annual growth rate of 6.96%. In 2021, it increased by 6.52% compared to the same period last year.
Although the industry has slowed down in the past two years due to factors such as the overall environment, taking into account factors such as national economic growth and the development of new urbanization, China will still be the world's largest automobile market with certain growth potential in the near future. The trend of long-term positive development in the automobile industry will not change. In this context, the development of the parts market is tending well, and it is expected that the market size of China's automotive parts industry will reach 5.2 trillion yuan in 2022.
As an important automotive component, the automotive stamping parts industry has also developed rapidly in recent years with the rapid development of the automotive industry. At present, about 60% -70% of metal parts in the automotive manufacturing process require stamping and forming, so stamping parts are widely used in automobiles. According to data from the China Association of Automobile Manufacturers, China's automobile production in 2022 will be 27.021 million units, an increase of 3.4% compared to 2021. Assuming that the growth rate of automobile production remains unchanged in the next few years, it is expected that China's automobile production in 2023/2024/2025 will be 27.886/28.814 million units respectively; Referring to the data from the Huajing Industry Research Institute, assuming that the value of stamping parts per vehicle is about 11000 yuan, and considering the annual decline factor, the value of stamping parts per vehicle in 2023/2024/2025 will be 1.07/1.03/1 million yuan, respectively. Therefore, it is estimated that the market size of China's automotive stamping parts industry in 2023/2024/2025 will be 298.377/299.89/298.142 billion yuan, respectively.
(4) Development Trends of Automotive Precision Stamping Molds and Metal Structural Parts Industry
① Flexible and intelligent production
At present, automobile stamping production is increasingly showing the characteristics of large-scale production, multi vehicle co production, large-scale and integrated automobile covering parts. The traditional rigid production line for processing a single variety is obviously no longer suitable for the development of the market situation
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