The Single Point Incremental Forming (SPIF) process utilises localized plastic deformation to progressively deform a thin sheet metal blank. In its simplest form, the process consists of a CNC controlled forming tool that progressively and locally deforms the sheet metal to the required shape. Compared to conventional sheet metal forming techniques such as stamping, this process is slow, although the manufacture of punch and die components is avoided thus making the process cost effective and very attractive for low volume production and rapid prototyping. The SPIF process is influenced by the shape of forming tool, forming path and incremental depth which greatly affects the part geometry accuracy, strain path and sheet thickness distribution. In this paper a symmetrical component was formed and the part profile accuracy studied for four different forming tool designs. It was found that a hemispherical forming tool produces the most accurate part geometry. Moreover, two different forming paths of various incremental depth were studied, which defined the strain path and enabled the thickness reduction to be minimised. Finite Element (FE) modelling was performed to analyse the formability, strain and thickness distribution during SPIF, and it was found that a good agreement with experimental results was obtained using Digital Image Correlation (DIC).