Making use of ''optimal experimental design,'' the paper attempts to investigate individual and interactive effects of predictor parameters, namely tool size, pitch size, feed rate, spindle rotational speed, and blank thickness, on sheet formability in single point incremental forming (SPIF) process. For the sake of precision, a novel sensor system was developed and employed to detect crack as it initiates on SPIF test specimens. A novel benchmark for formability in SPIF was established by addressing normal strain along sheet thickness, maximum attainable forming angle, and the rate of variation in forming angle. The process was finally optimized in terms of maximum achievable formability and minimum processing time. Accordingly, high-speed forming (with forming speed of at least 5000 mm/min) was realized to be perfectly viable, whereas the sheet formability remains quite satisfactory (over 90% of the maximum value). The key role of high spindle speed (up to 3000 rpm) was also highlighted in this regard.