Incremental sheet forming (ISF) is an innovative cold forming operation and has enticed great interests owing to its flexibility and capability to manufacture various complex 3D shapes with low costs and minimum requirements. Single point incremental forming (SPIF) is the most popular type of ISF process and has high quality and less occurrence of defects for the formed products if the operating parameters are achieved and evaluated with high precision. In this study, the impact of tool diameter and forming angle on the forming force, thickness distribution, thinning ratio, effective plastic strain, forming depth and fracture behaviour was explored. AA1050 aluminium alloy and DC04 carbon steel were employed to produce a truncated cone in accordance with the SPIF process. A 3D finite element model was required to achieve a well-established investigation. The SPIF of a truncated cone numerical model was adopted to build a model with the same conditions as of the experimental work with aid of ANSYS software version 18 through using the workbench LS-DYNA model. The sheet metal modelling was carried out in accordance the Cowper Symonds power law hardening by taking the behaviour of the material as elastic–plastic, and the anisotropic properties were assumed to simulate the plasticity behaviour for two sheet metals. Results indicate that the DC04 carbon steel has a higher forming force, minimum thickness and lower thinning ratio compared with AA1050 aluminium alloy under the same operating conditions.