The automotive industry continues to undergo rapid transformation. Innovation is a key area of focus for the industry, for which it is exploring different solutions and technologies. This trend has led to adoption for several cross-vertical technologies, which 3D printing. It is projected that the global 3D printing in automotive market will demonstrate a compound annual growth rate (CAGR) of 26.2% between 2019 and 2023. The market is estimated to surpass a valuation of USD 2,500 Mn towards the end of the forecast period projects Market Research Future (MRFR).
The technological trends in the automotive industry is supporting the adoption of 3D printing the sector. 3D printing is utilized for developing light-weight automotive parts. Increased focus on fuel economy and Co2 emission is prompting car maker to opt light-weight components. In the automotive sector, 3D printing is being leveraged to drive innovation. The factors mentioned above are expected to support the global 3D printing in automotive market over the next several years.
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Global 3D Printing in Automotive Market: Segmental Analysis
The segmental analysis of the market has been conducted based on material, technology, application and region.
By material, the market has been segmented into alloys, metal and others. Based on technology, the market has been segmented into laminated object manufacturing, electron beam melting, laser sintering, stereolithography (SLA) and other. The stereolithography (SLA) segment is anticipated to maintain its dominant position throughout the assessment period. On the basis of the application, the market has been segmented into R&D activities, manufacturing, prototyping and tooling and others.
Global 3D Printing in Automotive Market: Competition Analysis
Autodesk, Stratasys Ltd., EnvisionTEC, Inc., Voxeljet AG, Ponoko Ltd., 3D Systems, Inc., Optomec, Inc., Arcam AB, Local Motors, and Exone are some of the leading companies operating in the global market for 3D printing in automotive.
Global 3D Printing in Automotive Market: Regional Analysis
On the basis of region, the market has been segmented into North America, Europe, Asia Pacific (APAC), South America and the Middle East & Africa (MEA). Of these regions, Europe is expected to dominate the global 3D printing in automotive market during the forecast period. In terms of revenue, Europe will continue to represent a massive chunk over the next years. Countries such as the UK, Netherlands, and France are technologically advanced, which is a favourable factor for the market in Europe. In addition, factors such as availability of skilled labour and investment in technological innovations are propelling the market in the region. The automotive sector of Europe will continue present attractive market proposition in the years to come. European car manufacturers are leveraging 3D printing to develop leading-edge automotive components. 3D printing is viewed as a revolutionary, which is expected to drive innovation in the Europe automotive sector.
Apart from Europe, the market is gaining traction in Asia Pacific and North America. In APAC, the exponential growth of the automotive manufacturing industry is supporting the market growth. China has emerged as the largest automotive manufacturers. Many APAC countries are witnessing foreign direct investment in the domestic automotive section owing to increased demand and growth opportunities. Such factors are providing an impetus to the APAC 3D printing in automotive market.
North America is also expected to remain an important market for 3D printing in automotive during the forecast period. Increased focus towards boosting domestic manufacturing is expected to create growth opportunities for market players in North America during the projection period. The US automotive sector has been witnessing a steadier growth in recent years, which indicates towards a positive outlook for the market in North America.
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