Automotive 3D Printing Market Analysis
As per Market Research Future (MRFR) analysis, the global Automotive 3D Printing market is projected to reach USD 9.7 Billion with a CAGR of 15.94% from 2022 to 2030 (forecast period).
Rising RD activities and innovations are strengthening the automotive industry globally. With significant capital investment in automotive technology, many manufacturers are concentrating on lightweight vehicles to reduce fuel consumption and emissions. Among all RD activities, Automotive 3D Printing is gaining traction in the global automotive industry at a rapid pace.
The precedence of Automotive 3D Printing has obtained a positive impression among manufacturers over the last few years due to several driving factors like lightweight body material, increasing investment, massive spending on research and development, and technological innovations. As a result of these propelling factors, the global market for Automotive 3D Printing industry is rapidly expanding and experiencing a surge in demand. Furthermore, manufacturers like Local Motors, Honda, and others have launched many 3D printed cars, which have received a lot of attention in the worldwide market. These types of moves in the automotive industry boost the value in the market.
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COVID-19 Impact on the Global Automotive 3D Printing Market
Implementation of a set of regulations by governments of different nations to deal with the COVID-19 crisis, such as a full shutdown of manufacturing units, is found to have an impact on the growth of the global Automotive 3D Printing market.
Automotive 3D Printing Market Segmentation
The global Automotive 3D Printing market has been segmented into technology, material, and application.
Based on technology, the global Automotive 3D Printing market has been segmented into stereolithography (SLA), laminated object manufacturing, laser sintering, electron beam melting, and others. Stereolithography (SLA) technology is anticipated to rule the market during the forecast period.
Based on material, the global Automotive 3D Printing market has been divided into metal, alloys, and others.
Based on application, the global Automotive 3D Printing market has been divided into prototyping and tooling, manufacturing, RD activities, and others.
Automotive 3D Printing Regional Analysis
Geographically, the global Automotive 3D Printing industry has been divided into major regions such as North America, Asia Pacific, Europe, and the Rest of the World.
In terms of revenue, Europe has emerged as the dominant region. The European market has been boosted by advanced technological innovations, a skilled labor force, and increased automotive spending. However, North America and the Asia Pacific are considered the second and third leading regions.
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Automotive 3D Printing Market Key Players
- Autodesk
- 3D Systems Inc
- Stratasys Ltd
- Arcam AB
- EnvisionTEC Inc
- Exone
- Voxeljet AG
- Local Motors
- Ponoko Ltd
- OptomecSummary
The global Automotive 3D Printing market is estimated to reach USD 2,512.3 million with a CAGR of 26.2% from 2018 to 2023 (forecast period). Growing RD activities and innovations are bolstering the global automotive industry. Many manufacturers are focusing on lightweight vehicles to reduce fuel consumption and emissions due to substantial capital investment in automotive technology. Among all RD operations, Automotive 3D Printing is gaining momentum at a breakneck pace in the global automotive industry.
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