Manufacturing is estimated to emerge as the most lucrative application of 3D printing in automotive market. It is anticipated to grow at a CAGR of approximately 30% during the forecast timeline. The market is driven due to the superior properties and cost benefits offered by the 3D printing technology in the manufacturing process. It increases the manufacturing efficiency by eliminating the product assembly stage across the manufacturing cycle.
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The traditional manufacturing process is characterized by multiple production stages & interconnected storage of semi-finished products resulting in longer lead times. On the contrary, 3D printing manufacturing process is shorter & faster as multiple stages are combined into a single production step. This eliminates the need for intermediate material handling & intra logistics transport costs.
The prototyping is expected to account for approximately 60% of the market share in the 3D printing in automotive market. The additive manufacturing technology enables faster development of prototypes and consumes less resources as compared to the conventional manufacturing technologies. Moreover, it also reduces the tooling costs as it allows manufacturers to use the same tooling equipment to develop a wide variety of models.
The Electron Beam Melting (EBM) technology in automotive 3D printing market is expected to grow at a CAGR of over 28% during the forecast period. The technology utilizes high-power electron laser to melt & fuse metal alloy powders used for the fabrication of automotive components in accordance with the electronic data. The electronic laser managed by the electronic foils provides extremely fast & accurate beam control, enabling the manufacturers to maintain numerous melting points simultaneously.
The Fused Deposition Modelling technology held over 50% market share in the 3D printing in automotive market in 2017. This growth is credited to technological advancements in composite materials used across FDM processes and its ability to print larger components.
World 3D Printing in Automotive Market is set to grow from its current market value of $1.4 billion to more than $8 billion by 2024, growing at a CAGR of 25%.
Industry Growth drivers –
• Abiltiy to develop more complex and higher quality products
• Cost effetive, fast custoization and faster time to market
• Supportive government initiatives
• Decline in the price of desktop printers
The hardware market accounted for over 75% of the 3D printing in automotive market. The hardware market includes 3D printers and materials. The growth of the market is attributed to the falling prices of 3D desktop printers. The price of the desktop printer is declining at an annual rate of 2-3% over the past five years and is estimated to resonate the trend during the forecast period.
The software market will grow at a CAGR of over 25% due to the growing demand for the third-party developers. These third-party developers are developing open-source 3D CAD software compatible with a wide range of printers and technology. Furthermore, they are also collaborating with key 3D printing hardware and OEM manufacturers to eliminate the intricate software solutions that design hardware components based on software components.
The Asia Pacific automotive 3D printing market is anticipated to achieve a growth rate of over 29% over the forecast timespan. The growth in the market is driven by the increasing investment by public & private establishments. The industrialized economies along with emerging nations in the region are exploring various opportunities for the advancement of the 3D printing technology in the automotive sector to strengthen the productivity & competitiveness.
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North America holds the major share in the 3D printing in automotive market. It held more than 40% share of the total revenue in 2017. The presence of major market players, such as Stratasys and 3D Systems, in the region is a primary factor supporting the market growth. The region has also witnessed higher R&D investments than other regions, which has further fostered the advancements in the 3D printing technology. Furthermore, supportive government initiatives will also foster the market growth.
The major companies operating in the automotive 3D printing market are 3D Systems, Arcam AB, Autodesk, Concept Laser, Electro Optical Systems, Exone , FlashForge, Hoganas AB , HP Development Company, Materialise NV, Monoprice Inc., Nano Dimension, Optomec Inc., Ponoko Ltd, Proto Labs, Prusa Research s.r.o., Renishaw Plc, SLM Solutions Group AG, Startasys Inc., Voxeljet AG , WANHAO 3D PRINTER, and XYZ Printing Inc.
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The companies operating in the market are attracting robust investments to capitalize on the untapped market opportunities. The major players in the market are collaborating with other expert companies in the market to integrate the technology with their manufacturing cycle and develop new product offerings to gain a competitive advantage over its competitors.
Market share calculation in this report is not done based on companies covered in it. The calculation of 3D Printing in Automotive Market share is done based on a regional approach and countries covered. On request, additional companies can be covered as well as regional data for particular country / countries can be provided.
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