3D Printing in Automotive Market Overview:
The global 3D Printing in Automotive Market is projected to at a CAGR of 15.94% from 2023 to 2032 (forecast period).
Rising R&D 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 R&D activities, 3D printing in automotive is gaining traction in the global automotive industry at a rapid pace.
The precedence of 3D printing in automotive 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 3D printing in automotive 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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Key Players
Notable players in the 3D Printing in Automotive Market include Autodesk, 3D Systems, Inc, Stratasys Ltd, Ponoko Ltd, Arcam AB, EnvisionTEC, Inc, Exone, Voxeljet AG, Local Motors, Optomec, Inc and among others.
COVID-19 Impact on the Global 3D Printing in Automotive 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 3D Printing in Automotive Market.
Market Segmentation
The global 3D Printing in Automotive Market has been segmented into technology, material, and application.
Based on technology, the global 3D Printing in Automotive 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 3D Printing in Automotive Market has been divided into metal, alloys, and others.
Based on application, the global 3D Printing in Automotive Market has been divided into prototyping and tooling, manufacturing, R&D activities, and others.
Regional Analysis
Geographically, the global 3D printing in automotive 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.
The global 3D Printing in Automotive Market is estimated to reach USD 2,512.3 million with a CAGR of 26.2% from 2018 to 2023 (forecast period). Growing R&D 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 R&D operations, 3D printing in automotive is gaining momentum at a breakneck pace in the global automotive industry.
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