3D Printing in Automotive Industry Overview
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 Industry 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 Industry over the next several years.
Segmental Analysis
The global 3D Printing in Automotive Industry has been analyzed on the basis of material, technology, and application. Based on the technology, the market for 3D printing in automotive is divided into laser sintering, stereolithography (SLA), laminated object manufacturing, electron beam melting, and others. Among these, the stereolithography (SLA) holds the maximum market share in the global 3D Printing in Automotive Industry by 2023.
By the material, the 3D Printing in Automotive Industry is divided into alloys metal, and others. Based on application, the global 3D Printing in Automotive Industry is segmented into research and development activities, prototyping and tooling, manufacturing, and others.
Competitive Analysis
The leading market players operating in the global market as identified by MRFR are Autodesk, Stratasys Ltd, 3D Systems, Inc, Arcam AB, Exone, EnvisionTEC, Inc, Voxeljet AG, Ponoko Ltd, Local Motors, Optomec, Inc and among others. The augmented investments in research and development for introduction of modern printing materials and cost-efficient printers has strengthened the competition amid the players of the global 3D Printing in Automotive Industry. The significant focus of players on development of their businesses through strategic mergers, partenrships and acquisitions is encouraging the growth of the global 3D Printing in Automotive Industry.
Regional Analysis
The geographical analysis of the global market has been conducted in four major regions, covering the North America, Asia Pacific, Europe, and the rest of the world (Latin America, the Middle East and Africa). Among these, the Europe region holds the largest market share in the global 3D Printing in Automotive Industry due to the presence of large number of automotive manufacturers in a higher concentration that are siding towards the integration of 3D printing technology in the production process in this region.
The 3D Printing in Automotive Industry in the North America, and the Asia Pacific regions is developing considerably, due to the increasing technological advancement in the sector on 3D technology and brisk expansion in the automotive vertical in these countries. The seamless development in the 3D printing technology for expanding the application range of 3D printing technology is fueling the expansion of the market for 3D printing in automotive in the rest of the world over the review period.
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