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3D Printing in Automotive Market Analytical Overview, Growth Factors, Demand, Trends and Forecast to 2024

New research report on 3D Printing in Automotive market, which is a detailed analysis of this business space inclusive of the trends, competitive landscape, and the market size. Encompassing one or more parameters among product analysis, application potential, and the regional growth landscape, 3D Printing in Automotive market also includes an in-depth study of the industry's competitive scenario.

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.

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3D Printing in Automotive Market is anticipated to be over USD 8 billion by 2024. The growing need for developing complex and high-quality components while keeping the manufacturing costs low is a primary factor driving the demand for the 3D printing solutions in the automotive sector. The technology has allowed manufacturers to produce components, which were not feasible through traditional manufacturing methodologies. The traditional manufacturing technology produced numerous components separately & then assembled these components into a single entity. Whereas, the 3D printing technology provides designers the freedom to produce various components in a single entity.

3D Printing in Automotive Market Analytical Overview, Growth Factors, Demand, Trends and Forecast to 2024
3D Printing in Automotive Market Analytical Overview, Growth Factors, Demand, Trends and Forecast to 2024

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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.

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. For instance, the U.S. government is constantly working with various private institutions and academic establishments to promote the use of additive manufacturing technologies in the region.

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.

Asia Pacific 3D printing in the automotive market is expected to grow substantially at a CAGR of over 30% during the forecast timespan. The industrialized countries, as well as emerging nations in the region, have introduced numerous initiatives to strengthen the productivity and competitiveness across the automotive manufacturing sector. In addition, countries including Singapore & China have allocated millions of dollars to commercialize the technology.

The 3D printing in automotive has portrayed a rapid growth over the last decade as the companies operating in the market have attracted investments to capitalize and commercialize the technology. The players in the market are introducing various strategic initiatives to expand their market share and strengthen their product portfolio. For instance, 2018 EOS & SLM Solutions collaborated with Audi to incorporate 3D printing technology across its manufacturing facility. This collaboration is aimed at developing new product offerings to gain an advantage over its competitors.

Major Highlights from Table of contents are listed below for quick lookup into 3D Printing in Automotive Market report

Chapter 1. Methodology and Scope

  • Definitions & forecast parameters
  • Methodology and forecast parameters
  • Data Sources

Chapter 2. Executive Summary

  • Business trends of 3D Printing in Automotive Market
  • Product trends
  • Application trends

Chapter 3. 3D Printing in Automotive Industry Insights

  • 3D Printing in Automotive Market Industry segmentation
  • Industry landscape
  • Analysis of Manufacturers in the 3D Printing in Automotive industry
  • Distribution channel analysis
  • End-use landscape
  • Vendor matrix
  • 3D Printing in Automotive Market Technology & innovation landscape
  • Industry impact forces
  • 3D Printing in Automotive Market Growth drivers
  • Industry pitfalls & challenges
  • Key trends by Segments

Chapter 4. Company Profiles

  • Business Overview of 3D Printing in Automotive Market Companies
  • Financial Data
  • Product Landscape
  • Strategic Outlook and Decisive Analysis of companies in 3D Printing in Automotive Market
  • SWOT Analysis

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