Automotive 3D printing Market to Reach $2,730 Million by 2023 | Top Key Players 3D Systems, Autodesk, Stratasys, Arcam AB, The ExOne Company, Hoganas AB, Optomec, Voxeljet AG, Ponoko Limited, Envisiontec

Automotive 3D printing Market by Component, and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global automotive 3D printing market size was valued at $762 Million in 2016, and is projected to reach at $2,730 Million by 2023, growing at a CAGR of 19.7% from 2017 to 2023.

The evolving automotive 3D printing market is expected to exhibit a remarkable growth during the forecast period. Factors such as decline in prices of 3D printing software, new and innovative technologies, and expiration of key patents are expected to drive the market growth. Increase in concerns regarding material wastage, rise in manufacturing lead time, and increase in manufacturing costs fuel the application of 3D printing technology in the automotive sector. The technology facilitates faster production process, flexibility in design, and enhanced fuel efficiency. The 3D printing technology has exhibited varied applications, ranging from printing car parts to creating concept cars. However, its adoption would be negatively impacted by the high price and lack of skilled labor.

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North America is currently the leading market for automotive 3D printing owing to early adoption of technology and awareness toward the benefits offered by this technology. However, the European and Asia-Pacific market would surpass North American market over the next 5-6 years, owing to decline in prices of the technology, rise in awareness toward the benefits of 3D printing, and growth in base of automotive manufacturing sector in these regions.

Prototyping and tooling continue to be the major application of 3D printing due to fierce competition in the automotive industry to increase the production rate. The automotive 3D printing industry participants focus on introducing new products with innovations and partnerships to improve their market share. The players such as 3D Systems, Inc. and Stratsys Ltd. are leading market forerunners with a prominent revenue share occupancy. These players are adopting product launch and partnership & collaboration as key strategies to sustain in the market.

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Key Findings of the Automotive 3D Printing Market:
• Stereolithography is projected to continue to maintain its leading position as a widely used technology during the forecast period.
• Prototyping & tooling application constituted nearly four-fifth of the market share in 2016 and would continue to maintain its leading position till 2023.
• Europe and Asia-Pacific regions would exhibit promising growth owing to increasing awareness and adoption of the technology, and declining prices.
• Automotive 3D printing industry participants would focus on introducing new products with innovations and partnerships to improve their market share.

Key Market Players Profiled
• 3D Systems Corporation
• Arcam AB
• Autodesk, Inc.
• EnvisionTEC
• Hoganas AB
• Optomec, Inc.
• Ponoko Limited
• Stratasys Ltd.
• The ExOne Company
• Voxeljet AG

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