Automotive 3D Printing Market in Manufacturing Segment to Grow at 30% CAGR from 2018 to 2024 | Key Players are Arcam AB, Autodesk, Corporation®, HP, Monoprice, Optomec, Prusa Research s.r.o., Stratasys, Voxeljet AG, XYZprinting, Materialise
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Automotive 3D printing market in 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.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Arcam AB
3. ExOne (The ExOne Company)
4. Flashforge Corporation®
8. Prusa Research s.r.o.
10. Voxeljet AG
14. SLM Solutions Group AG
15. Concept Laser
The hardware market accounted for over 75% of the automotive 3D printing 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.
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According to a report by Forbes, over 93% of companies in 2018 are using 3D printing and are gaining competitive advantages such as reduced time-to-market and flexible shorter production runs for potential customers. The technological advancements in 3D metal materials have further led this business sphere to depict a profound growth. Estimates claim that over 36% of the companies are using metal material for 3D printing in 2018, a considerably upswing from 28% in 2017. The data signifies the greater adoption of 3D printers for production operations, which in turn is propelling automotive 3D printing market growth.
Over the last few years, with the increasing awareness about the energy efficiency, the popularity of e-vehicles has increased tremendously. In line with the surging adoption of e-vehicles and the supportive regulatory norms, many automakers are investing in electric vehicles. In this regard, for achieving competitive benefits, some EV manufacturers have adopted new technology trends such as 3D printing and additive manufacturing. As on today, numerous 3D printed cars have actually been developed, however, not all of them are practically used. In order to change the perspective of consumers, the Italian car manufacturer, XEV has started the production of 3D printed vehicles dubbed as LSEV which will be available in the market by the next year.
Automotive 3D printing market in automotive industry behemoth Volkswagen has recently announced that it will be using the latest 3D printing technology for manufacturing different auto parts. The company will be using the technology with the HP Metal Jet process that is expected to simplify and speed up the metallic 3D printing. According to reports, a Volkswagen vehicle is manufactured from around 6000 to 8000 different parts and 3D printing has helped immensely in mass production of these parts.
Browse key industry insights spread across 280 pages with 450 market data tables & 27 figures & charts from the report, automotive 3D printing market in detail along with the table of contents:
North America holds the major share in the automotive 3D printing 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.
This German auto maker has recently announced that it has adopted the Stratasys’ J750 full-color and multi-material 3D printer for accelerating the design verification process and reducing the time required for prototyping. Leveraging the additive manufacturing technology, Audi claims that it has accomplished prototyping lead time cuts by as much as 50% for some parts. According to reliable reports, prototyping & tooling application accounted for 60% of automotive 3D printing market share in 2017, and Audi’s adoption of Stratasys 3D printing bears testimony to the rapid expansion of this segment.
Currently, the growing adoption of 3D printing technology for functional prototyping, mass production, design validation, and ergonomics across the automotive sector will propel the industry trends over the years ahead. The increasing importance for accuracy, reliability, and consistency in the automotive sector while developing complex designs will also improve the use of 3D printing technology. Aided by the ongoing product innovations across the automotive sector, automotive 3D printing market will surpass a revenue collection of USD 8 billion by the end of 2024.
The major companies operating in the automotive 3D printing market are Arcam AB, Autodesk, ExOne (The ExOne Company), Flashforge Corporation®, Hoganas, HP, Monoprice, Optomec, Ponoko, Prusa Research s.r.o., Stratasys, Voxeljet, WANHAO 3D PRINTER, XYZ Printing, Materialise, Nano Dimension, Proto Labs, SLM Solutions Group AG, Electro-Optical Systems, Concept Laser, and Renishaw.
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