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Automotive 3D Printing Market Size, Share, Trends And Growth Report 2024-2033
Automotive 3D Printing Market Size
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According to The Business Research Company's, The automotive 3d printing market size has grown exponentially in recent years. It will grow from $2.91 billion in 2023 to $3.62 billion in 2024 at a compound annual growth rate (CAGR) of 24.4%. The growth in the historic period can be attributed to customization and personalization, rapid prototyping, complex geometries, reduced material waste, supply chain optimization.
The automotive 3d printing market size is expected to see exponential growth in the next few years. It will grow to $8.37 billion in 2028 at a compound annual growth rate (CAGR) of 23.4%. The growth in the forecast period can be attributed to cost reduction spare parts production, sustainable manufacturing, regulatory compliance, metal 3d priniting. Major trends in the forecast period include mass customization, lightweighting, complex geometries, supply chain optimization, spare parts production.
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Market Drivers and Trends:
The impressive growth of electric vehicles had propelled the growth of the automotive 3d printing market. An electric vehicle (EV) is defined as a machine that operates on an electric motor, instead of an internal-combustion engine that generates power by burning a mix of fuel and gases. For instance, in July 2022, according to the most recent car statistics, the market for electric vehicles (EVs) is booming. Sales of electric passenger cars grew by 186% in 2020, and in 2021, EV sales set a record against a market that was 28.7% below pre-COVID-19 levels. In all, 1.65 million new cars were registered in 2021, an increase of 1% over 2020, as a result of the pandemic's continuing effects and the global shortage of semiconductor chips. In spite of this, plug-in hybrid electric vehicles (PHEVs), which made up 7% of total new car sales with 114,554 vehicles, and battery electric vehicles (BEV), which had 190,727 registrations, sold more than they had over the previous five years combined (2016-2020). Therefore, the rising demand for electric vehicles is driving the growth of the automotive 3d printing market.
Technological advancement in the automotive 3d printing market is a key trend gaining popularity in the automotive 3d printing market. Many companies are investing in 3D printing for additive manufacturing, optimized brackets, and tooling production for assembly lines. For instance, in May 2021, Renishaw UK-based specialists in measurement, motion control, healthcare, spectroscopy, and manufacturing company launched a new range of RenAM 500 3D printing machinery. The RenAM 500S Flex is a single laser 3D printing machine and the RenAM 500Q Flex is a four-laser 3D printing machine. Both the systems featured a simplified powder handling system, which is suited for research and development (R&D), pre-production or bureau environments and will allow manufacturers to easily change between materials, without compromising on part quality or build capacity.
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Major Key Players of the Market:
3D Systems Corporation, Autodesk Inc., Desktop Metal Inc., Electro Optical Systems (EOS) GmbH, General Electric Company, EnvisionTEC GmbH, Stratasys Ltd., Materialise NV, Ultimaker BV, Voxeljet AG, Hoganas AB, SLM Solutions Group AG, Renishaw plc, Arcam AB, Optomec Inc., XYZprinting Inc., Carbon Inc., Hewlett-Packard Incorporated, Markforged Inc., Nano Dimension Ltd., Prodways Group, Tiertime Corporation, Beijing Long Yuan Automated Fabrication System Co. Ltd., Concept Laser GmbH, Cookson Precious Metals Ltd., CRP Technology S.r.l., DWS Systems S.r.l., ExOne Company
Automotive 3D Printing Market 2024 Key Insights:
• The automotive 3d printing market size is expected to see exponential growth in the next few years. It will grow to $8.37 billion in 2028 at a compound annual growth rate (CAGR) of 23.4%.
• Electric Vehicle Boom Drives Growth In The Automotive 3D Printing Market
• Technological Advancements Transforming The Automotive 3D Printing Market
• North America was the largest region in the automotive 3D printing market in 2023 and North America is expected to be the fastest-growing region in the automotive 3D printing market share forecast period
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