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New York, United States, Sat, 28 Nov 2020 03:43:37 / Comserve Inc. / — With the emerging economic and environmental concerns, automotive industry is witnessing unprecedented adoption of 3D printing for designing auto parts and accessories.
Global Automotive 3D Printing Market is estimated to reach $3,628 Million by 2024; growing at a CAGR of 21.7% from 2016 to 2024. With the emerging economic and environmental concerns, automotive industry is witnessing unprecedented adoption of 3D printing for designing auto parts and accessories. 3D printing in automotive designs raises creativity, innovation, and creates boundless possibilities for empowering future transportation. It is used for designing and printing car parts to creating new accessories with latest concept. Moreover, it also assists in personalizing the features such as fancier geometries, light weight lattice structures, and others, and also provides much more variety to the ever-growing customer base. Both automotive OEMs and suppliers use additive manufacturing to augment the quality at pre-production stage, innovations in product design, to develop customized tools and reduce overall production time.
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The global automotive 3D printing market is driven by increasing need to reduce development cost and time, increasing government spending on 3D printing projects, growing demand for 3D printing over conventional methods, and effective use of raw materials. Though, lack of skilled labors, high cost involved in the process, and restrictions in material consumption would pose challenge for the market growth. Additionally, technological advancements, and innovations in advanced materials would create growth opportunities for the market in years to come.
The global automotive 3D printing is segmented as component, application, and geography. Component is segmented as material (metals & alloys, polymers, and others (plastic, ceramics, glass, paper, and wood)), technology (laminated object manufacturing, fused deposition modeling, stereolithography, selective laser sintering, electron beam melting, and others (three dimensional injet printing, and digital light processing)), and services. Furthermore, application is bifurcated as prototyping and tooling, R&D and innovations, and manufacturing complex parts.
By geography the market is segmented into North America, Europe, Asia-Pacific and rest of the world (RoW). The U.S., Canada, and Mexico are covered under North America wherein Europe covers UK, Germany, France, Italy, and others. Asia-Pacific covers China, India, Japan, South Korea, and others. RoW covers South America, Middle East and Africa.
The major players included are EnvisionTEC, Inc., Arcam AB, Optomec, Inc., 3D Systems Corporation, Hoganas AB, Voxeljet AG, Autodesk, Inc., Ponoko Limited, The ExOne Company, and Stratasys Inc, among others.
The key takeaways from the report:
The report will provide detailed analysis of Global Automotive 3D Printing Market with respect to major segments such as component, and application
The report will include the qualitative and quantitative analysis with market estimation over 2015-2024 and compound annual growth rate (CAGR) between 2016 and 2024
Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
An exhaustive regional analysis of Global Automotive 3D Printing Market