As far as global revenue forecast is concerned, 3D Printing Automotive Market is anticipated to be valued 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.
North America holds the major share in the 3D printing 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.
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Asia Pacific 3D printing 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.
The key players in the market are 3D Systems, Arcam, Autodesk, Exone, FlashForge, Hoganas, HP Development Company, Monoprice, Optomec, Ponoko, Prusa Research, Stratasys, Voxeljet, WANHAO 3D PRINTER, XYZ Printing, Materialise, Nano Dimension, Proto Labs, SLM Solutions Group, Electro-Optical Systems, Concept Laser, and Renishaw.
The hardware market accounted for over 75% of the 3D printing 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.
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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.
The Fused Deposition Modelling technology held over 50% market share in the 3D printing 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.
The prototyping is expected to account for approximately 60% of the market share in the 3D printing 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.
Browse key industry insights spread across 280 pages with 450 market data tables & 27 figures & charts from the report, “3D Printing in Automotive Market Size, By Component (Hardware [Printer {Desktop, Industrial} Material {Plastic, Metal, Ceramic}], Software, Services), By Technology (Stereolithography (SLA), Fused Deposition Modeling (FDM), Selective Laser Sintering (SLS), Electron Beam Melting (EBM), Selective Laser Melting (SLM)/Direct Metal Laser Sintering (DMLS)), By Application (Prototyping & Tooling, Manufacturing, Research & Development ), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, Australia, China, India, Japan, South Korea, Brazil, Mexico, GCC, South Africa), Growth Potential, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:
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Table of Contents (ToC) of the report:
Chapter 7. 3D Printing in Automotive Market, By Application
7.1. Key trends, by application
7.2. Prototypting & tooling
7.2.1. Market estimates and forecast, 2013 - 2024
7.2.2. Market estimates and forecast, by region, 2013 - 2024
7.3. Manufacturing
7.3.1. Market estimates and forecast, 2013 - 2024
7.3.2. Market estimates and forecast, by region, 2013 - 2024
7.4. Research & development
7.4.1. Market estimates and forecast, 2013 - 2024
7.4.2. Market estimates and forecast, by region, 2013 - 2024
7.5. Others
7.5.1. Market estimates and forecast, 2013 - 2024
7.5.2. Market estimates and forecast, by region, 2013 - 2024
Browse Full Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/3d-printing-in-automotive-market
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