The automotive 3D printing market is projected to grow at a CAGR of 29.07% to reach the market size of US$10.364 billion by 2024 from US$2.241 billion in 2018. The rising adoption of 3D printing technology in the automotive sector for prototyping and tooling applications in order to reduce the costs and turnaround times for making the prototypes is one of the major factors driving the demand of 3D printing in the automotive sector. The use of 3D printing by the OEMs at reduced cost with better flexibility and strength is further allowing the manufacturers to increase their profits, which were earlier done through outsourcing which further increased the manufacturing costs of the automotive. Similarly, the manufacturing of customized parts, reduction of human error and higher precision is also the key driver which are expected to augment the use of 3D printing in the automotive industry. However, the unavailability of skilled personnel can hamper the growth of the market to some extent during the forecast period.
The Automotive 3D Printing Market – Forecasts from 2019 to 2024 is an exhaustive study that presents the key market trends through various chapters focusing on different aspects of the market. The study provides a detailed market overview through the market dynamics sections which detail key market, drivers, restraints, and opportunities in the current market. The report analyzes key opportunity regional markets, and the current technology penetration through lifecycle analysis. The report also analyzes the market through comprehensive market segmentation by component, technology, and geography.
The automotive 3D printing market
has been segmented by component, technology, and geography. Based on component the market has been segmented into hardware, software, services, and material. By technology, the market has been classified into vat photopolymerization, metal extrusion, material jetting, binder jetting, direct energy deposition, powder bed fusion, and sheet lamination.
By component, hardware is expected to hold a significant share in the market owing to rising adoption of 3D printing in this industry. By geography, Asia Pacific region is projected to grow at a substantial rate owing to the growth in automotive industry in this region which is further leading to the growth in the automotive production, especially in the emerging economies of China, India, Malaysia, and other developing economies of Southeast Asia.
Regional analysis has been provided with detailed analysis and forecast for the period 2018 to 2024. The global market has been broken down into North America, South America, Europe, Middle East and Africa, and Asia Pacific regions. The report also analyzes these regions with thorough analysis and forecast along with prevailing market trends and opportunities which each of these regions present for the manufacturers and the service providers.
Major players in the automotive 3D printing market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last year. The company profiles section details the business overview, financial performance for the past three years, key products and services being offered along with the recent developments of these important players in the automotive 3D printing market.
Automotive 3D Printing Market Scope:
| Market size value in 2018
|| US$2.241 billion
| Market size value in 2024
|| US$10.364 billion
| Growth Rate
|| CAGR of 29.07% from 2018 to 2024
| Base year
| Forecast period
| Forecast Unit (Value)
|| USD Billion
| Segments covered
|| Component, Technology, And Geography
| Regions covered
|| North America, South America, Europe, Middle East and Africa, Asia Pacific
| Companies covered
|| Stratasys Ltd., 3D Systems, Inc., Materialise, EOS GmbH Electro Optical Systems, SLM Solutions Group AG, ENVISIONTEC, INC., Renishaw plc
| Customization scope
|| Free report customization with purchase
The automotive 3D printing market has been analyzed through the following segments:
• By Component
• By Technology
o Vat Photopolymerization
o Metal Extrusion
o Material Jetting
o Binder Jetting
o Direct Energy Deposition
o Powder Bed Fusion
o Sheet Lamination
• By Geography
o North America
o South America
o Middle East and Africa
o Asia Pacific
Frequently Asked Questions (FAQs)
Q1. What will be the automotive 3D printing market size by 2024?
A1. The automotive 3D printing market is projected to reach a total market size of US$10.364 billion in 2024.
Q2. What are the growth prospects for automotive 3D printing market?
A2. The global automotive 3D printing market is projected to grow at a CAGR of 29.07% over the forecast period.
Q3. What is the size of global automotive 3D printing market?
A3. Automotive 3D Printing market was valued at US$2.241 billion in 2018.
Q4. What factors are anticipated to drive automotive 3D printing market growth?
A4. The rising adoption of 3D printing technology in the automotive sector for prototyping and tooling applications in order to reduce the costs and turnaround times for making the prototypes is one of the major factors driving the demand of 3D printing in the automotive sector.
Q5. Which region holds the largest market share in the automotive 3D printing market?
A5. Asia Pacific region is projected to grow at a substantial rate owing to the growth in the automotive industry.