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Automotive 3D Printing Market in hardware segment to grow at 75% CAGR over 2018-2024

Author : Ronak Bora | Published Date : 2019-03-19 

Automotive 3D Printing Market growth is driven by increasing customer demand for innovations and lower prices across customized products. The additive manufacturing technology does not require specialized tooling, nor does it impose pressure on the minimum lot sizes. Moreover, it also allows the production of varied products in any sequence. The technology allows automotive companies to involve customers in the development process of individual products by personalizing the exterior design according to the customer requirements.

The hardware market includes 3D printers and materials. 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. 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.

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The increasing customer demand for innovations and lower prices across customized products is also fostering the automotive 3D printing market. The additive manufacturing technology does not require specialized tooling, nor does it impose pressure on the minimum lot sizes. Moreover, it also allows the production of varied products in any sequence. The technology allows automotive companies to involve customers in the development process of individual products by personalizing the exterior design according to the customer requirements.

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.

The 3D printing in automotive has portrayed a rapid growth over the last decade as the companies operating in the market have attracted investments to capitalize and commercialize the technology. The players in the market are introducing various strategic initiatives to expand their market share and strengthen their product portfolio.  

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The prototyping is expected to account for approximately 60% of the market share in the automotive 3D printing 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.   

Asia Pacific automotive 3D printing 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. In addition, countries including Singapore & China have allocated millions of dollars to commercialize the technology.

With increasing number of big-name manufacturers embracing automotive 3D printing market, it wouldn’t be wrong to say that this technology has come a long way and has the power to influence the direction in which auto design sector will head in future. Considering the sheer size of the global automotive industry, 3D printing is all set to be a game-changer in shaping automotive design and manufacturing trends. Soon to become an integral part, 3D printing in automotive market is poised to further unlock tremendous innovation potential and gather a remuneration portfolio exceeding USD 8 billion by 2024.

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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