PUBLISHER: The Business Research Company | PRODUCT CODE: 1390999
PUBLISHER: The Business Research Company | PRODUCT CODE: 1390999
“Automotive 3D Printing Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on automotive 3d printing market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for automotive 3d printing? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The automotive 3d printing market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Automotive 3D printing involves the rapid fabrication of three-dimensional prototypes for various automotive components using a printing machine. This process enables designers to quickly create physical models, ranging from simple interior elements to entire dashboards or scale models of cars. Rapid prototyping allows companies to transform ideas into convincing proofs of concept. Automotive 3D printing is utilized for producing molds and thermoforming tools, rapid manufacturing of grips, jigs, and fixtures, and manufacturing both interior and exterior components of vehicles. This technology is cost-effective for producing samples and tools, eliminating potential losses in production associated with investing in high-cost tooling.
The primary types of components in the automotive 3D printing market include interior components and exterior components, applicable to various vehicle types such as ICE vehicles and electric vehicles. Materials used in this process include metals, plastics, composites, and resins. Automotive 3D printing finds application in prototyping and tooling, research, development, and innovation, as well as in the manufacturing of complex components. The technologies involved in automotive 3D printing encompass stereolithography (SLA), selective laser sintering (SLS), electron beam melting (EBM), fused deposition modeling (FDM), laminated object manufacturing (LOM), and three-dimensional inject printing.
The automotive 3D printing market research report is one of a series of new reports from The Business Research Company that provides automotive 3D printing market statistics, including automotive 3D printing industry global market size, regional shares, competitors with an automotive 3D printing market share, detailed automotive 3D printing market segments, market trends and opportunities, and any further data you may need to thrive in the automotive 3D printing industry. This automotive 3D printing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The automotive 3d printing market size has grown exponentially in recent years. It will grow from $2.91 in 2023 to $3.62 in 2024 at a compound annual growth rate (CAGR) of 24.4%. The growth in the historic period can be attributed to factors such as increased emphasis on customization and personalization, the adoption of rapid prototyping, the ability to create complex geometries, reduced material waste, and optimization of the supply chain.
The automotive 3d printing market size is expected to see exponential growth in the next few years. It will grow to $8.37 in 2028 at a compound annual growth rate (CAGR) of 23.4%. In the forecast period, the growth can be attributed to factors like the cost reduction in spare parts production, emphasis on sustainable manufacturing practices, adherence to regulatory compliance, and the increasing adoption of metal 3D printing technologies. Noteworthy trends during this period include the pursuit of mass customization, the focus on lightweighting, the utilization of complex geometries, the optimization of supply chains, and the emphasis on spare parts production efficiency.
The robust growth of electric vehicles (EVs) has been a significant driver of the automotive 3D printing market. Electric vehicles, characterized by their reliance on electric motors instead of traditional internal combustion engines, have witnessed substantial growth in recent years. For example, as of July 2022, the electric vehicle (EV) market has been experiencing remarkable expansion. Sales of electric passenger cars surged by 186% in 2020, and in 2021, EV sales set a record despite the overall market being 28.7% below pre-COVID-19 levels. In total, 1.65 million new cars were registered in 2021, a 1% increase over 2020, primarily due to the continued impact of the pandemic and the global semiconductor chip shortage. Notably, plug-in hybrid electric vehicles (PHEVs) and battery electric vehicles (BEVs) outperformed previous years' sales, collectively accounting for more than the past five years combined (2016-2020). This rising demand for electric vehicles is a key driver behind the growth of the automotive 3D printing market.
Increasing investments in the automotive sector are expected to further propel the automotive 3D printing market. These investments involve the allocation of capital and financial resources to various aspects of the automotive industry, aiming to generate a financial return. Such investments contribute to the growth of the automotive 3D printing market by driving the demand for 3D printed components, supporting research and development efforts in 3D printing technology, and leveraging the benefits of 3D printing, including customization, sustainability, and cost-efficiency. For instance, in 2022, US auto manufacturers increased their investments from $32 billion to $43 billion, while they dedicated $23 billion to research and development (R&D) in 2020, as reported by the Alliance for Automotive Innovation, a US-based manufacturing company. These investments are fostering advancements in the automotive sector and, by extension, the automotive 3D printing market.
Technological advancements in the automotive 3D printing market are a prominent trend. Many companies are actively investing in 3D printing technologies for additive manufacturing, optimized bracket production, and tooling for assembly lines. For example, in May 2021, Renishaw, a UK-based specialist in measurement, motion control, healthcare, spectroscopy, and manufacturing, launched a new range of RenAM 500 3D printing machines. These systems, including the RenAM 500S Flex (single-laser 3D printer) and the RenAM 500Q Flex (four-laser 3D printer), feature simplified powder handling systems that are suitable for research and development, pre-production, or bureau environments. These innovations enable manufacturers to easily switch between materials without compromising part quality or build capacity. This trend showcases the ongoing technological advancements within the automotive 3D printing market.
In the automotive 3D printing sector, major corporations are increasingly adopting a strategic partnership approach to deliver comprehensive and integrated solutions. Strategic partnerships involve companies leveraging each other's strengths and resources for mutual benefits and success. A notable example is the November 2022 collaboration between 3D Systems Inc., a US-based engineering firm, and ALM, a US-based company specializing in material research and development for industrial 3D printing and additive manufacturing. This partnership enables ALM's clients to utilize a unique copolymer specifically designed for selective laser sintering (SLS) technologies. The collaboration aims to broaden access to high-quality 3D printing materials, making 3D printing more accessible to a diverse range of businesses.
In February 2022, 3D Systems, a prominent US-based company offering a range of products and services encompassing 3D printers, print materials, software, and on-demand manufacturing, successfully acquired Titan Additive LLC for an undisclosed sum. This strategic acquisition positions 3D Systems to enhance the depth and scope of its polymer additive manufacturing (AM) solutions portfolio, enabling the company to cater to emerging applications in diverse markets such as Foundries, Consumer Goods, Service Bureaus, Transportation & Motorsports, Aerospace & Defense, and General Manufacturing. Titan Robotics, the acquired entity, is a reputable US-based manufacturer specializing in large additive manufacturing systems and advanced 3D printing technology.
Major companies operating in the automotive 3d printing market include 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
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. The regions covered in automotive 3D printing market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the automotive 3D printing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The automotive 3D printing market consists of sales of digital light processing (DLP), and masked stereolithography (MSLA). Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.