DUBLIN--(BUSINESS WIRE)--The "Automotive 3D Printing Market by Component (Technology, Material, and Services), Application, Propulsion: Global Opportunity Analysis and Industry Forecast, 2021-2030" report has been added to ResearchAndMarkets.com's offering.
The global automotive 3D printing market was valued at $1,664.0 million in 2020, and is projected to reach $13,022.4 million by 2030, registering a CAGR of 23.7% from 2021 to 2030.
Europe is expected to dominate the automotive 3D printing market during the forecast period owing to presence of established automotive industry, rising demand for passenger vehicles, and investments in R&D associated with automotive 3D printing. In addition, CECIMO (European association of machine tool industries and related manufacturing technologies) has reported positive results for additive manufacturing market in Europe resulting in increased import & exports activities.
On the basis of propulsion, the automotive 3D printing market is segmented into ICE vehicles, and electric vehicles. With the introduction of electric vehicle & autonomous vehicle, surge in the demand for smaller and complex automotive parts is observed. 3D printing can aid in manufacturing complex products at a faster pace with greater accuracy through its layer by layer manufacturing process.
Several automobile manufacturers have already started utilizing 3D printing technology to produce electric vehicle. For instance, in 2020, XponentialWorks collaborated with Arcimoto to design and fabricate lightweighted components using 3D printing technology to enhance performance of electric vehicles.
Based on application type, the automotive 3D printing market is segregated into prototyping, tooling, jigs & fixtures, end-use parts, and others. The application of 3D printing for manufacturing of end-use parts is expected to increase during the forecast period owing to significant time and cost reduction as compared to traditional methods.
The auto manufacturers have started using 3D printing technology for developing components with complex and unusual geometries. The application of 3D printing in automotive industry is anticipated to increase in the future owing to its ability to manufacture light weight and cost effective end-use parts. Volkswagen has been utilizing 3D printing technologies for past 25 years to produce automotive parts for its vehicles.
The significant factors that impact the growth of the automotive 3D printing market include growth in need to reduce vehicle weight, production cost & development time, increase in use of 3D printing for quick prototyping & development of complex parts, and greater demand for customized automotive parts.
Moreover, high initial cost and lack of expertise & skilled labors hinder the market growth. Rise in investments on R&D and technological advancements are expected to offer growth opportunities during the forecast period.
KEY BENEFITS FOR STAKEHOLDERS
- This study presents the analytical depiction of the global automotive 3D printing market analysis along with the current trends and future estimations to depict imminent investment pockets
- The overall automotive 3D printing market opportunity is determined by understanding profitable trends to gain a stronger foothold
- The report presents information related to the key drivers, restraints, and opportunities ofthe global automotive 3D printing market with a detailed impact analysis
- The current automotive 3D printing market is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency
- Porter's five forces analysis illustrates the potency of the buyers and suppliers in the industry
KEY MARKET SEGMENTS
By Component
- Technology
- Material Extrusion
- Powder Bed Fusion
- Vat Photopolymerization
- Material Jetting
- Direct Energy Deposition
- Binder Jetting
- Material
- Polymers
- Metals
- Others
- Services
By Application
- Prototyping
- Tooling, Jigs & Fixtures
- End-Use Parts
- Others
By Propulsion
- ICE Vehicles
- Electrical Vehicles
By Region
- North America
- Europe
- Asia-Pacific
- LAMEA
Market Dynamics
Drivers
- Growth in Need to Reduce Vehicle Weight, Production Cost & Development Time
- Increase in Use of 3D Printing for Quick Prototyping & Development of Complex Parts
- Greater Demand for Customized Automotive Parts
Restraints
- High Initial Cost
- Lack of Expertise & Skilled Laborers
Opportunities
- Increased Investments in R&D
- Technological Advancements
Key Topics Covered:
Chapter 1: Introduction
Chapter 2: Executive Summary
Chapter 3: Market Landscape
Chapter 4: Automotive 3D Printing Market, by Component
Chapter 5: Automotive 3D Printing Market, by Application
Chapter 6: Automotive 3D Printing Market, by Propulsion
Chapter 7: Automotive 3D Printing Market, by Region
Chapter 8: Company Profiles
Companies Mentioned
- 3D Systems Corporation
- Autodesk, Inc.
- Desktop Metal, Inc.,
- EOS GmbH
- General Electric Company
- Hoganas AB
- Materialise NV
- Stratasys, Ltd.
- Ultimaker BV and Voxeljet AG.
For more information about this report visit https://www.researchandmarkets.com/r/v3jlyj
