Growing demand to develop complex and quality parts and supportive government initiative are expected to drive the growth of global automotive 3D printer market in the forecast period, 2023-2027.
According to TechSci Research report, “Automotive 3D Printer Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, the global automotive 3D printer market is anticipated to witness impressive growth in the forecast period, 2023-2027. The rise in the cost of raw material prices and the rapid change in the global economy make the automotive market players seek cost-effective strategies. The surge in the adoption of advanced technologies such as machine learning, smart factory, industry 4.0, machine learning is fueling the proliferation of 3D technology for the manufacturing process. Stringent government regulations focus on reducing carbon emissions and making automotive manufacturers spend substantial amounts on emission-reducing components, and new and advanced safety equipment influences market demand. The automotive industry is actively adopting 3D printing technology to reduce the lead time and cost incurred in the manufacturing process. 3D printing at the initial automobile manufacturing process is considered beneficial as it allows the designers to identify the errors or defects from the prototype, lower the production cost and attain higher resolution. 3D printing reshapes the prototyping process and helps create complex, high-performance, and customized automotive parts. It allows the manufacturers to build models by using several building materials. The materials used in the 3D printing process include metals, ceramics, polymers, and others. Printing materials are selected based on the expected characteristics of the printed object. Some 3D printers can simultaneously use different materials to make the manufacturing process more manageable. Applications of 3D printing are increasing at a rapid rate as they offer higher resolution and precision than the conventional methods.
However, lack of skilled labor or expertise to operate the 3D printer and high initial costs may restrain the global automotive 3D printer market growth.
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The global automotive 3D printer market is segmented on the basis of technology, application, competitional landscape, and regional distribution.
Based on the technology, the global automotive 3D printer market is divided into stereolithography, fused disposition modeling, selective laser sintering, laminated object manufacturing, three-dimensional inject printing, and others. The stereolithography segment is expected to dominate the next five years, 2023-2027. This technology is utilized to make complex prototypes and display models. Stereolithography uses the single-production cycle and produces smooth surfaces even without needing to finish. The use of liquid starting material makes the process superfluous, and it results in saving time and money and increases efficiency during material consumption. It has low material consumption and can produce flexible and rigid 3D objects prototypes. Multi-part assemblies, customized coloring can be done by using this method, and it is the preferred method for 3D printing as it is a cost-effective process.
Based on the application, the global automotive 3D printer market is divided into prototyping & tooling, manufacturing complex components, research, development & innovation, and others. The prototyping & tooling segment is expected to witness significant growth opportunities in the forecast period. Prototype manufacturing helps automotive manufacturers to realize the errors and the shortcomings beforehand and make the necessary changes to avoid further expenses. The use of 3D printing technology lowers the turnaround time to make prototypes. Previously, manufacturers had to outsource the prototyping process, leading to higher production costs and turnaround time.
Based on the regional analysis, the North American region is expected to hold the largest market share, followed closely by Europe and Asia-pacific regions in the forecast period. North America has a well-established automotive industry and boasts several market players in the region. The presence of a skilled labor force, technological advancements, and high-end investments to advance the automotive industry are the major factors influencing the market demand.
Major market players operating in the global automotive 3D printer market are:
- 3D Systems Corp.
- Formlabs Inc.
- Markforged, Inc.
- Zortrax S.A.
- Ultimaker BV
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“Market players are adopting 3D printing technology as it offers advantages such as easy customization, greater design flexibility, and boosts faster product development, influencing the market demand. Market players invest in research and development activities and adopt strategies such as new product launches, company expansion, mergers, and acquisitions to accelerate growth and gain the largest market share. Rapid advances in 3D technology and the creation of lightweight body parts and components by using 3D printing technology is expected to propel the global automotive 3D printer market growth till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Automotive 3D Printer Market – Global Industry Size, Share, Trends, Opportunity and Forecast, 2017-2027”, has evaluated the future growth potential of global automotive 3D printer and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global automotive 3D printer market.
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