Global Automotive 3D Printing Market Report, published by Variant Market Research, forecast that the global market is expected to reach $3,628 Million by 2024 from $755 Million in 2016, growing at a CAGR of 21.7% from 2016 to 2024. By geography, Asia-Pacific and Europe are expected to grow at a CAGR of 24.5% and 22.5%, respectively, during the forecast period.
"Automotive 3D Printing Market (By Component: Material, Technology, And Services; By Application: Manufacturing Complex Parts, Prototyping and Tooling, And R&D and Innovations; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024"
Some of the major drivers boosting the growth of the global 3D printing market include increasing preference of 3D printing over conventional techniques, growing investments on 3D projects, need for effective use of raw materials, and need to reduce development cost and time. Factors such as limitations in material consumption, high cost involved in the process, and dearth of skilled professionals could limit the market growth. However, improvements in additive manufacturing process and new innovations in the field of advanced materials would offer growth opportunities in forecasted years.
Component, application, and geography are the major bifurcations considered in the global automotive 3D printing market. Component segment includes material, technology (fused deposition modeling, stereolithography, laminated object manufacturing, selective laser sintering, electron beam melting, and others), and services. Material is further bifurcated into metals & alloys, polymers, and others. Fused deposition modeling, stereo lithography, laminated object manufacturing, selective laser sintering, electron beam melting, and others are the major sub segment of technology segment. Furthermore, application is categorized as manufacturing complex parts, prototyping and tooling, and R&D and innovations. Services accounted the largest market share in component segment in 2016, followed by technology. In applications, prototyping and tooling held maximum market share, while, R&D and innovation will attain highest rate during the forecast period.
Geographically, the global automotive 3D printing market is segmented as North America, Europe, Asia-Pacific, and Rest of the World (RoW). Among which, North America held majority of the market share with 32.7% in 2016, driven by, increased funding in R&D, and increasing demand for customized products using variety of materials. Asia-Pacific will dominate the global market with highest CAGR during the forecast period, owing to, increasing investments by major companies, surging potential of manufacturing applications and material advancements, and rising adoption among small and medium enterprises.
Key market players included are Arcam AB, 3D Systems Corporation, Hoganas AB, Autodesk, Inc., Optomec, Inc., EnvisionTEC, Inc., Ponoko Limited, Voxeljet AG, The ExOne Company, and Stratasys Inc, among others.