3D Printing in Automotive Market in Manufacturing segment to witness 30% CAGR from 2018 to 2024

3D Printing in Automotive Market is impelled by increases the manufacturing efficiency by eliminating the product assembly stage across the manufacturing cycle. The market is driven due to the superior properties and cost benefits offered by the 3D printing technology in the manufacturing process. The traditional manufacturing process is characterized by multiple production stages & interconnected storage of semi-finished products resulting in longer lead times. On the contrary, 3D printing manufacturing process is shorter & faster as multiple stages are combined into a single production step. This eliminates the need for intermediate material handling & intra logistics transport costs.

The increasing customer demand for innovations and lower prices across customized products is also fostering the 3D printing in automotive 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.

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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 in automotive 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.

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