North America holds the major share in the 3D printing in automotive market. It held more than 40% share of the total revenue in 2017. The presence of major market players, such as Stratasys and 3D Systems, in the region is a primary factor supporting the market growth. The region has also witnessed higher R&D investments than other regions, which has further fostered the advancements in the 3D printing technology. Furthermore, supportive government initiatives will also foster the market growth. For instance, the U.S. government is constantly working with various private institutions and academic establishments to promote the use of additive manufacturing technologies in the region.
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Additive manufacturing technologies over the past years have made a strong case in product innovation and 3D printing in automotive market, in particular, has significantly transformed the potential ways in which products are designed, manufactured, and distributed. The additive manufacturing techniques have also opened doors for lighter, cleaner, and more safe products with comparatively lower cost and shorter lead time.
Quite overtly, these physiognomies have paved a lucrative way for the commercialization matrix of automotive 3D printing market, which has already chronicled its name in the coveted billion-dollar fraternity in 2017. According to a report by Global Market Insights, Inc., the global 3D printing in automotive market was estimated at over USD 1.4 billion in 2017, while registering annual sales of 3D printers over 110 thousand units.
The hardware market accounted for over 75% of the 3D printing in automotive market. The hardware market includes 3D printers and materials. The growth of the market is attributed to the falling prices of 3D desktop printers. The price of the desktop printer is declining at an annual rate of 2-3% over the past five years and is estimated to resonate the trend during the forecast period.
The Fused Deposition Modelling technology held over 50% market share in the 3D printing in automotive market in 2017. This growth is credited to technological advancements in composite materials used across FDM processes and its ability to print larger components.
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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.
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.
Some Points From Table Of Content: –
Chapter 6. 3D Printing in Automotive Market, By Technology
6.1. Key trends, by technology
6.2. Stereolithography (SLA)
6.2.1. Market estimates and forecast, 2013 – 2024
6.2.2. Market estimates and forecast, by region, 2013 – 2024
6.3. Fused Deposition Modeling (FDM)
6.3.1. Market estimates and forecast, 2013 – 2024
6.3.2. Market estimates and forecast, by region, 2013 – 2024
6.4. Selective laser sintering (SLS)
6.4.1. Market estimates and forecast, 2013 – 2024
6.4.2. Market estimates and forecast, by region, 2013 – 2024
6.5. Electron Beam Melting (EBM)
6.5.1. Market estimates and forecast, 2013 – 2024
6.5.2. Market estimates and forecast, by region, 2013 – 2024
6.6. Selective laser melting (SLM)/ Direct metal laser sintering (DMLS)
6.6.1. Market estimates and forecast, 2013 – 2024
6.6.2. Market estimates and forecast, by region, 2013 – 2024
6.7.1. Market estimates and forecast, 2013 – 2024
6.7.2. Market estimates and forecast, by region, 2013 – 2024
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