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The automotive 3D printing market size is forecasted to grow with a CAGR of 25 percent, to be worth over US$8 billion by 2024.

Automotive 3D Printing Market To Reach Over US$8 Billion by 2024

Automotive 3D Printing Market To Reach Over US$8 Billion by 2024

The automotive 3D printing market size is forecasted to grow with a CAGR of 25 percent, to be worth over US$8 billion by 2024, according to a report by Global Market Insights Incorporated.

Advancements in 3D printing technology in the automotive industry have changed the ways products are manufactured, developed, designed and distributed—products are lighter, safer and cleaner with newer designs and shorter lead times.

The growth of the 3D printing market in the automotive sector is driven by the increasing need for low cost and more efficient technology to produce complex and high-quality products which traditional methods cannot fulfill. Additive manufacturing reduces production time as multiple stages can be combined into a single production step. This also eliminates the product assembly stage and reduces logistic transport costs.

Increasing number of government initiatives to invest in additive manufacturing technologies and consumers demand for new innovations and lower prices are further propelling the market forward. Additive manufacturing allows freedom of design and production of different products in any sequence. Hence, customised products are possible and automotive companies are able to include customers in the development process.

The Asia Pacific automotive 3D printing is expected to grow with a CAGR of over 29 percent. The growth in the Asia market is accelerated by increasing public and private establishment investments as regions are exploring various opportunities to enhance productivity and competitiveness.

Major companies operating in the automotive 3D printing market includes Ponoko Limited, Hoganus AB, Exone, Voxeljet AG, Arcam, Startasys, Autodesk, 3D systems, Materialise, Nano Dimension, Proto Labs, SLM Solutions Group, Electro Optical Systems, Concept Laser, and Renishaw Plc.

 

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