Acumen Research and Consulting, Recently Published Report On “3D Printing in Automotive Market Size, Share, Trends, Scope, Growth and Forecast 2019-2026”.
LOS ANGELES, Aug. 29, 2019 (GLOBE NEWSWIRE) -- The global 3D printing in automotive market size is expected to hit around USD 3.9 USD billion by 2026 and market is expected to grow at a CAGR of 24.6% during the forecast period, 2019–2026.
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Technological innovation has changed the manufacturing scenario in automotive sector. 3D printing is one of the latest technology used in the manufacturing of the automotive components and parts. Continuously increasing demand for the automotive vehicles have driven the growth of the global market. Advancement in the technology and introduction of the cloud based systems is the recent and trending marketing channels. Online shopping is the most widely used trends for the market. In 2016, over 60% of the products are sold indirectly by using the online buying application and websites. This channel also helps in increasing the profit margin as limited marketing force is required. An online channel decreases the need of the human workforce by 60% and increase the efficiency by 80%. Thus now-a-days many manufacturers prefer these types of channel.
The global 3D printing in automotive market is segmented by component, technology, and application. Based on the component, the 3D printing in automotive market is segmented into hardware, software, and services. Hardware is further segmented into material and printers. Material is further bifurcated into plastic, metal, and ceramic. Printer is further segmented into desktop, and industrial. Based on the technology, the 3D printing in automotive market is segmented into Selective Laser Sintering (SLS), Fused Deposition Modeling (FDM), Stereolithography (SLA), Electron Beam Melting (EBM), Selective Laser Melting (SLM)/Direct Metal Laser Sintering (DMLS). On the basis of application, the 3D printing in automotive market is segmented into manufacturing, prototyping & tooling, research & development, and others.
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Geographically, the 3D printing in automotive market has been segmented into North America, Europe, Asia Pacific, and Latin America and the Middle East & Africa (LAMEA).
North America dominates the global 3D printing in automotive market owing to the presence of huge automotive companies, continuously increasing investment in the different sectors, and rising demand for the better technology options. Presences of huge investment coupled with well developed awareness among the people for the 3D printing technology have supported the growth of the North America 3D pronging in automotive market. Europe accounts for the second leading share in the global 3D printing in automotive market followed by Asia Pacific. Increased production capacity of automotive components in the developing countries such as Japan, Korea, and China are significantly driving the market growth. According to Japan Automobile Manufacturers Association (JAMA) motor vehicle statistics in 2017, a total number of trucks sold in the year 2016 and 2017 was 808,304 and 832,196 which is 3.0% growth. India is expecting a healthy growth for the market during the forecasted period owing to the presence of huge number of OEM manufacturing and cheap cost of raw material. Well developed chemical industries, increasing government support and availability of skilled labor force have supported the growth of the market. In near future, the 3D printing in automotive market in India is expecting stunning growth as many major automotive players are trying to enter in the market. South Korea is expected to have the similar scenario for the market as Japan. The manufacturing of the automobile vehicles in this region is decreasing from last 5 years. In last 5 years the automotive vehicles production is decreased by over 20% which led to decrease in the demand for the 3D printing in automotive in domestic market and ultimately steadying the growth of the 3D printing in automotive market in South Korea. Conversely, LAMEA holds the least share in the global market owing to the presence of poor economies especially in African Region.
Some of the major players in the market are AI Design, Autodesk, 3D systems, Materialise, Ponoko Ltd., Voxeljet AG, Arcam, Startasys, Hoganus AB, Exone, Nano Dimension, Proto Labs, Concept Laser, SLM Solutions Group, Electro Optical Systems, and Renishaw Plc.
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