The software segment in 3D Printing in Automotive Market will grow at a CAGR of over 25% due to the growing demand for the third-party developers. These third-party developers are developing open-source 3D CAD software? compatible with a wide range of printers and technology. Furthermore, they are also collaborating with key 3D printing hardware and OEM manufacturers to eliminate the intricate software solutions that design hardware components based on software components.
With additive manufacturing technology entering mainstream automotive processes, global 3D Printing in Automotive Market is likely to collect significant gains in the coming years. Driven by the need to produce highly complex, robust, long-term components, the automotive sector has been swift enough to embrace additive manufacturing technology. Add to it, drastic cost reduction induced by the technology deployment has favored 3D Printing in Automotive Market trends majorly.
The automotive sector is adopting this cutting-edge technology to realize its innovation goals and facilitate customization to better fulfill customer requirements. Declining price index of 3D desktop printers accompanied with concrete government efforts towards promoting the technology is bolstering growth prospects of 3D Printing in Automotive Market.
The fused deposition modelling (FDM) is among the most widely used 3D printing technology on a global scale. FDM technology procured almost over 50% of global 3D Printing in Automotive Market share in 2017. The technology facilitates printing of large components due to which it has gained widespread recognition. In addition, technological advancements in composite materials, which are used across FDM processes has further boosted the segmental growth.
Additive manufacturing is being extensively used for the development of prototypes in automotive industry as the method exhausts relatively lesser resources as compared to traditional manufacturing approaches. Moreover, the technology facilitates cost saving on tooling as a single equipment and can be deployed for developing a multitude of products. As per estimates, 3D Printing in Automotive Market share from prototyping applications is expected to contribute around 60% to the global share by 2024.
North America had procured the majority share of more than 40% of the global share in 2017 and is likely to maintain the same growth momentum in the coming years. The region being a frontrunner in the adoption of latest technologies has been pioneering the usage of additive manufacturing technology. The growth of the market, in part, can be attributed to the existence of major players such as Stratasys and 3D Systems in the region, which provides unprecedented leverage in terms of technological capabilities.
That being said, Asia pacific is slated to emerge as a lucrative growth window for 3D Printing in Automotive Market. To support the industrial virility in the region, emerging economies have undertaken various initiatives to support the penetration of the technology. Moreover, the region is witnessing a slew of investments towards the commercialization of the technology in the automotive sector. China, in particular, has been premiering investments in 3D printing for over a decade now, with India following China’s footstep. Asia Pacific 3D Printing in Automotive Industry to achieve a CAGR of over 29% during 2018-2024.
The key players in the 3D Printing in Automotive Market are 3D Systems, Arcam, Autodesk, Exone, FlashForge, Hoganas, HP Development Company, Monoprice, Optomec, Ponoko, Prusa Research, Stratasys, Voxeljet, WANHAO 3D PRINTER, XYZ Printing, Materialise, Nano Dimension, Proto Labs, SLM Solutions Group, Electro-Optical Systems, Concept Laser, and Renishaw.
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