Rise in need to minimise vehicle weight, product costs, and development time, the surge in the use of 3D printing for prototyping & development of complex parts, and high demand for customised automotive parts have boosted the growth of the global automotive 3D printing market to grow at a CAGR of 23.7% from 2021 to 2030.
According to the recently published report by Allied Market Research titled, Automotive 3D Printing Market by component, technology, material and services, application, propulsion: Global Opportunity Analysis and Industry Forecast, 2021–2030, the global automotive 3D printing industry was pegged at $1.66 billion in 2020, and is expected to reach $13.02 billion by 2030.
Despite several growth drivers, lack of expertise & skilled labour hinder the market growth. On the contrary, rapid technological advancements and a surge in investment in R&D would open new opportunities in the future, the report noted.
Major players in this space include 3D Systems Corporation, Autodesk, Desktop Metal, EOS, General Electric Company, Hoganas, Materialise, Stratasys, Ultimaker and Voxeljet.
The COVID-19 pandemic created uncertainty in the automotive and 3D printing industries. The prolonged lockdown and restriction on import-export disrupted the supply chain. In addition, during the pandemic, the falling business confidence, increased panic among consumers, and the temporary shutdown of industries negatively affected the market.
Technology Segment To Witness Highest CAGR
By component, the technology segment is estimated to portray the highest CAGR of 25% during the forecast period. Moreover, it held the largest share in 2020, accounting for half of the market, owing to a rise in demand for passenger vehicles and an increase in the need to optimise the manufacturing process. The report includes an analysis of other segments such as material and services.
By application, the prototyping segment held the largest share in 2020, contributing to more than two-fifths of the market due to rapid prototyping using 3D printing to reduce the development time of the testing model. However, the end-use parts segment is projected to manifest the highest CAGR of 26.1% during the forecast period, owing to the rise in the application of 3D printing for manufacturing complex automotive parts.
In terms of region, the market across Europe, followed by North America, held the largest share in 2020, accounting for nearly two-fifths of the market. This is due to growth in demand for premium cars, the high adoption of electric vehicles, and the established automotive industry in the region. However, the market across Asia-Pacific is expected to register the highest CAGR of 25.9% during the forecast period. This is due to the demand for passenger vehicles and also on account of the surge in disposable income in countries including India and China and the development of autonomous vehicles in the region, the report noted.
Courtesy: Allied Market Research. NB: Photo is representational; courtesy: GE.