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Automotive 3D Printing Market Drivers Impressive Growth of Electric Vehicles
HYDERABAD, TELANGANA, INDIA, October 18, 2022 / / -- IndustryARC, in its latest report, predicts that is expected to reach $1.8 billion by 2026 at a CAGR of 11.1% during the forecast period 2021-2026, owing to increasing research and development activities and innovations which is strengthening the automotive industry worldwide. Similarly, with a huge capital investment in automotive technology, several manufacturers are focusing on light weight vehicles to decrease the fuel consumption and low emission. Among all the R&D activities, 3D printing in automotive has come up with a rapid pace and gaining attention in the global automotive industry for rapid prototyping. According to the Chinese Passenger Car Association (CPCA), demand for electric car is growing progressively. This is due to the rising development of lightweight automobile parts utilizing 3D automobile printing technologies. The Chinese Government has rendered the development of additive manufacturing technologies a priority in the region. International companies are urged to create subsidiaries, although some domestic companies are also driven by government policies. Collaboration with other industry leader companies to incorporate various technology such as stereo lithography, selectrive laser sintering and digital light processing into their manufacturing process and create innovative product innovations would help them achieve strategic edge over their competitors. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
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Key takeaways:
1. Automotive 3D printing in North America is growing at significant rate owing to the stringent governmental regulations regarding automobiles and auto parts are regulated through the National Highway Traffic Safety Administration (NHTSA) and the U.S Environmental Protection Agency (EPA).
2. The exceptional growth prospects of the electric vehicles market is a major growth factor for the 3D printing automotive market owing to its importance in electric vehicles.
3. The automotive OEMs are partnering with the leading 3D printing companies like Stratatsys, Shining 3D, SLM Solutions are largely concentrating on the technologies like stereo lithography, fused deposition modeling, and Laser sintering.
4. Automotive 3D Printing top 10 companies include Stratasys Inc., 3D System, Materialise NV, Renishaw PLC, SLM Solutions, ExOne, Envisiontec Inc., EOS, Arcam AB, Autodesk, Inc., among others.
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Segmental Analysis:
1. Manufacturing complex components is growing at a highest CAGR of 12.1% in the forecast period. Complex components with internal cavities require multiple subcomponents held together by a variety of processes in the standard subtractive manufacturing process.
2. Selective Laser Sintering (SLS) in automotive 3D Printing is growing at a CAGR of 13.5% in the forecast period. Selective Laser Sintering is an additive manufacturing or 3d printing technology that can be used for processing many types of materials such as polymers, metals, ceramics, and composites to create complex parts. It's areas of applications include automotive, aerospace tooling, biomedical as well as architecture.
3. Automotive 3D printing in North America is growing at significant rate of 12.2% CAGR through 2026 owing to the stringent governmental regulations regarding automobiles and auto parts are regulated through the National Highway Traffic Safety Administration (NHTSA) and the U.S Environmental Protection Agency (EPA).
Competitive Landscape:
The top 5 players in the Automotive 3D Printing industry are -
1. Stratasys Inc.
2. 3D System
3. Materialise NV
4. Renishaw PLC
5. SLM Solutions
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Related Reports:
A. China Automotive Additive Manufacturing Market
B. 3D Printing Market
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