As per the report, the global automotive 3D printing industry was pegged at $1.66 billion in 2020, and is expected to reach $13.02 billion by 2030, growing at a CAGR of 23.7% from 2021 to 2030.
“Automotive 3D Printing Market by Component (Technology (Material Extrusion, Powder Bed Fusion, Vat Photopolymerization, Material Jetting, Direct Energy Deposition, Binder Jetting), Material (Polymers, Metal, Others), and Services), Application (Prototyping, Tooling, Jigs & Fixtures, End-Use Parts, Others), Propulsion (ICE Vehicles, Electric Vehicles): Global Opportunity Analysis and Industry Forecast, 2021–2030”.Allied Market Research recently published a report, titled,
Major determinants of the market growth
Rise in need to minimize vehicle weight, product costs, and development time, surge in use of 3D printing for prototyping & development of complex parts, and high demand for customized automotive parts have boosted the growth of the global automotive 3D printing market.
However, lack of expertise & skilled labor hinder the market growth. On the contrary, rapid technological advancements and surge in investment in R&D would open new opportunities in the future.
The Covid-19 pandemic created uncertainty in the automotive and 3D printing industries. The prolonged lockdown and restriction on import-expert disrupted the supply chain. During the pandemic, the falling business confidence, increased panic among consumers, and temporary shutdown of industries negatively affected the market.
The technology segment to manifest the highest CAGR through 2030
By component, the technology segment is estimated to portray the highest CAGR of 25.0% during the forecast period. Moreover, the segment held the largest share in 2020, accounting for half of the market, owing to rise in demand for passenger vehicles and increase in need to optimize the manufacturing process. The report includes an analysis of other segments such as material and services.
The prototyping segment dominated the market
By application, the prototyping segment held the largest share in 2020, contributing to more than two-fifths of the market, owing to rapid prototyping using 3D printing to reduce development time of testing model.
However, the end-use parts segment is projected to manifest the highest CAGR of 26.1% during the forecast period, owing to rise in application of 3D printing for manufacturing complex automotive parts.
Europe, followed by North America, held the lion’s share
By 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, high adoption of electric vehicles, and 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, owing to demand for passenger vehicles, surge in disposable income in countries including India and China, and development of autonomous vehicles in the region.
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