Automotive 3D Printing Market by Vehicle Type (ICE & Electric Vehicles), Offering (Hardware & Software), Component, Material (Metals, Plastics, Resin & Composites), Technology (SLA, SLS, EBM, FDM, LOM, 3DIP), Application and region (North America, Europe, Asia-Pacific, Middle East, and Africa and South America).
The global Automotive 3D Printing Market size is 2.9 billion USD in 2022 and is projected to reach a CAGR of 22.9% from 2023-2030.
3D printing, also referred to as additive manufacturing, comprises printing layer by layer from a 3D CAD model. 3D printing aids in the reduction of lead time as well as cost for prototyping and manufacturing complex parts. 3D printing is used in the automotive sector for applications such as design & concept of communication, prototyping validation, preproduction sampling & tooling, and customization of parts. The materials utilized for automotive 3D printing include several types of polymers, metals, ceramics, and others. The selection of printing material depends on traits expected from printed objects.
Growth in the need to reduce vehicle weight, production cost & development time, increase in the use of 3D printing for quick prototyping & development of complex parts, and greater demand for customized automotive parts drive the growth of the market. Furthermore, increased investments in R&D and technological advancements are expected to offer growth opportunities during the forecast period.
On the other hand, high initial costs and a lack of expertise & skilled labor are expected to hamper the growth of the market.
The COVID-19 crisis has created uncertainty in the automotive 3D printing market, a massive slowdown of the supply chain, falling business confidence, and increased panic among the customer segments. Governments of different regions have announced a total lockdown and the temporary shutdown of industries, thereby adversely affecting overall production and sales.
Long-term trends in the automotive industry toward quicker turnaround times, less material waste, lower manufacturing costs, higher production rates, quicker overall times for quick prototyping of automotive parts, new printing materials for 3D printing, and increased government investment in 3D printing research and development projects will lead to significant growth in the automotive 3D printing market. The market has great growth opportunities in untapped fields where 3D printing is still new like healthcare, consumer products, and many more.
North America to Dominate the Market