Automotive 3D Printing Global Automotive 3D Printing market is accounted for a market value of USD billion in 2022 and is expected to grow at a high CAGR of over 24.1% during the forecast period (2022-2029).
Automotive 3D printing technology is also known as additive manufacturing that is used to produce prototypes and high-speed manufacturing practices. Automotive original equipment manufacturers (OEMs) and suppliers primarily use this technology use in product innovation and direct manufacturing in the future.
Increasing demand for rapid prototypes and cost-effective manufacturing of automotive parts is driving the automotive 3D printing market in recent years.
Flexibility in printed automotive parts with low wastage is another advantage that driving the 3D printing market in the automotive industry globally.
The high cost of printing technologies is leading to pricing concerns for the manufactured parts, which is restraining the market. However, increasing techniques that use cost-effective procedures and materials will eliminate this restraint in the coming years.
The automotive 3D printing market is segmented based on material type and end-user type.
By material, the market is segmented into polymers, metals, and others.
Polymers are accounted for a significant market share, as it is used traditionally in the industry. Metal-based printing is gaining momentum in recent years associated with improvements in technology.
By end-user, the market is segmented into OEM and suppliers. Suppliers account for the significant share globally as they supply various mass-produced automotive parts and prototypes to OEMs. OEMs are increasingly utilizing 3D printers for the in-house production of automotive parts for multiple applications such as for R&D and prototypes.
By geography, the market is segmented into the Americas, the Asia Pacific and Europe, and the rest of the world. Americas accounted for a significant share in the market with increasing investments in automotive 3D printing.
The other regions are expected to show strong growth with the growing adoption of 3D printing.
The automotive 3D printing market is highly consolidated with notable players such as Stratasys and 3D Systems. Key players in the industry are developing new technologies and materials in 3D printing to be competitive in the market.
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