Market Size of Automotive 3D Printing Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 21.74 % |
| Fastest Growing Market | Europe |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Automotive 3D Printing Market Analysis
The automotive 3D printing market is valued at USD 1.21 billion and is poised to register a CAGR of 21.74% during the forecast period.
The automotive industry experienced unprecedented challenges and uncertainty due to the COVID-19 pandemic. The outbreak had a swift, severe and global impact on the globally integrated supply chains of the automotive industry due to the COVID-19-led lockdowns. Furthermore, the fall in automotive production and lack of labor significantly impacted the market during the first half of 2020. For instance, in 2020, global automotive production dropped to 77.62 million units, a drop of 16% over 2019. The manufacturers are investing in developing new 3D printing systems and expanding their manufacturing capacities. For instance,
- In September 2020, Materialise N.V. invested in Ditto, a 3D printing startup, to advance additive manufacturing technologies for various industries.
Over the long term, the automotive sector trend shortens the turnaround time, reduces material waste, lower manufacturing costs, enhances production rate, shorter overall times for quick automotive parts prototyping, new printing materials for 3D printing, and increased government spending in 3D printing research and development projects will produce considerable growth in the automotive 3D printing market during the forecast period.
Key players are engaging in partnerships to expand their market positions and win key contracts from automotive OEMs. For instance,
- In June 2022, Stratasys was named the official 3D printing partner for Toyota Racing Development. Stratasys' Fortus 450mc, F370, and new composite F370CR 3D printers will be used for production vehicles in the upcoming Toyota GR Cup Series.
Geographically North America was the largest market for automotive 3D printing services and technologies due to the significant presence of automotive 3D printer manufacturers, widespread adoption of 3D printing in the manufacturing industry, and various measures adopted by automotive manufacturers to embrace Industry 4.0 applications.
Thus the factors above are expected to drive significant growth in the automotive 3D printing market.
