Complex components drive automotive 3D printing market

The technology has allowed manufacturers to produce components, which were not feasible through traditional manufacturing methodologies. The traditional manufacturing technology produced numerous components separately & then assembled these components into a single entity. Whereas, the 3D printing technology provides designers the freedom to produce various components in a single entity. The hardware market accounted for over 75% of the 3D printing in automotive market. The hardware market includes 3D printers and materials.

 

The growth of the market is attributed to the falling prices of 3D desktop printers. The price of the desktop printer is declining at an annual rate of 2-3% over the past five years and is estimated to resonate the trend during the forecast period. The software market will grow at a CAGR of over 25% due to the growing demand for the third-party developers. These third-party developers are developing open-source 3D CAD software compatible with a wide range of printers and technology. Furthermore, they are also collaborating with key 3D printing hardware and OEM manufacturers to eliminate the intricate software solutions that design hardware components based on software components.