New York, NY -- (SBWIRE) -- 01/22/2020 -- 3D printing allows for rapid prototyping is a very important part of the manufacturing process in the automotive sector. 3D printing allows for rapid prototyping in the pre-manufacturing stage.3D printing can be used to make moulds and thermoforming tools, rapid manufacturing of grips, jigs and fixtures.

3D printing has largely impacted the automotive industry owing to its wide range of applications. As a result, several major automotive companies, such as BMW, Ford, and Volkswagen, among others, have been using this technology to print different automotive components as 3D printing technology assists in lowering production costs and saving time for designing prototypes.

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Key players of automotive 3D printing market include 3D Systems, Inc., Stratasys Ltd., Materialise, ExOne, Voxeljet, SLM Solutions, and Autodesk Inc., Renishaw plc, Höganäs AB and HP Development Company, L.P. among others.

Automotive 3D Printing Market is anticipated to grow at a CAGR of 21.38% from 2019 to 2030.
For instance, in 2016, the use of 3D printing technology by the Volkswagen Autoeuropa factory in Portugal helped the company to make annual savings worth US$160,000 using FDM desktop 3D printers. It reduced the production costs by over 90% and time spent on tool development by 95%. Ease of manufacturing customized requirements, cost-saving, and reduced process downtime are the major factors that are driving market growth.

Automotive 3D Printing Market by Technology :Selective Laser Sintering (SLS), Fused Deposition Modeling (FDM), Electron Beam Melting (EBM), Stereolithography (SLA), and Poly Jet

Application :Prototyping & Tooling, Manufacturing, and R&D Activities

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In view of district, the worldwide car 3D printing business sector is fragmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). In 2018, North America overwhelmed the car 3D printing business sector. Nonetheless, Asia Pacific is relied upon to develop with the most elevated CAGR during the gauge time frame because of the massive potential that rising nations, for example, China, India, Japan, and South Korea hold. These nations have been unmistakable markets for the improvement of car parts and vehicles, inferable from the colossal car division and inexhaustible building and specialized abilities.

For instance, in 2016, the use of 3D printing technology by the Volkswagen Autoeuropa factory in Portugal helped the company to make annual savings worth US$160,000 using FDM desktop 3D printers. It reduced the production costs by over 90% and time spent on tool development by 95%. Ease of manufacturing customized requirements, cost-saving, and reduced process downtime are the major factors that are driving market growth.