by Digital Fabrication Is Driving Automotive Industry Trends
The digital fabrication market is enabling mass customization in the automotive industry by 18%.
Digital fabrication, also known as additive manufacturing or 3D printing, is a manufacturing process which builds up three-dimensional solid objects from digital computer models or electronic data sources layer by layer. In the automotive industry, digital fabrication techniques are used to produce vehicle components ranging from engine parts and suspension elements to interior fittings. The advantages of digital fabrication for automotive applications include reduced lead times, low production costs for small batches, consolidation of multiple parts into single components, design freedom, and mass customization capabilities. Global automakers are increasingly adopting digital fabrication techniques for rapid prototyping and production applications to drive innovation and enhance the customer experience.
The global Digital Fabrication Market is estimated to be valued at Us$ 43.79 Bn in 2024 and is expected to exhibit a CAGR Of 18 % over the forecast period from 2024 To 2030.
Key Takeaways
Key players operating in the digital fabrication market are Toyota Motor Corporation, Nissan Motor Co. Ltd, Honda Motor Company Ltd, Hyundai Motor Company, Kia Motors Corporation, Suzuki Motor Corporation, Daimler AG, Volvo Group, Volkswagen Group, BMW AG, Ford Motor Company, Audi AG, Jaguar Land Rover Ltd, Chevrolet. Digital fabrication supports these automakers by enabling rapid production of replacement parts, driving cost savings through supply chain efficiencies.
Growing demand for mass-customized and electric vehicles is fueling adoption of digital fabrication technologies in the automotive sector. Customers prefer vehicle models tailored to their specifications and lifestyles. Digital fabrication allows automakers infinite customization options to fulfill this demand. Moreover, 3D printing aids in developing lightweight yet durable components essential for electric vehicles, supporting their rising popularity.
The digital fabrication market is expanding globally as major automakers proactively establish tech centers and production facilities across countries. They partner with local startups and academia to facilitate co-creation using digital fabrication. Automakers also inaugurate proprietary 3D printing plants to accelerate manufacturing processes and launch new vehicles faster worldwide.
Market key trends
One of the key trends in the digital fabrication market is increased usage of advanced materials. Beyond metals and plastics, automakers are now 3D printing with composites, alloys and specialized polymers suitable for high-performance applications. For example, continuous fiber reinforced materials produce components that are high strength yet light weight. Use of multi-material 3D printing allows incorporating various materials into single parts as per load requirements. This drives innovation in lightweight vehicle structures.
Porter’s Analysis
Threat of new entrants: New entrants face high initial capital requirements to build facilities and acquire latest technologies. Bargaining power of buyers: Buyers have moderate bargaining power due to presence of many players offering similar technologies and solutions. Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitute material sources and technologies. Threat of new substitutes: Substitutes poses low threat as digital fabrication technologies are evolving rapidly. Competitive rivalry: Intense competition exists among existing players to gain market share.
Geographical Regions
North America is the leading region for Digital Fabrication Market in terms of value owing to high demand from automotive, industrial and electronics industries.
Asia Pacific region is projected to emerge as the fastest growing regional market during the forecast period supported by growing adoption of digital fabrication technologies across India, China and other developing nations for manufacturing automotive components and electronics devices. Countries like China and India are investing heavily in industrial automation to enhance productivity.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
