Additive manufacturing is continuously evolving and automobile manufacturers are now using 3D printing technology to reduce production time and costs. 3D printing creates a three-dimensional physical object using a digital design. It is being used to build prototypes of cars, concept models, design verification and functional parts used in test vehicles and engines. Automobile manufacturers are also using 3D printing to build a variety of tools, jigs and fixtures used in assembly and manufacturing processes. 3D printing helps in rapid prototyping, increases assembly line efficiency, lowers turnaround time, improves flexibility in design and reduces wastage of materials. For instance, in 2014, Local Motors, an American motor vehicles manufacturing company, developed the first 3D-printed car from an ABS carbon fiber blend. In October 2016, Honda released a single seater micro commuter in Japan, with its body and majority of panels being 3D-printed. The revenue from 3D printing automotive market is expected to reach $2.3 billion by 2021, thus indicating high potential for this technology in the forecast period.
MOTOR VEHICLES MANUFACTURING MARKET TO GROW TO $4 TRILLION BY 2020 ACCORDING TO THE BUSINESS RESEARCH COMPANY
The Business Research Company expects the global motor vehicles market is expected to grow from $3.3 trillion in 2016 to $4 trillion in 2020 at a compound annual growth rate (CAGR) of 5.4%.Asia Pacific was the largest region in the motor vehicles market in 2016, accounting for $1230 billion or 37.6% market share. The Asia Pacific region includes emerging markets such as China and India, and which have a large middle class and upper middle class population owing to strong economic growth over the last few years
The chart below shows the year-on-year growth of the global motor vehicles manufacturing market during 2016-2020
According to The Business Research Company’s Transportation Consultant, Abdul Wasay, many motor vehicle manufacturing companies are integrating pre-collision assist and pedestrian detection technology in their vehicles to offer advanced safety features to customers. These technologies help in detection of blind spots and also alerts the driver when they are losing focus while driving, this system can also apply auto brake if driver falls asleep and does not respond to the warning, and thus these technologies significantly improve driver and pedestrian safety. For instance, in 2015, Ford launched Mondeo brand with pre-collision assist and pedestrian technology. Hyundai, Honda, Chevrolet and Volvo have also launched vehicles with pre-collision assist and pedestrian technology.
Toyota Motor Corporation (Toyota) was the largest company in the motor vehicles market in 2016 with a 7.06% share. Toyota’s growth strategy aims to expand its operations globally and operate local production facilities in different parts of the world to reduce transaction risk. As per of the company’s globalization strategy, Toyota has invested in new production plants that will start production in Guangzhou, China in 2017 and in Tianjin, China in 2018. The company is also constructing a manufacturing plant in Mexico that will start production in 2019.
The motor vehicles manufacturing industry includes establishments involved in manufacturing motorcycles, bicycles, automobiles, light trucks and heavy duty trucks.
This industry is further classified as follows –
- Automobile Manufacturing
- Motorcycle, Bicycle and Parts Manufacturing
- Light Truck and Utility Vehicle Manufacturing
- Heavy Duty Truck Manufacturing
Motor Vehicles Manufacturing Market Global Briefing 2017 is a detailed report giving a unique insight into this market. The report is priced at $1000 for an individual user. To use across your office the price is $1500 and $2000 if you wish to use across a multinational company.
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