Spending on 3-D Printing to Reach $1.25B by 2020
Jan. 5, 2015—The use of 3-D printing in the auto industry is expected to reach $1.25 billion over the next five years, quintupling its current value in the industry, according to reports from VentureBeat and 3D Printing Industry.
The 3D Printing Industry report outlines that companies in the industry spend about $168 million a year on 3-D printing hardware and about $99 million on materials. Those numbers are speculated to increase fivefold its current rate over the next five years.
The reports also outline that the technology is not quite there yet for mass-producing fully functional 3-D printed cars, but that 3-D printing is essential in the use of developing prototypes, test engines, and non-mechanical parts of cars such as cupholders.
Ford Motor Company was one of the first companies to adopt the technology back in 1988, and the company currently has three 3-D printers in use at its Dearborn, Mich., plant, and another two in use in its European factories.