DUBLIN, July 27, 2021--(BUSINESS WIRE)--The "Generative Design Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Generative Design Market is expected to register a CAGR of greater than 15% during the forecast period (2021 - 2026).
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Key Market Trends
Automotive To Hold Significant Share
The growing trend of lightweight vehicle product has generated demand for generative design technology. In 2019, Volkswagen Group unveiled a vintage VW Microbus, which is retrofitted with several reconceptualized components produced by generative design technology. VW is promoting this vehicle to highlight technologies they believe would be significant to the future of automotive design and manufacturing, particularly concerning electric vehicle production. Autodesk partnered with VW's Innovation and Engineering Center, California (IECC) on this project to maximize its strength while minimizing its weight. The generative design was deployed to produce lighter-weight parts by reducing mass and material use while maintaining high-performance standards and engineering constraints.
Also, in January 2020, Electric vehicle company Arcimoto Inc announced that it is working with XponentialWorks and ParaMatters to design and additively manufacture lightweight components for its Fun Utility Vehicle (FUV). Deploying ParaMatters' AI-powered generative design software, several elements are being redesigned in order to generate alternative parts that carry much of the same performance characteristics but at a lighter weight.
Weight reduction has become a critical concern for electric vehicle efficiency as the less an automobile weighs, the less energy is required to propel down the road. More efficient energy consumption equates to more excellent range per charge, which is one of the most important considerations for consumers when evaluating electric vehicles.
According to Autodesk, General Motors used generative design earlier in 2019, in a proof-of-concept project to develop a lightweight seat bracket prototype for its electric cars of the future. with such demand for lightweight parts in automobile, the demand for generative design is anticipated to increase significantly.
Europe to Witness Significant Growth Rate
The European automotive sector has risen to a significant position in the global industry. It has achieved record sales, and as a significant employer and a source of considerable grantmaking, it is an integral part of European society.
With the presence of several global automotive OEMs, Europe has the broad-scale implementation of 3D printing technology for design formulation and R&D applications in the automotive industry. Top automotive leaders, such as Mercedes, Audi, BMW, Jaguar, Land Rover, Volkswagen, and many others, have produced a potential space for 3D technology and printers in the European market. BMW Group has been deploying 3D printing technology over the past 25 years for designing various auto parts, and in 2018, it printed approximately 200,000 3D components, which was 42% higher as compared to the previous years.
In April 2019, AUDI AG, a German automaker, has implemented polymer-based 3D printing technology for its production line at the Bollinger Hofe plant, Germany. Such instances of adoption are high, owing to the enhanced capabilities of manufacturers and lessened dependency on the supply chain for critical components that may result in a breakdown. According to Sculpteo, a 3D printing company, the highest priorities for Europeans using 3D printing are stimulating product development and offering customized products and limited series.
Moreover, the region is witnessing growth in the sales of electric vehicles. Electric vehicle sales are rising in Europe as diesel vehicle sales continue a downward trend. Nearly 200,000 all-electric vehicles were sold in European Union from January to the end of September 2019, with 73,000 of those sold in the third quarter compared to just 32,000 in the same period the previous year. The increase in BEV registrations was most noticeable in Scandinavian countries such as Denmark, which saw a quadrupling of BEV sales, and Sweden and Finland, which saw a tripling followed by Poland, Belgium, and Greece. The further modifications in the electric vehicles, such as increasing the battery time, reducing the weight of the vehicle, would demand generative design software.
Apart from the automotive sector, the region is witnessing demand from the manufacturing industry. The increasing demand for additive manufacturing and 3D printing in the region is anticipated to augment the generative design market.
Key Topics Covered:
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing demand for Advanced Technologies to Drive Product Innovation and Production Efficiency
4.3 Market Restraints
4.3.1 Complexity in Using Generative Design Software
4.4 Porters Five Force Analysis
4.5 Industry Stakeholder Analysis
4.6 Impact of COVID-19 on the Industry Ecosystem
5 MARKET SEGMENTATION
5.2 End User Vertical
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
7 INVESTMENT ANALYSIS
8 FUTURE OF THE MARKET
For more information about this report visit https://www.researchandmarkets.com/r/a22m9w
View source version on businesswire.com: https://www.businesswire.com/news/home/20210727005854/en/
Laura Wood, Senior Press Manager
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