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Auto Tech Outlook | Thursday, July 02, 2020
In the modern day automotive market, digital manufacturing will play a significant role and pave the way for manufacturers.
Fremont, CA: The evolution of the automobile industry inspires promise for years to come. According to the World Economic Forum, the automotive industry will create 100 trillion USD in value across all industries over the next decade. The manufacturers realize that the potential of the automotive industry heavily lies in digital transformation. Industry 4.0 and the widespread influence of digitization have changed the automotive game drastically. Digital manufacturing can disrupt the automotive industry. In the digital age, digital manufacturing is the assembly line. Companies cannot be bound by the traditional manufacturing processes in today’s competitive landscape. In the current market scenario, companies with rapid and flexible manufacturing can respond to the market challenges in a better way.
In the old days, a small hiccup can halt the entire production process. In modern days where the man and machine has become one, the fundamental challenge still remains. With tens of thousands of unique parts going into each other, a small hiccup can still stymie the production and profits. However, 3D printing is disrupting the automotive industry. 3D printing decreases the time need for tooling, reduces the time to market, and manufactures parts that would be impossible to manufacture with traditional methods.
Transportation is the leading source of emissions in the U.S. Digital manufacturing creates less waste and allows more recycling allowing engineers to design lighter parts resulting in lower carbon footprint for vehicles. 3D printing has the potential to curb global CO2 emissions between 130.5 and 525.5 metric tons by 2025, according to World Economic Forum. A study from PwC says that 3D printing is the eight most essential technologies a company must adopt to thrive in the Fourth Industrial Revolution.
Consumer’s demand for personalization is continually rising. The companies that invest in 3D printing technology will have the ability to create affordable tailor-made parts will have a competitive advantages. According to World Economic Forum, digital manufacturing enables companies to respond to market fluctuations and effectively respond to the consumer demands with 20 to 50 percent reduction in lead time on the product development. Thus, it is critical for companies to leverage technology to achieve agility in the Fourth Industrial Revolution.
See also: Top Transportation Tech Companies