The 3D printing industry, also known as additive manufacturing, has experienced remarkable growth and transformation over recent years. This innovative field, once predominantly used for prototyping and small-scale production, has expanded its reach across various sectors, including aerospace, automotive, healthcare, consumer goods, and education. Technological advancements have significantly improved printing speed, accuracy, and the range of materials used, including plastics, metals, ceramics, and even bio-materials.
ELEGOO has rapidly emerged as a leader in the 3D printing industry, marked by significant growth and innovation. Specialising in consumer-grade 3D printers, this Asia-Pacific company has expanded its reach across diverse markets such as gaming miniatures, home decor, jewellery, fashion design, and STEM education. It has also ventured into the professional sphere. We delved deep into this thriving company guided by the hand of ELEGOO’s co-founder and Vice President, Kevin Wang, who shares with us a glimpse into the company’s highs and lows, the strategic shift to consumer-level 3D printers, their relentless pursuit of innovation and customer-centric solutions, and their vision for the future of smart manufacturing and 3D printing.
Founded in 2015, ELEGOO initially focused on STEM products. However, with the rapid development of Shenzhen, China’s cross-border e-commerce and the emerging potential of the B2C business, the company swiftly underwent a business transformation. This shift was aimed at meeting the increasing demand for consumer printers at a B2C level.
“In the initial years, our product portfolio was diverse, driven by market demand and sales performance,” Wang noted. He added, “Recognizing the strong market among Makers, particularly in Europe and the United States, we decided to focus on consumer-level 3D printers. To support this shift, we established an R&D team, developed important supply chains, and expanded sales channels to include brand e-commerce, eBay, AliExpress, agents, and channel partners.”
ELEGOO’s strategic decisions, especially its pivot towards B2C and consumer-level 3D printers, have been instrumental in shaping its journey. The establishment of an R&D team and the expansion of sales channels were significant milestones in this journey. ELEGOO’s Saturn series of consumer-level LCD 3D printers, acclaimed for their high printing success rate and speed, has positioned them as a leading global brand. Wang proudly shared, “Our Saturn series ranked as the world’s top LCD consumer 3D printer brand in terms of shipments, and we achieved the #1 ranking in consumer 3D printing products on Amazon based on reviews.”
The company’s commitment to product quality and customer satisfaction has cultivated a loyal customer base, reflecting the remarkable financial growth, with global gross sales of their light-curing 3D printers reaching $100 million in 2021 and gross revenues exceeding $118 million in 2022. Wang stated: “By prioritising product quality, and actively engaging with our customers’ feedback, we have cultivated a loyal customer base and solidified the company’s reputation as a trusted provider of high-quality 3D printing solutions.”
While ELEGOO has a strong presence in the consumer and hobbyist market, their decision to delve into the industrial segment and B2B market with the OrangeStorm Giga, their first industrial-grade FDM 3D printer, marked a significant expansion for the company. ELEGOO unveiled the product through a crowdfunding campaign on Kickstarter, and it was an absolute success. “Our OrangeStorm Giga Kickstarter program secured over $3 million, showcasing the unique features and capabilities of our product,” Wang shared. Crowdfunding has been integral to ELEGOO’s approach, offering a platform to engage with tech enthusiasts and early adopters.
Emphasising its intention to establish a global footprint, ELEGOO recently participated in Formnext 2023, a leading industry event for Additive Manufacturing. Wang explained: “Joining Formnext was a strategic move to showcase our cutting-edge technologies and solutions to a global audience.” A highlight of the event was the introduction of the OrangeStorm Giga, which boasts impressive breakthroughs in build volume, printing technologies, and design. It delivers a best-in-class user experience within a more affordable range while still providing industrial-grade features and capabilities.
Until now, the company has expanded its products and services to over 70 countries and regions through a streamlined independent website on Shopify and diversified e-commerce platforms such as Amazon, eBay, and Alibaba. Facing the challenges of this expansion into new markets, product lines and sectors, they have relied heavily on market research and customer feedback. “The positive response to our upgraded 3D printers validated our approach and encouraged further innovation,” Wang noted. He also underscored the importance of adapting to local market needs, suggesting that establishing local operations earlier would have further enhanced their market presence.
As ELEGOO ventures further into the industrial segment, it maintains a focus on customer-centric solutions. The company’s 3D printing technology, exemplified by models like Saturn, Neptune, and Giga, caters to the requirements of small businesses and startups. These products offer cost-effective prototyping, on-demand production, and customisation, advantages over traditional manufacturing methods.
Looking forward, Wang sees a bright future for the 3D printing industry, driven by technological advancements, cost reductions, and a wider range of materials. He advises aspiring entrepreneurs in the industry to embrace innovation, prioritise quality and customer satisfaction, and seek collaborative opportunities.
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- Source: https://www.eu-startups.com/2023/12/pioneering-3d-printing-innovations-interview-with-vp-and-co-founder-of-elegoo-kevin-wang-sponsored/
