Global Automotive Wrap Films Market by Application (Light-duty, Medium-duty Vehicles) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global automotive wrap films market was valued at USD 4.05 billion in 2020. It is projected to grow at a compound annual rate (CAGR of 22.4%) between 2021 and 2028. Market growth is expected to be driven by the growing sign and graphics industry as well as increasing demand for mobile advertising. Market growth is expected to be influenced by modernization in consumer lifestyle and rising demand for personalization. Product demand is driven by rising living standards and increasing disposable income, particularly in emerging economies such as China and India. Market growth will be driven by the rising demand for customization of light-duty vehicles, including cars and 2-wheelers.

In the U.S., solid color films such as green, matte black, blue and matte orange are expected to be more popular. In Europe and North America, consumers are rapidly adopting textured finishes such as carbon fibre, leather, wood grain, and leather. Over the forecast period, the demand for vehicle paint protection is expected to grow. This product is increasingly being used in a variety of applications, including medium-duty, heavy-duty, and light-duty vehicles. The product's low price, compared to paint for vehicles, will likely drive demand in the future.

The automotive industry is expected to grow with an increase in disposable income. This will likely have a positive effect on its growth. It is also expected to drive product demand during the forecast period. Wrap films for automotive customization are cost-effective and effective. These films protect original paint and maintain vehicle's resale values.

The technical complexity of installing these films will likely limit market growth over the forecast period. Wrap installation requires that wrap be placed in the right environment. Wrapping outdoors can cause dirt to stick to the vehicle's surface, forming a layer of dirt between the wrap and the surface. It is important to place the wrap indoors in a clean, dust-free environment. The temperature is another important factor in proper installation of a vehicle wrapping. The wrap may stretch if it is heated too much, but shrinks if it is at lower temperatures.

Application Insights

The light-duty vehicle segment held the largest revenue share at over 52% in 2020 and will continue to be the dominant segment over the forecast period. The forecast period will see a rise in demand for light-duty vehicles with colorful graphics, such as vans and SUVs, along with increased opportunities for drivers to make money from advertisements. The market can be divided into three segments based on its application: heavy-duty, medium duty, and light-duty.

Heavy-duty vehicles also held a large share of the market. It is expected to continue growing at a steady CAGR during the forecast period. Automotive wrap films are used mainly for brand marketing and advertising purposes in heavy-duty trucks. These vehicles have seen an increase in awareness and impressions per day over the years, which has led to a high demand for wraps.

Regional Insights

North America accounted for more than 36% of the global market's total revenue in 2020. It is expected that the regional market will continue to grow at a steady rate over the forecast period. The market has grown due to its high adoption of new technologies and early modernization. Market growth is expected to be boosted by rising safety awareness and increased emphasis on fire protection systems in buildings by regional regulatory agencies.

Asia Pacific will experience the fastest growth over the forecast period. Market growth will be driven by the increasing popularity of color-changing vehicle wraps, and the demand for paint protection film. The market is expected to grow due to rising demand for passenger cars and changing consumer lifestyles. These films offer many benefits, including low maintenance costs and a higher resale price. This will drive demand for the region's vehicles during the forecast period.

Market Share Insights & Key Companies

There are many vehicle wrap installers and suppliers in North America and Europe. Vinyl wrap film manufacturers can supply wraps to other regions via a global distribution network. Companies are now looking to expand their distribution channels and increase sales.

To increase their product offerings, key companies are pursuing strategies such as joint ventures and mergers & acquisitions. Due to the presence of many manufacturers around the world, the global automotive wrap film market is highly fragmented.

• Avery Dennison Corporation

• Arlon Graphics, LLC

• 3M Company

• Ritrama S.p.A.

• Hexis S.A.

• JMR Graphics, Inc.

• Vvivid Vinyl

Up Market Research published a new report titled “Automotive Wrap Films Market research report which is segmented by Application (Light-duty, Medium-duty Vehicles), By Players/Companies 3M Company, Hexis UK, Arlon Graphics LLC, Orafol Group, Ritrama SpA”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Automotive Wrap Films Market Report Segments:

The market is segmented by Application (Light-duty, Medium-duty Vehicles).

Automotive Wrap Films Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Automotive Wrap Films Market

Overview of the regional outlook of the Automotive Wrap Films Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Automotive Wrap Films Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Automotive Wrap Films Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Light-duty

                2. Medium-duty Vehicles

7. Market scenario by region, sub-region, and country.
8. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
9. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
10. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Automotive Wrap Films Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Automotive Wrap Films Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.