BEIJING, Dec. 20, 2022 (GLOBE NEWSWIRE) — Automotive Wrap Films Market Statistics
- Global automotive wrap films market revenue was worth USD 4,689 Million in 2021, with a 22.4% CAGR from 2022 to 2030
- North America automotive wrap films market share gathered more than 35.8% in 2021
- Asia-Pacific automotive wrap films market growth is expected to expand at a CAGR of 25.2% from 2022 to 2030
- By vehicle type, light-duty vehicles segment captures over 53.3% of total market share in 2021
- Increasing demand for mobile advertising, fuels the automotive wrap films market value
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Automotive Wrap Films Market Coverage:
|market||Automotive Wrap Films Market|
|Automotive Wrap Films Market Size 2021||USD 4.689 Million|
|Automotive Wrap Films Market Forecast 2030||USD 28.344 Million|
|Automotive Wrap Films Market CAGR During 2022 – 2030||22.4%|
|Automotive Wrap Films Market Analysis Period||2018 – 2030|
|Automotive Wrap Films Market Base Year||2021|
|Automotive Wrap Films Market Forecast Data||2022 – 2030|
|Covered Segments||By Film Type, By Vehicle Type, By Application, And By Geography|
|Automotive Wrap Films Market Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Avery Dennison Corporation, Arlon Graphics, LLC, The 3M Company, Kay Premium Marking Films (KPMF), Ritrama SpA, Vvivid Vinyl, Orafol Group, Hexis SA, JMR Graphics Inc., and Eastman Chemical Company.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
Automotive Wrap Films Market Overview
Automotive wrap films are wallpaper that is adhered to the body of a vehicle to protect it from dust and corrosion. Automotive wrap films are mostly made of vinyl and are personalized for the vehicle’s owner. Automotive wrap films are inexpensive because a single film can last up to five years
Automotive Wrap Films Market Trends
The automotive wrap films market is primarily driven by the global demand for pre-owned automobiles. Furthermore, the growing demand for vehicle protection against hazards such as monsoons, sand, and rust drives the market for automobiles to wrap films. Furthermore, the increasing influence of automotive illustrations, combined with the expansion of mobile advertising, endorses the global expansion of the automobile wrap films market. However, demand growth for automotive wrap films is likely to be hampered by the automotive industry’s intense competition for cost and quality. Among the major factors driving these projections are the increasing preference for personalized vehicles and the consistent demand for pre-owned vehicles. Additionally, price compatibility, as well as millennial customers, is major factors in choosing light-duty cars and trucks such as SUVs, cars, and Utility vehicles. The rising demand for light-duty vehicles is expected to boost market revenue growth.
Over the last few years, mobile advertising has emerged as an effective and cost-effective advertising medium. The application of automotive wrap films enables any car, including a cab, vehicle, or jeeps, to be converted into a movable advert, allowing for a steadily increasing number of visitors per day. Automotive wrap films, which are more eye-catching as well as detailed than other media advertising, draw a significant number of audiences. The increasing demand for digital applications is expected to propel the market’s growth rate.
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Automotive Wrap Films Market Segmentation
The global automotive wrap films market has been segmented by Acumen Research and Consulting based on film type, vehicle type, and application. By film type, the segment is separated into window films, paint protection films, and wrap films. According to the automotive wrap films market forecast, the window films category is predicted to develop significantly in the next years.
In terms of vehicle type, the market is categorized into heavy duty vehicle, light duty vehicle, and medium duty vehicle. Moreover, the market is split into advertisement purpose, and special purpose, based on the application.
Automotive Wrap Films Market Regional Overview
Based on the region, the worldwide automotive wrap films market segmentation is into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America. According to an automotive wrap films industry analysis, North America held the biggest market share in 2021. This expansion is primarily the result of the presence of major automakers in the region. Color-changing advanced technologies and an increase in R&D expenses by major influencers contribute to the expansion of the region’s automotive wrap films market.
Besides that, Asia-Pacific is expected to emerge as the most appealing market for automotive wrap films during the projected timeframe. This expansion is due to the expansion of the automotive sector in India, Japan, and China. Furthermore, the region is expected to serve as a valuable revenue compartment due to favorable government schemes and low labor costs. The expansion of Argentina’s automotive sector is driving the Latin American automotive wrap films market.
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Automotive Wrap Films Market Players
Some of the prominent automotive wrap films market companies are Avery Dennison Corporation, The 3M Company, Ritrama SpA, Orafol Group, JMR Graphics Inc., Arlon Graphics, LLC, Kay Premium Marking Films (KPMF), Vvivid Vinyl, Hexis SA, and Eastman Chemical Company. To obtain a dominant position in the market, the majority of top players have implemented strategies such as mergers and acquisitions, new product introductions, and expansion. Key players are making significant investments in technology advancement to enhance the functionalities of automotive wrap films.
Questions Answered By This Report
- What was the market size of Automotive Wrap Films Market in 2021?
- What will be the CAGR of Automotive Wrap Films Market during the forecast period from 2022 to 2030?
- Who are the major players in Global Automotive Wrap Films Market?
- Which region held the largest share Automotive Wrap Films Market in 2021?
- What are the key market drivers Automotive Wrap Films Market?
- Who is the largest end user Automotive Wrap Films Market?
- What will be the Automotive Wrap Films Market value in 2030?
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