Automotive Wrap Films Market Size, Share, Growth, and Industry Analysis by Type (Cast Film and Calendered Film) By Application (Light Duty Vehicle, Medium Duty Vehicle and Heavy- Duty Vehicle), Regional Insights, and Forecast From 2024 To 2031

Updated On: 13 November 2023

Automotive Wrap Films Market Report Overview

• 
• Request a Free Sample to learn more about this report

The global automotive wrap films market size was USD 3493.9 million in 2021 and is projected to touch USD 10579.2 million by 2031, exhibiting a CAGR of 11.7% during the forecast period. 

A vinyl image that is directly put over the factory-applied paint of the car is known as an automobile wrap film. These films are primarily employed for two purposes: first, to protect the original paint from corrosion and dust, and second, to alter or enhance a vehicle's look. When an automobile film wrap is applied, the look of the car may be quickly changed. If required, the wrap can be removed to restore the vehicle to its original appearance.

Buses, lorries, and passenger automobiles may be customized and advertised with the use of automotive wrap films. The booming international sign and graphics business is expected to be the driving force behind the use of automobile wrap films due to the rising need for mobile advertising. The market for automotive films is expanding as a result of the reduced price of automotive wrap films compared to vehicle paints. The rising population and rising disposable income are anticipated to have a beneficial effect on the market's revenue growth throughout the course of the forecast period.

COVID-19 Impact: WFH and Delivery Issues Led to Market’s Decline

The global COVID-19 pandemic has been unprecedented and staggering, with automotive wrap films experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

The severe impact of the COVID-19 pandemic on industrial industries worldwide has an influence on the market's growth in 2020. Work-from-home policies, order cancellations, and delivery issues all increased in the plastics business along with the proliferation of COVID-19. It is anticipated that in the near future, demand for vehicle wrap films would increase as a result of the lifting of lockdowns and restarting of operations while adhering to the COVID-19 rules established by various governments across the world.

LATEST TRENDS

"Growing Need of Automotive Wrap Films in Heavy Duty Vehicle to Boost the Market"

The need for car wrap films has increased in response to growing economic development, notably in the automobile industry. Additionally, the use of automobile wrap films in heavy duty vehicles, such as trucks and buses, has increased as a consequence of government initiatives to promote tourism and a greener way of life. A further element boosting market expansion is the fast-rising popularity of wrap ads in a number of markets.

Additionally, a rise in emerging new markets and a rise in strategic alliances will work as market catalysts and further expand the industry's lucrative potential.

Automotive Wrap Films Market Segmentation

• 
• Request a Free Sample to learn more about this report

• By Type Analysis

By type, market is segmented into cast film and calendered film. The cast film segment will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is classified into light duty vehicle, medium duty vehicle and heavy- duty vehicle. The light duty vehicle segment will lead the global share through 2028.

DRIVING FACTORS

"Development in Industrial Sector to Boost the Market"

Developing industrial sectors in emerging nations and rising demand from the logistics and construction industries as a result of an increase in global building activity are some of the key reasons fueling the expansion of the trucks segment of the automotive wrap film market. These characteristics encourage the use of heavy-duty trucks for transportation, which results in the use of automobile wrap films as ads on those vehicles.

"Rising Disposable Income to Favor the Market Demand"

Over the projected period, it is anticipated that the expanding global population and the rising disposable income would have a favorable influence on demand. Due to the growing customer desire for personalized graphics to provide a unique touch to their cars, the passenger vehicles category held the greatest market share in 2021. It is expected that this would lead to an increase in the demand for car wrap films.

RESTRAINING FACTORS

"Difficulty in Public Use and Government Restrictions to Hamper the Market"

The installation of the automobile wrap films in the outside surface enables the formation of a layer of dirt between the wrap and the surface of the car. This makes it difficult for the public to use the wrap, which is problematic for the vehicle industry. Another important aspect that would limit the market's growth is experienced complications during the installation of these wrap films.

The Indian government mandates that before being applied to autos, automotive color or texture wraps that alter the color of original vehicles must be registered with the country's regional transport office. Section 52 of the Central Motor Vehicle Rules is where the law is registered. As a result, there are a lot of restrictions that must be followed in India for post-sale color wrapping of automobiles, which limits the market's expansion there.

Automotive Wrap Films Market Regional Insights

• 
• Request a Free Sample to learn more about this report

"North America to Hold the Highest Global Automotive Wrap Films Market Share"

North America is slated to dominate the market share during 2022-2028. Early modernization and the region's rapid acceptance of new technology have combined to create a strong demand for automotive customization, which has eventually increased the size of the local industry. Additionally, wrapped cars are used in advertising efforts to reach a wide range of people. Global positioning satellite tracking systems, which give specific details about the vehicle, are used to assess the efficiency of these campaigns. As a result, mobile ads in the area frequently use automobile wrap films.

With intensive R&D being put into creating new products to match the increased demand, the market for vehicle wrap films in Europe is predicted to have a considerable CAGR. The inexpensive cost of wrap films has encouraged small businesses to invest more in advertising, in addition to allowing for the customization of vehicles. Due to the fact that Europe is the continent with the highest production of automobiles, the market for car wrap films in the region is quite lucrative. Additionally, Europe has the biggest R&D activity for the creation of automotive vehicles, which is predicted to increase demand for automotive car wraps there.

The world's largest and fastest-growing vehicle market is China. The market for car wrap films is predicted to expand at a faster rate due to consumer inclination for customization and growing demand for automobiles. The market expansion over the anticipated period is anticipated to be fueled by the low cost of wrap films compared to paint and rising customer interest in customizing their cars.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• 3M
• Avery Dennison
• Orafol Group
• Ritrama
• Vvivid Vinyl
• Arlon Graphics
• Hexis
• KPMF
• Guangzhou Carbins

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.