11 September 2019
Visiongain’s new report the Automotive Wrap Films Market Report 2019-2029: Forecasts by Application (Heavy Duty Vehicles, Medium Duty Vehicles, Light Duty Vehicles), by Region and Analysis of Leading Companies Operating in This Industry. The worldwide market size of automotive wrap films was valued at more than USD 2.8 billion in 2018 and is expected to increase from 2019 to 2029 at a CAGR of more than 20 percent.
Growing sign & graphics sector is anticipated to drive market development owing to technological advances in printing machinery. The outdoor publicity industry is experiencing a substantial development in the economy, according to the American Advertising Association. Mobile publicity demand is also anticipated to boost market development. In addition, it is expected that increasing popularity of customized cars will have a beneficial effect on the market. Changing consumer lifestyle combined with rising disposable income levels also plays a major role in boosting the demand for automotive wrap films.
Growing acceptance of strong color films, including matt orange, matt black, green, blue, and pink, is anticipated to further fuel product demand. In addition, textured finishes like wood grain, carbon fiber, brushed metal, and leather are quickly being adopted in European and North American countries. Moreover, these films' low price compared to car paints is probable to propel market growth over the forecast period.
A continuing trend is the use of automotive wrap films in advertisements. Another factor arising in demand fueling for the automotive wrap films industry is the option to alternate the vehicle's initial color with separate colored wraps as per consumer choice. Increasing competition in the automotive industry has established numerous difficulties for wrap films manufacturers, such as price, quality and appearance.
On the basis of application, the market has been segmented into heavy, medium, and light-duty vehicles. In 2018, light duty vehicles segment dominated the global automotive wrap films market and is expected to continue its dominance over the forecast period. Rising demand for colorful graphics for personal cars, Sports Utility Vehicles (SUVs), and vans coupled with growing opportunities for drivers to earn money through advertisements is expected to elevate demand for the product in this segment throughout the forecast period. In addition, high density of such vehicles on roads is expected to have a positive impact on the product demand.
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