The Global Automotive Wrap Films Market was valued at USD 4.3 Bn in 2020 and is expected to reach USD 19.5 Bn by 2027, with a growing CAGR of 24.1% during the forecast period.
Automotive Wrap Films are removable, long-term, dual-cast films that are applied on the top the actual paint of the automobile. The primary functions provided by these films are enhancing the appearance of the automobile and safeguarding its original paint from rust and dust. A wrap film's average shelf life in automotive is projected to be nearly five years which makes it a cost-efficient option for safety and advertisement purposes.
The automotive wrap films market is majorly experiencing traction owing to the rapidly growing sign & graphics market along with rising demand for mobile advertising. Digitally printed mobile billboards have gained popularity in the automotive sector particularly in Europe and North American region, boosting market growth. In addition, changing of consumer lifestyle combined with rising demand for personalization of cars are also the prominent factors influencing the market growth. Automotive films wrap provide consumers with the option to alter the actual colour of the vehicle with different coloured wraps according to their choice, thus surging the product demand. Further, rising disposable income levels and improving standards of living, especially in developing economies such as India and China are also playing a crucial role in driving the automotive wrap films market.
Moreover, the increasing number of automotive across the globe has also led to the rise in the demand for wrap films. According to the data released by OICA (Organisation Internationale des Constructeurs d'Automobiles), in 2020, a total of 77.62 million vehicles were produced across the globe. Wrap films have a wide application in most demanding parts of vehicles such as door handle cavities, hoods, side mirrors, door edges, front bumpers, rear fender panels, and rocker panels. These films help in protecting the vehicles from stains, scratches, or other elements. Owing to such wide application, growth in the production of the automotive is expected to positively drive the automotive wrap films market.
By Film Type
By Vehicle Type
The unique insights provided by this report also include the following:
Based on film type, the wrap film type held the largest share in the automotive wrap films industry in the year 2020 due to several benefits offered by the wrap film type in the automotive sector
Based on the film type, the automotive wrap films market is divided into wrap films, windows films, and paint protection films. Among these, the wrap film type held the largest share in the automotive wrap films industry in the year 2020. The application of wrap films on windows facilitates rejecting up to 60% of the solar energy. This helps in maintaining the internal temperature of the vehicle by preventing excessive heat generation. Moreover, these films help in holding the fragments of glass, thus reducing the chances of potential injury during an accident. In addition, these films increase privacy and reduce glare, thereby providing a more comfortable and safer ride. Further, wrap films are durable, maintenance-free, tough, and resist yellowing. Owing to these benefits, the wrap film type has a high demand in the automotive wrap films market.
Based on vehicle type, the passenger car segment is expected to be the fastest-growing segment in the automotive wrap films market due to the increasing trend for applying colourful graphics in personal cars, vans, and SUVs
Based on vehicle type, the market is fragmented into commercial vehicles, passenger cars, and heavy commercial vehicles. Among these, passenger cars segments are projected to be the fastest-growing segment in the Automotive Wrap Films market. This growth is majorly attributed to the growing demand for passenger vehicles owing to the budget–price compatibility offered by these vehicles. Additionally, the increasing trend for applying colourful graphics in personal cars, vans, and SUVs is another major factor driving the market growth. Moreover, rising awareness among drivers to earn extra money through advertisements is expected to further elevate the product demand in passenger vehicles during the forecast period.
Based on region, North America dominated the automotive wrap films market across the globe owing to the growing popularity of colour wraps in the region
Based on region, the automotive wrap films industry is segmented as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among these, North America dominated the automotive wrap films market across the globe and is expected to hold a similar position in the coming years. The growing popularity for colour wraps, such as matte orange and matte black in the region, is anticipated to propel the product demand for the automotive films industry during the forecast period. Along with this, early modernization along with a high adoption rate of new technologies in North America has resulted in rising demand for the personalization of cars which is leading to the growth of the automotive wrap films industry. Moreover, the presence of key market players in the region such as Netflix Company, 3M Company, MADICO Inc, AVERY Dennison Corporation, PRESTIGE FILM TECHNOLOGIES, KAY PREMIUM MARKING FILMS Ltd, and EASTMAN CHEMICAL COMPANY among others are also prominently driving the automotive wrap films market growth in this region.
The report also provides an in-depth analysis of Automotive Wrap Films market dynamics such as drivers, restraints opportunities, and challenges
Note: Challenges along with in-depth market dynamics analysis is mentioned in the report.
The Covid-19 pandemic outbreak has severely influenced the automotive wrap films market on a global level. The outbreak has resulted in severe economic loss in major economies including the U.S., China, Italy, and India among many others. The pandemic resulted in shifting people’s focus on essential goods and has brought a slump in new vehicle sales. According to OICA (Organisation Internationale des Constructeurs d'Automobiles), in 2020, automotive production took a major hit by the COVID-19 crisis with a 16% drop in automotive production across the globe. Production shutdowns and quarantine measures have majorly impacted automotive sectors. In addition, the closure of assembly plants in the U.S., disruption in parts exports from China, and a large-scale manufacturing interruption in Europe have negatively impacted the automotive sector. Any changes in the demand and supply of the automotive sector directly affect the growth of the automotive wrap films industry. As a result, the COVID-19 pandemic has had a swift and severe impact on the automotive wrap films industry across the globe.
The report also provides an in-depth analysis of key trends in automotive wrap films market
The report also provides in-depth analysis of recent news developments and investments of the market
The key players operating in the automotive wrap films industry are:
Priyanka has been writing chemicals & material market research reports for the last 12 years. A post-graduate, her specialization is in the chemicals sector. Preparing end-to-end reports covering minute details for market insights, competitive intelligence and trend analysis in the CMFE sector.