Pune, India, August 2023, MRFR Press Release/Market Research Future has published a Cooked Research Report on the Global Automotive Wrap Film Market.
Automotive wrap films are wallpaper that is applied to a car's body to shield it from corrosion and dust. Vinyl is the primary material used to make automotive wrap films, which are customized for each vehicle's owner. Due to the fact that a single film can last up to five years, automotive wrap films are not expensive. Market Research Future believes that the automotive wrap films market will expand from USD 10 billion in 2023 to USD 26 billion by 2030, with a 25.00% CAGR from 2023 to 2030.
The global demand for used cars is what essentially drives the market for vehicle wrap films. Additionally, the market for car wrap films is driven by the rising need for vehicle defense from dangers like monsoons, sand, and rust. Additionally, the global expansion of the market is bolstered by the surging influence of automotive illustrations paired with soaring mobile advertising. The fierce price and quality competition in the automotive industry, however, is likely to impede the rise of demand for car wrap films.
These estimates are mostly driven by a number of reasons, including consumers' growing preference for customized cars and the steady market for used cars. The choice of light-duty vehicles like SUVs, sedans, and utility vehicles is also heavily influenced by price compatibility and millennial buyers. Light-duty vehicle demand is predicted to increase, which will spur market revenue growth.
In recent years, mobile advertising has become a powerful and economical form of advertising. With the use of automobile wrap films, any vehicle, including a cab, car, or jeep, may be turned into a moving advertisement, allowing for a continuously rising number of visitors each day. Audiences for automotive wrap films are substantial because they are more detailed and eye-catching than other forms of media advertising. The market's predicted growth rate would be accelerated by the rising need for digital applications.
The market is further supported by the mounting demand for out-of-home (OOH) advertising. In addition to serving as a platform for advertising, automotive wrap films are utilized to cover and safeguard the surface of automobiles. Wraps are a powerful and attractive tool for promoting a company because they can be personalized with a variety of styles and images.
The market for automotive wrapping films gains from the expansion of OOH advertising, especially in developing nations. Companies are turning to new techniques of promotion, such as automotive wraps, as the usage of billboards, hoardings, and other conventional advertising tactics becomes increasingly constrained and costly. The demand for premium and long-lasting automotive wrap films has surged as a result. Automotive wrap films are increasingly used in the industry for car customization and personalization in addition to advertising.
Segmentation Analysis
Cast Film and Calendered Films are two types of automotive wrap films in the market.
With respect to distribution channels, the Automotive Wrap Films Market has been considered for Online and Offline.
Passenger Cars, LCVs, and HCV are the types of vehicles studied by MRFR.
Detailed Regional Analysis
The analysis offers insights into a few major regions, including North America, Europe, Asia-Pacific, and the Rest of the World.
In the worldwide market for automotive wrap films, the Asia Pacific will experience the quickest growth (CAGR). The automotive industry has been seeing growth at a stunning pace in the region, which is also home to some of the world's fastest-developing economies, including China and India. The demand for Automotive Wrap Films is being driven by the region's customers' increasing disposable income as well as a rising interest in vehicle customization. Additionally, the market is expanding due to the rising popularity of out-of-home advertising in the area. The market for automotive wrap films is anticipated to expand in the Asia Pacific area as a result of new technology adoption and the availability of affordable production techniques.
Major Vendors
The majority of the affluent players employ tactics including the launch of new products, expansion of plant capacity, and mergers and acquisitions, to gain a dominant position in the market. Important firms are investing a lot in technology development to improve the functionality of car wrap films.
3M, Arlon Graphics, Llc, Avery Dennison Corporation, HEXIS S.A.S., KAY PREMIUM MARKING FILMS LTD, Vvivid Vinyl Inc., and ORAFOL Europe GmbH are the most illustrious companies in the market.