February 26, 2024 09:00 ET | Source: Straits Research Straits Research
New York, United States, Feb. 26, 2024 (GLOBE NEWSWIRE) -- Automotive wrap film is a vinyl graphic directly applied over the vehicle's factory paint. These films are primarily used to alter or enhance a vehicle's appearance and to shield the original paint from rust and dust. A single-vehicle wrap has a lifespan of up to five years, making it a relatively affordable choice. Automotive film wraps are also frequently used for advertising because they are less expensive than other types of advertising. Due to growing consumer interest in paint protection and color change films, automotive wrap films are in high demand across the globe. car protection film
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Rise of Customization Options for Automotive Wrap Film Drives the Global Market
According to Straits Research, “The Total Addressable Market (TAM) for Automotive Wrap Films was valued at USD 4.32 billion in 2021. It is expected to reach USD 25.49 billion by 2030, growing at a CAGR of 21.8% during the forecast period (2022–2030).” Automotive wrap films give vehicles more vivid colors and distinctive textures than paints. Paints cannot be as colorful and varied as vehicle wrap films because they are applied directly to the body of vehicles in multiple layers over several days. These films were made on computers before being put on cars. This enables complex colors and designs to be added to automotive wrap films using high-end printers and sophisticated software. Automotive wrap films are easy to install because they can be made on computers. Customers also help keep the vehicles' factory colors if they want to restore them to their original colors. These factors are anticipated to fuel market growth over the forecast period, and wrapping cars is less expensive than painting them.
Growing Investments in Advertisement Creates Tremendous Opportunities
The main market opportunity for automotive wrap films in the US is the sponsorship of racing teams by companies from various industries, such as automotive OEMs, consumer goods, electrical & electronics, and other companies. Consumers' growing popularity of Formula 1, NASCAR, and other automotive events encourages companies to invest in advertising at these events.
North American automotive wrap films market share is expected to grow at a CAGR of 20.6% during the forecast period. Wrapped vehicles are frequently used in advertising campaigns to reach various audiences. Systems that track vehicles using GPS satellites provide detailed information about the vehicle and are used to evaluate the success of these campaigns. As a result, mobile advertising in the area makes extensive use of automotive wrap films. The market for automotive wrap films is growing due to the early modernization and quick adoption of new technologies in North America, which has led to high demand for customized cars.
Europe is expected to grow at a CAGR of 21.6%, during the forecast period. In Europe, paint replacement or vehicle color-changing films are a relatively new trend. Drivers prefer automotive wrap films over paint because of their low cost and superior performance to vehicle paint. One of the applications for automotive wrap films that is expanding the fastest in Europe is changing the color of a vehicle. Additionally, businesses like Avery Dennison, Isee2, KPMF, Orafol, Hexis, and 3M have been developing a variety of colors and textures to meet the region's rising demand.
Asia-Pacific is expected to grow significantly over the forecast period. The region's changing consumer lifestyle, large youth population, and growing popularity of vehicle graphics are all expected to contribute to a rapid increase in demand for automotive wrap films. Additionally, rising consumer disposable income and a quick rise in vehicle sales, particularly in China and India, are expected to increase the region's demand for automotive wrap films. Due to their low price and ability to protect the original paint from damage, the demand for these wraps is expected to rise.
The global automotive wrap films market’s major key players are AVERY DENNISON CORPORATION, Arlon Graphics, LLC, 3M, KPMF, Fedrigoni S.P.A. (Ritrama S.p.A.), Vvivid Vinyl, ORAFOL Europe GmbH, Hexis S.A.S, Guangzhou Carbins Film Co., LTD, and JMR Graphics.
Global Automotive Wrap Films Market: Segmentation
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