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The Global Automotive Wrap Films Market Size is estimated to grow by USD 63.28 billion between 2022 and 2027, accelerating at a CAGR of 17.32%. Adverts displayed on automotive are effective at attracting audience attention, offering notable cost savings compared to re-spraying and conventional advertising methods. Moreover, these enhance the resale value of vehicles, driving market growth. However, challenges arise as these films demand regular maintenance and are susceptible to fluctuations in raw material prices. Additionally, the market faces obstacles due to limited consumer awareness.
Advertisements on automotives help capture audience attention is a major factor driving market growth. Wrap films on automobiles are becoming a popular mode of advertising as they increase visibility among the target audience. They are particularly effective in sports cars, non-traditional vehicles, and heavy equipment, as well as service vehicles such as fire and emergency services vehicles. Customized vehicle wraps with unique textures and finishes, such as wood grain, brushed metal, and leather, are gaining popularity worldwide. These developments are expected to drive the growth of the global market during the forecast period.
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The vehicle wrap film market share growth by the light-duty vehicles segment will be significant during the forecast period. Light-duty vehicles primarily include light-duty trucks and passenger cars. Wrap advertising on these vehicles is used to promote small to medium businesses.
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The light-duty vehicles segment showed a gradual increase in the market share of USD 1.60 billion in 2017 and continued to grow until 2021. Unlike static signs and billboards, these vehicles offer ease of movement and thus can be used for advertising and promotional campaigns. Light-duty vehicles offer an effective and affordable way to promote businesses. Decals, partial, and full wrap works are used for displaying company logos and contact information. Compared with full-body paints, these are easier to change and update. These vehicles are popular among small business owners as they are affordable, impactful, and provide professional solutions for advertising. The growth of this segment is driven by the high penetration of passenger cars in many regions and their rising sales in various countries.
During the forecast period, the cast film type segment dominated the global automotive wrap film market due to its durability and excellent conformability to substrates. With a thickness range of 20 to 200 microns, cast films provide a high-quality finish and superior optical properties. However, the expensive nature limits their growth potential. Overall, the cast film segment is expected to experience moderate growth in the global market.
North America is estimated to contribute 36% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The US was the primary revenue generator for the North American automotive wrap film market in 2022. The preference for passenger cars over public transport and the increasing adoption of luxury and sports vehicles are driving the market growth in the region. The high disposable income of people and low unemployment rates have contributed to the demand for cars, particularly sport utility vehicles (SUVs). The growth of end-user industries in the automotive sector is also driving the demand for vehicles, which facilitates advertising through its use. This is driving the growth of the vehicle wrap film market in the region.
The market is experiencing significant growth driven by several key drivers and trends. Firstly, the increasing popularity of vehicle customization and personalization among consumers is propelling demand for automobile wrap films. These films offer a cost-effective solution for altering the appearance of vehicles while preserving the original paint underneath. Additionally, the rise of out-of-home (OOH) advertising and the effectiveness of vehicle advertising as mobile billboards are driving the adoption of wrap films for advertising purposes. Furthermore, advancements in technology and manufacturing processes, such as the production of bio-degradable films and the development of innovative wrap film solutions, are fueling market growth and attracting consumers concerned about environmental impact.
Moreover, the expansion of the automotive industry, particularly in electric vehicles (EVs) and heavy vehicles like buses and large vans, presents lucrative opportunities for the market. As manufacturers seek to differentiate their products and enhance brand visibility, the demand for customized wrap film solutions is expected to surge. Additionally, the trend of mergers and acquisitions (M&A) activity within the industry is reshaping the competitive landscape and driving innovation as companies strive to expand their product portfolios and geographic presence. Overall, with the increasing adoption across various vehicle types and the growing emphasis on personalization and advertising, the market is poised for continued growth in the forecast period.
Our researchers analyzed the data with 2022 as the base year and the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The market is being propelled by a significant cost reduction compared to re-spraying and traditional advertising methods, which serve as a primary market driver. While vehicle re-spraying can be time-consuming, taking up to four weeks, applying full wraps on electric vehicles typically requires only about two days. This efficiency contributes to cost savings for both vehicle owners and advertisers. Traditional advertising through print and broadcast media often comes with high costs and uncertain consumer reach. In contrast, these offer a more affordable alternative with predictable visibility. With a well-made full wrap costing between USD 1,500 to USD 2,500, it presents a cost-effective solution compared to prime-time television and radio ads. Additionally, the durability, lasting six to eight years, ensures long-term value for consumers, further driving market demand during the forecast period.
The growing popularity of motorsports is a major market trend. Motorsports, a popular global competitive event, includes vehicles such as cars, bikes, boats, and snowmobiles, with cars being the most commonly used. Advertising, broadcasting, merchandising, and sponsorship are key reasons for using these in motorsports. Europe has the largest market share, and it hosts Formula One racing events. The inclusion of EVs in Formula One under Formula E is supported by governments promoting sustainable solutions, creating opportunities for the global market to grow during the forecast period.
Automotive wrap films require regular maintenance is a major factor hindering the market growth. Regular maintenance ensures that they withstand extreme environmental conditions. Improper or lack of maintenance can cause premature degradation of vehicle wraps. These wraps are susceptible to damage caused by bird droppings, dirt, tree sap, and other contaminants. Additional waterless cleaners or spray wax are required for cleaning, which increases maintenance costs. Vehicles featuring these film wraps must ideally be parked in the shade or a garage. Complexity in the maintenance of these has been keeping many vehicle owners from adopting wrap films. Thus, this poses a challenge to market growth during the forecast period.
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Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. One of the major companies in the market include:
Eastman Chemical Co.- The company offers a wide range of industry-leading aesthetic solutions fit for the forward-thinking clinician and practice owner, from hair removal and body sculpting to women's wellness.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified. Furthermore, it is also quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The Market is witnessing significant growth, driven by factors such as Innovation in film types like window films and tints, automotive paint protection, and automotive wrapping. This growth is also fueled by increasing Government initiatives and Regulatory scrutiny towards vehicle aesthetics and safety. The market caters to various vehicle types, including Passenger Vehicles and Commercial Vehicles, with a focus on Passenger car applications and Buses application. Matte black and matte orange are popular choices, reflecting consumer preferences for unique and stylish finishes.
Merger and acquisition (M&A) activity is also shaping the market landscape, contributing to Market Concentration and Research and development efforts in the Plastics, Polymers, and Elastomers Research sector. The Logistics and construction sectors are key end-users, driving demand for Heavy vehicles and Global positioning satellite tracking systems to enhance fleet management efficiency.
Automobile wrap types are driving the market's rapid expansion, according to recent chemicals and materials research. Among film types such as window films, automotive paint protection films, and automotive wrapping films, the latter emerges as a significant contributor to growth. Particularly, in the passenger vehicles segment, they are gaining prominence for their protective and aesthetic qualities. The North America market leads the pack, followed closely by Asia-Pacific, Europe, South America, and the Middle East and Africa. Manufacturing industries are increasingly investing in advanced technologies to meet the rising demand for these versatile films. With research shedding light on their applications and benefits, the market anticipates sustained growth, propelled by innovation and expanding consumer preferences.
In the automotive industry, vehicle paints have long been the primary method for enhancing aesthetics and protecting vehicles from environmental elements. However, with the emergence of innovative technologies and changing consumer preferences, automotive films are reshaping the way vehicles are customized, marketed, and protected. One of the key advantages of automotive films is the flexibility they offer in terms of color options and customization. Unlike traditional paint, which is often limited to a specific color palette, automotive ones provide a wide range of color wraps and finishes, allowing vehicle owners to personalize their cars according to their preferences and style.
The automotive wrap film sector has witnessed significant growth, driven by the demand for mobile marketing and vehicle customization. Businesses and individuals alike are leveraging color wraps as a cost-effective and attention-grabbing advertising tool, using large vans and other vehicles as mobile billboards to promote products, services, and events. Tourism is another sector benefiting from the versatility of automotive films, with companies using custom wraps to showcase local attractions and landmarks on compact family cars and other vehicles. This not only promotes tourism but also enhances the visual appeal of vehicles and creates a unique branding opportunity. Technological advancements in automotive ones have led to the development of bio-degradables and nano-ceramics, offering enhanced safety, security, and environmental sustainability. These films provide UV protection, heat reduction, glare reduction, and enhanced privacy while also reducing the vehicle's carbon footprint.
End-user concentration in the market varies depending on factors such as personalization preferences, market growth stage, and distribution channels. Compact family cars and large vans are popular choices for vehicle customization, while electric vehicles (EVs) and autonomous vehicles (AVs) present new opportunities for integrating smart films and self-healing coatings. Safety and security are paramount considerations in the automotive films market, with consumers seeking films that offer protection against UV rays, heat, glare, and nighttime visibility issues. Smart films, or switchable films, provide additional benefits such as opacity control and sun-blocking features, enhancing comfort and convenience for vehicle occupants.
Despite the benefits of automotive films, challenges such as installation complexity and the risk of bubbles remain. Automotive manufacturers are investing in research and development to improve film installation techniques and enhance product performance, ensuring a seamless and bubble-free finish for consumers. In conclusion, automotive films are revolutionizing vehicle aesthetics and functionality, offering a versatile and customizable solution for vehicle owners, businesses, and industries. With continued innovation and advancements in technology, the automotive films market is poised for sustained growth and expansion, driving new opportunities for personalization, marketing, and protection in the automotive industry.
Market Scope |
|
Report Coverage |
Details |
Page number |
170 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 17.32% |
Market growth 2023-2027 |
USD 63.28 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
16.2 |
Regional analysis |
North America, APAC, Europe, Middle East and Africa, and South America |
Performing market contribution |
North America at 36% |
Key countries |
US, Canada, China, Germany, and UK |
Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
3M Co., A.P.A. Spa, ACI Dynamix, ADS Window Films Ltd., Arlon Graphics LLC, Avery Dennison Corp., Compagnie de Saint Gobain SA, Eastman Chemical Co., Exotic Vehicle Wraps, FILMTACK Pte. Ltd., GARWARE HI TECH FILMS Ltd., Global Pet Films Inc., HEXIS Co., Johnson Window Films Inc., LINTEC Corp., NEXFIL Co. Ltd., ORAFOL Europe GmbH, Rayno Window Film, VViViD Vinyl Inc., and FOLIATEC Bohm GmbH and Co. Vertriebs KG |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
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