The global automotive wrap films market value was USD 909.0 million in 2014. It is expected to grow owing to various advantages including low setup cost, easy customization, high durability and a variety of color choices. In addition, its ability to preserve and protect original paint surfaces is expected to drive growth. Rising use in buses, trucks and other public transport for advertisement purpose owing to larger audience reach is expected to contribute a significant share towards market development. Also, rising production by small business firms including bars, restaurants, florists, consultants and real estate firms for marketing purpose is expected to drive growth.
Automotive wrap films are long lasting, easy to repair and provide protection to vehicle paint. In addition, it is one of the most effective tools for outdoor advertising. According to Traffic Audit Bureau for Media Measurement (TAB), the product has around 30,000 to 70,000 views per day. Increased demand for vehicle advertising is expected to propel the market over the next seven years. Increasing popularity of color change and paint wraps coupled with rising disposable income of consumers is expected to augment demand over the forecast period. However, stringent regulations related to the use of PVC is expected to restrain market development in the near future.
Automotive wraps are increasingly being used for application on taxis, vans, trucks, boats, RV’s, trailers, and buses. In the U.S., these are majorly used for light automotive owing to changing lifestyles and increased penetration for vehicle personalization.Increasing automotive vehicle production and rising popularity of camouflage wraps is expected to augment demand over the next seven years.
U.S. automotive wrap films market revenue, by application, 2012-2022 (USD Million)
Heavy duty vehicles segment was valued at USD 160.0 million in 2014. The product has been accepted for heavy duty vehicles as one of the most effective means for advertisement and brand marketing purposes owing to the larger size of graphics. Moreover, these vehicles travel longer distances providing access to millions of untapped resources thus promoting the company and its products.Easy application and removability allow flexibility in the application of different graphics on vehicles. Promotion of small business brands can be very expensive through billboards. Thus, many companies prefer films.
Medium duty vehicles accounted for a share of over 30.0% in 2014. Numerous companies use medium duty vehicles as a mode of advertisements as they act as moving billboards thus increasing the visibility of their brand. In addition, medium duty vehicles are cost effective as compared to heavy duty vehicle wraps.
Light duty vehicles segment is expected to grow at a significant pace. Vehicle wraps provide several benefits including protection of original OEM paint and easy application, thus leading to increased popularity among the consumers. These are cost effective as compared to vehicle paint especially for high-end vehicles such as Mercedes, Porsche, Volkswagen, and BMW.
North America was the largest market accounting for over 39.0% of global automotive wrap films market revenue in 2014. The market is developed in North America due to high adoption rate among consumers, technological advancement, and economical feasibility for small businesses. Advertisement campaigns use wrapped films for reaching out to a large number of audiences. The effectiveness of these campaigns is monitored through global positioning satellite tracking systems, which provide detailed information about the vehicle. This has ultimately led to the high utilization of product for mobile advertisements in the region.
Asia Pacific demand was over USD 140.0 million and is anticipated witness significant growth owing to the rising demand from automotive industry.Changing consumer lifestyle, high youth population and increasing the popularity of graphics is expected to augment demand of the product for vehicle personalization over the next seven years. In addition, rising disposable income of consumers and rapidly growing motor vehicle sales especially in China and Japan is expected to augment demand for automotive films in the region.
The market in Europe is expected to develop at a significant rate with extensive R&D for new products to meet rising demand. Apart from vehicle personalization, low-cost films have led to increasing investment by small businesses for advertisement purposes. Moreover, Europe is the largest producer of motor vehicles which creates huge opportunities for automotive wrap films in the region.
Competitive Market Share Insights
Key market participants include 3M Company, Avery Dennison, Arlon Graphics LLC, KPMF, Orafol, VvividVinyl, RitramaInc.,GuangzhouCarbins Film Co., LTD, and Hexis S.A.Global market is fragmented with the presence of a large number of regional and local players. Key strategies adopted by companies include new product development to create product differentiation, partnerships with other firms to increase the availability of their product in the market, and technological development to reduce cost and provide durable wraps to the customers.
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