The global automotive wrap films market size was valued at USD 4.76 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 22.2% from 2022 to 2030. The rising global population and the increasing disposable income globally are expected to positively impact the demand over the forecast period. The passenger vehicles segment accounted for the largest market share in 2021 owing to the surging demand for customized graphics among consumers to give a personalized touch to their vehicles. This, in turn, is anticipated to contribute to a rise in the consumption of automotive wrap films.
The U.S. emerged as the largest automotive wrap films market in North America in 2021. Automotive wraps are increasingly being used for application on taxis, vans, trucks, boats, RVs, trailers, and buses in the U.S. Factors such as the increasing number of automotive vehicle production and the rising popularity of camouflage wraps are expected to augment the demand in the forthcoming years.
According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), the number of motor vehicles produced in the U.S. was 10.8 million units in 2019, which decreased to 8.82 million units in 2020. As per OICA, light-vehicle sales in the U.S. are expected to reach about 15.5 million units in 2022, rising by 2.7% compared to the previous year. The lifting of the lockdown and resumption of operations is expected to propel the demand for motor vehicle manufacturing as well as automotive wrap films. The presence of several key automotive wrap film manufacturers in the country is expected to augment market growth in the forthcoming years.
According to the Government of India, automotive color or texture wraps, which change the color of original vehicles, have to be registered with the Regional Transport Office of the country before their application to automobiles. The law is registered under section 52 of the Central Motor Vehicle Rules. Thus, in India, post-sales color wrapping of vehicles requires adherence to a number of laws that restrict the growth of the market in the country.
The COVID-19 outbreak across the globe severely affected the manufacturing industries, which, in turn, impacted the growth of the market in 2020. With the spread of COVID-19, work-from-home-rules, order cancellations, and shipping complications also surged throughout the plastics industry. The lifting of lockdowns and recommencing of operations while complying with the COVID-19 guidelines published by various governments across the globe is projected to fuel the demand for automotive wrap films in near future.
Based on application, the market has been segmented into passenger cars, buses, and trucks. In terms of revenue, passenger cars accounted for the largest revenue share of 53.81% in 2021. The segment is expected to maintain its dominant position owing to the reducing prices of car wraps and increasing customer preference for vehicle customization. The increased popularity of automotive wrap films and the availability of varied colors and textures have led to a rapid rise in demand for the personalization of cars. Spot graphics and lettering are also very popular among drivers for advertising as well as personalization.
Advertisements through buses provide significant opportunities in developing regions, namely, Asia Pacific, Central & South America, and the Middle East & Africa with a large rural population as buses have high accessibility to rural areas. Ongoing industrialization and increasing government initiatives to facilitate various policies in economies such as India are expected to drive the growth of the buses segment over the forecast period. The increasing population in the region creates significant opportunities for the growth of this segment of the market over the forecast period.
Some of the main factors driving the growth of the trucks segment of the market for automotive wrap films are flourishing industrial sectors in emerging economies and increasing demand from the logistics and construction sectors owing to surged construction activities taking place globally. These factors contribute to the usage of heavy-duty trucks for transportation purposes, thereby leading to the application of automotive wrap films on them for advertisements.
North America accounted for a revenue share of about 37% in 2021. Early modernization coupled with the high adoption rate of new technologies in the region has led to the high demand for car personalization, ultimately leading to the growth of the regional market. Moreover, advertisement campaigns use wrapped vehicles 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 automotive wrap films for mobile advertisements in the region.
The market for automotive wrap films in Europe is expected to witness a significant CAGR with extensive R&D for developing new products to meet the rising demand. Apart from vehicle personalization, the low cost of wrap films has led to increased investment by small businesses for advertisement purposes. Europe is the largest producer of motor vehicles which creates huge opportunities for automotive wrap films in the region. In addition, R&D activity in the development of automotive vehicles is highest in Europe, which is expected to augment the demand for automotive vehicle wraps in the region.
China is the biggest automobile market in the world and is growing at a strong pace. Consumer preference for personalization coupled with high demand for automobiles is expected to augment the growth of the market for automotive wrap films. Wrap films’ low cost compared to paint coupled with growing consumer interest for car personalization is expected to propel the market growth over the forecast period.
Companies in the market compete heavily on factors such as the quality of the product offered and the technology used to manufacture automotive wrap films. Major players compete on product development and form strategic partnerships with regional players to minimize expanding into new and unknown markets.
The cost of raw materials such as PVC along with plasticizers, pigments, fillers, processing aids, and certain additives, which are used to manufacture automotive wrap films is expected to play a significant role in determining the final price of the product. Additionally, strategic partnerships, acquisitions, and new product developments are the popular strategies adopted by a majority of the players operating in the market. Some prominent players in the global automotive wrap films market include:
Avery Dennison
Arlon Graphics, LLC
3M
Kay Premium Marking Films (KPMF)
Ritrama S.p.A.
Vvivid Vinyl
Orafol Group
Hexis S.A.
Guangzhou Carbins Film Co., LTD
JMR Graphics, Inc.
Report Attribute |
Details |
Market size value in 2022 |
USD 5.81 billion |
Revenue forecast in 2030 |
USD 28.89 billion |
Growth Rate |
CAGR of 22.2% from 2022 to 2030 |
Base year for estimation |
2021 |
Historical data |
2019 - 2020 |
Forecast period |
2022 - 2030 |
Quantitative units |
Revenue in USD Million and CAGR from 2022 to 2030 |
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered |
Application, region |
Regional Scope |
North America; Europe; Asia Pacific; Central & South America; Middle East & Africa |
Country scope |
U.S.; Canada; Mexico; U.K.; Germany; France; Italy; Belgium; Netherlands; Spain; Poland; China; Japan; India; Australia; Indonesia; Malaysia; Thailand; New Zealand; Philippines; Brazil; Argentina; Saudi Arabia; United Arab Emirates (UAE); South Africa |
Key companies profiled |
Avery Dennison; Arlon Graphics, LLC; 3M; Kay Premium Marking Films (KPMF); Ritrama S.p.A.; Vvivid Vinyl; Orafol Group; Hexis S.A.; Guangzhou Carbins Film Co., LTD; JMR Graphics, Inc. |
Customization scope |
Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional, and segment scope. |
Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2019 to 2030. For this study, Grand View Research has segmented the global automotive wrap films market report based on application and region:
Application Outlook (Revenue, USD Million, 2019 - 2030)
Passenger Cars
Busses
Trucks
Regional Outlook (Revenue, USD Million, 2019 - 2030)
North America
U.S.
Canada
Mexico
Europe
U.K.
Germany
France
Italy
Belgium
Netherlands
Spain
Poland
Asia Pacific
China
Japan
India
Australia
Indonesia
Malaysia
Thailand
New Zealand
Philippines
Central and South America
Brazil
Argentina
Middle East and Africa
Saudi Arabia
United Arab Emirates (UAE)
South Africa
b. The global automotive wrap films market size was estimated at USD 4.76 billion in 2021 and is expected to reach USD 5.81 billion in 2023.
b. The global automotive wrap films market is expected to grow at a compound annual growth rate of 22.2% from 2022 to 2030 to reach USD 28.89 billion by 2030.
b. The passenger cars vehicles segment dominated the automotive wrap film market with a share of 53.81% in 2021. Automotive films are primarily used for customization and personalization purposes in the passenger cars segment.
b. Some key players operating in the automotive wrap films market include 3M Company, Arlon Graphics LLC, Avery Dennison Corporation, Hexis UK, and Orafol Group.
b. Key factors that are driving the automotive wrap films market growth include the growing graphics and sign industry, reducing cost, and increasing demand for mobile advertising.
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The prevailing pandemic situation has led to weakened demand for paints and coatings in automotive, construction, electronics, and white goods. The path to recovery of growth for the industry is highly dependent on the duration of restrictions imposed and their influence on economic activity across the globe. Contrary to the trend prevalent in the industry in general, certain segments of the market such as antimicrobial coatings are witnessing a surge in demand in healthcare and food industries. The report will account for Covid19 as a key market contributor.
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