Automotive Wrap Films Market Size, Share & Trends Analysis Report By Application (Light-duty, Medium-duty Vehicles), By Region (APAC, North America), And Segment Forecasts, 2021 - 2028

Report Overview

The global automotive wrap films market size was valued at USD 4.0 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 22.4% from 2021 to 2028. The growing sign & graphics industry and increasing demand for mobile advertising are expected to fuel the market growth. In addition, modernization of consumer lifestyle combined with rising demand for personalization of cars is anticipated to have a positive impact on the market growth. Improving standards of living coupled with the rising disposable income levels, especially in emerging economies like China and India plays a significant role in increasing the product demand. The rising demand for customization on light-duty vehicles including cars and two-wheelers is expected to drive the market growth.

The growing acceptance of solid color films, such as matte black, blue, matte orange, pink, and green, is anticipated to increase demand among consumers in the U.S. Furthermore, textured finish, such as carbon fiber, wood grain, leather, and brushed metal, is being rapidly adopted in Europe and North America region. The need for long-term protection of vehicle paint is also expected to fuel the product demand over the forecast period. The product is being increasingly used in various applications including heavy-duty, light-duty, and medium-duty vehicles. Moreover, the low cost of the product compared to vehicle paint is likely to drive its demand over the forecast period.

Increasing disposable income level is likely to have a positive impact on the automotive industry growth, which, in turn, is expected to fuel the product demand over the forecast period. Automotive wrap films are a cost-effective and efficient method for the customization of any vehicle. These films protect the original paint of a vehicle and help maintain its resale value.

However, the technical complexity associated with the installation of these films is expected to restrain the market growth during the forecast period. Installation of wrap requires specific environmental conditions to make sure that the wrap is placed perfectly. If it is installed outdoor, pieces of dirt stick to the vehicle surface and form a layer of dirt in between the vehicle surface and the wrap. Thus, it is necessary to install the wrap in a clean and dirt-free indoor facility. Furthermore, the temperature is also a vital factor in the proper installation of a vehicle wrap. If the temperature is too high, the wrap might overstretch, while at low temperatures it shrinks.

Application Insights

In 2020, the light-duty vehicles segment held the largest revenue share of over 52% and is expected to maintain its dominance over the forecast period. Growing demand for colorful graphics for SUVs, personal cars, and vans coupled with the rising opportunities for drivers to earn money through advertisements is anticipated to propel the product demand in light-duty vehicles over the forecast period. On the basis of application, the market is segmented into heavy-duty, medium-duty, and light-duty vehicles.

The heavy-duty vehicles segment also held a significant share in the market and is expected to grow further at a steady CAGR over the forecast period. Automotive wrap films are primarily used for advertising and brand marketing purposes in heavy-duty vehicles. Increasing awareness and the number of impressions per day have led to the high demand for wraps for these vehicles over the past few years.

Regional Insights

North America held the largest revenue share of over 36% of the global market in 2020. The regional market is estimated to retain its dominant position growing at a steady CAGR over the forecast period. Early modernization coupled with a high adoption rate of new technologies in the region has led to the increasing demand for the personalization of cars, ultimately leading to the growth of the market. Furthermore, rising safety awareness and growing emphasis by regional regulatory bodies on implementing fire protection systems in buildings are anticipated to augment market growth over the forecast period.

Asia Pacific is anticipated to witness the fastest growth rate over the forecast period. The growing popularity of color-changing vehicle wraps and demand for paint protection films are likely to propel the market growth over the forecast period. Increasing demand for passenger cars coupled with changing consumer lifestyles is likely to bolster the market growth in the region. Moreover, benefits offered by these films, such as low-cost maintenance and improved resale value of vehicles, are expected to propel its demand during the forecast period.

Key Companies & Market Share Insights

A large number of vehicle wrap suppliers and installers are present in North America and Europe. The vinyl wrap film manufacturers supply wraps in other regions through an extensive distribution network worldwide. However, companies are strategizing to expand their distribution channel networks and increase sales.

Key companies in the market are adopting strategies, such as joint ventures, mergers & acquisitions, and new product developments, to increase their product offerings. The global automotive wrap films market is significantly fragmented owing to the presence of a large number of manufacturers across the globe including:

• Avery Dennison Corporation

• Arlon Graphics, LLC

• 3M Company

• Ritrama S.p.A.

• Hexis S.A.

• JMR Graphics, Inc.

• Vvivid Vinyl

Automotive Wrap Films Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global automotive wrap films market report on the basis of application and region:

• Application Outlook (Revenue, USD Million, 2016 - 2028)

  • Heavy-duty Vehicles

  • Medium-duty Vehicles

  • Light-duty Vehicles

• Regional Outlook (Revenue, USD Million, 2016 - 2028)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Belgium

    • The Netherlands

    • Spain

    • Poland

  • Asia Pacific

    • China

    • Japan

    • India

    • Australia

    • Indonesia

    • Malaysia

    • Thailand

    • New Zealand

    • Philippines

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • UAE

    • Saudi Arabia

    • South Africa