Automotive Wrap Films Market Size, Share & Trends Analysis Report By Application (Passenger Cars, Busses, Trucks), By Region, And Segment Forecasts, 2022 - 2030

Report Overview

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.

Application Insights

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.

Regional Insights

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.

Key Companies & Market Share Insights

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.

Automotive Wrap Films Market Report Scope

Segments Covered in the Report

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