The global automotive wrap films market size is expected to reach USD 19.7 billion by 2028, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 22.4% from 2021 to 2028. High product application scope coupled with increasing demand from the light-duty vehicle applications is likely to have a positive impact on the market growth. The market has witnessed advancements, both in terms of technologies and materials, to facilitate low-cost and mass production of the products. This would also lead to flexibility in designs and ease of manufacturing for a wide range of applications including heavy, medium, and light-duty vehicles. Demand for automotive wrap films in Asia Pacific is expected to grow at the fastest CAGR during the forecast period.
The growing automotive industry, rising population, and increasing disposable income levels in the emerging economies of the region are likely to be the primary factors driving the market over the coming years. The rising popularity of color-changing vehicle wraps is further expected to propel the product demand in the region. Rapid industrialization coupled with government initiatives to facilitate various policies in economies, such as India, is projected to drive market growth in the next seven years. The growing population in the region creates huge opportunities for the development of the market over the forecast period. The medium-duty vehicles segment is anticipated to witness considerable growth during the forecast period.
Growing construction, transportation, and industrial sectors are likely to increase sales of heavy-duty vehicles during the forecast period. Increasing demand for vehicle branding coupled with the rising number of heavy-duty vehicle sales in North America is expected to have a positive impact on the market growth in the coming years.
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The global market was valued at USD 4.0 billion in 2020 and is estimated to grow at a CAGR of 22.4% from 2021 to 2028
Light-duty vehicles are expected to be the fastest-growing application segment over the forecast period
North America accounted for the highest revenue share of the global market in 2020 and is estimated to retain the leading position throughout the forecast period
This growth can be credited to the increasing investments in advanced processing technologies and rapidly expanding manufacturing base in North America
On the other hand, Asia Pacific is projected to record the fastest CAGR of more than 25% from 2021 to 2028
Grand View Research has segmented the global automotive wrap films market on the basis of application and region:
Automotive Wrap Film Application Outlook (Revenue, USD Million, 2016 - 2028)
Automotive Wrap Film Regional Outlook (Revenue, USD Million, 2016 - 2028)
Central & South America
Middle East & Africa
List of Key Players of Automotive Wrap Films Market
Avery Dennison Corp.
Arlon Graphics, LLC
JMR Graphics, Inc.
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