The global automotive wrap films market size is expected to reach USD 17.6 billion by 2027, according to a new report by Grand View Research, Inc. It is projected to expand at CAGR of 22.5% over the forecast period. High application scope, coupled with increasing demand from light duty vehicles, is likely to have a positive impact on market growth. The market has witnessed major advancements, both in terms of technology and material, to facilitate low cost and mass production of automotive wrap films. This has also led to flexibility in design 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 register the fastest CAGR during the forecast period. Growing automotive industry, coupled with rising population and increasing disposable income of middle-class families in emerging economies of the region, is likely to be the primary driving factor in the coming years. Moreover, growing interest in vehicle color change among consumers is expected to propel demand for automotive wrap films in the region.
The medium duty vehicles segment is anticipated to witness considerable growth during the forecast period. Rapid industrialization, coupled with government initiatives to facilitate various policies in economies such as India, is projected to drive growth over the next few years. Growing population in the region also creates significant opportunities for development of the automotive wrap films market over 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 rising number of heavy-duty vehicle sales in North America, is expected to have a positive impact on the demand for automotive wrap films in the coming years.
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Further key findings from the report suggest:
Light-duty vehicles are expected to be the fastest growing application segment in the automotive wrap films market
North America was estimated as the largest market for automotive wrap films in 2019, owing to increasing demand for vehicle branding, coupled with rising number of heavy-duty vehicle sales in the region
U.S. is the fastest growing country in the North America market on account of rising demand for customized vehicles.
Grand View Research has segmented the global automotive wrap films market on the basis of basis of application and region:
Automotive Wrap Films Application Outlook (Revenue, USD Million, 2016 - 2027)
Heavy duty vehicles
Medium duty vehicles
Light duty vehicles
Automotive Wrap Films Regional Outlook (Revenue, USD Million, 2016 - 2027)
Central & South America
Middle East & Africa
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