Automotive Wrap Films Market to Grow at a CAGR of 22.4% by 2026

Author: Acumen Research and Consulting

According to a new report published by Acumen Research and Consulting titled Automotive Wrap Films Market (By Film Type: Window Films, Wrap Films, Paint Protection Film; By Vehicle Type: Heavy Duty Vehicle, Medium Duty Vehicle, Light Duty Vehicle; By Application: Advertisement Purpose, Special Purpose) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026”, the global market for automotive wrap films is estimated to grow at a rate of 22.4% during the forecast period. Among the major factors responsible for this astounding increase is the growing popularity for personalized vehicle globally. Moreover, the growing awareness regarding the benefits of automotive wrap films such as paint protection, and cost effectiveness also boosts the growth of automotive wrap films market globally.In addition, the rise in increased R&D expenses from key players towards technology development also resulted in the augmented growth of automotive wrap films market. In addition, the rise in consumer preference for paint protection also boosts the growth of global automotive wrap films market. The growth in the automotive graphic industry also boosts the growth of automotive wrap films market worldwide. Moreover, the rising interest in mobile advertisement supports the market growth globally. However, the market for automotive wrap films is likely to get restricted owing to the competition over quality, appearance, and cost in the automotive industry.

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Automotive Wrap Films is the majorly employed on the automotive body to protect it from dust and corrosion.They are mainly vinly based and helps in avoiding scratches on pre-owned cars. The major reason for the adoption of automotive wrap films are its cost effectiveness over other advertisement forms. It is reported that one single automotive wrap film lasts for approximately five years, and hence makes it one of the major choices over other forms of advertisement.

Asia Pacific to be the most attractive market for automotive wrap films during the forecast period

The market for automotive wrap films has been segmented by region as North America, Europe, Asia Pacific and Rest of the World. North America was the largest market for automotive wrap films in 2013 due the presence of key automotive players in the region. Early modernization and acceptance for color-changing technology also supports the growth of automotive films market in the region. However, Asia-Pacific is anticipated to be the most lucrative market for automotive wrap films throughout the forecast period on account of rising awareness towards color changing technology. Growth in the preference for personalized vehicle also supports the growth of automotive wrap film market. Boom in the automotive industry in India, and China also propels the market growth for automotive wrap films marker. Favorable government initiatives and cheap & skilled labor cost further boost the market growth. Argentina’s automotive industry supports the growth of automotive wrap films market in the Latin America region.

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Light duty Vehicle segment accounted for maximum share in the automotive wrap films market

On the basis of vehicle type, the market has been divided as medium duty vehicle, light duty vehicle, and heavy duty vehicle. Light duty vehicle led the automotive wrap films market in 2013 due to augmented demand for personalized graphic on personal cars, sports utility vehicles (SUVs), and vans.

Some of the leading companies operating in Automotive Wrap Films market include Avery Dennison Corporation, Arlon Graphics, LLC, The 3M Company, Kay Premium Marking Films (KPMF), Ritrama S.p.A., Vvivid Vinyl, Orafol Group, Hexis S.A., JMR Graphics Inc.These key players are actively involved in technological development in order to enhance the features of the automotive wrap films. These players have also adopted the strategies such as merger and expansion in order to compete in the global automotive wrap films market.

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