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.
For more info visit here: https://www.grandviewresearch.com/industry-analysis/automotive-wrap-film-market
Automotive Wrap
Films Market Report Highlights
- 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
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Automotive Wrap
Films Market Segmentation
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)
- Heavy-duty Vehicles
- Light-duty Vehicles
- Medium-duty Vehicles
Automotive Wrap
Film 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
List of Key
Players of Automotive Wrap Films Market
- Avery Dennison Corp.
- Arlon Graphics, LLC
- 3M Company
- Ritrama S.p.A.
- Hexis S.A.
- JMR Graphics, Inc.
- Vvivid Vinyl
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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