Automotive Wrap Films Market: Introduction
An automotive wrap film is a vinyl graphic applied directly over the original paint of the vehicle. These films are primarily used for two purposes – first being to change or enhance the appearance of a vehicle and the second being to safeguard the original paint from dust and corrosion. One single wrap on a vehicle can last up to five years – making it a relatively affordable option. Furthermore, automotive films wraps are also commonly used for advertising purpose as they are relatively cheaper than other forms of advertisements. Continuous growth in the Pre-owned car markets has also led to the increase in demand of wrap films as the major scratches, improper paint and other defects can be made unnoticeable with the help of the wrap films. Globally, automotive wrap films witness significant demand, due to rising consumer interest towards paint protection and colour change films.
Automotive Wrap Films Market: Dynamics
Modernization of consumer lifestyle and the rising demand for personalized cars are expected to have a substantial impact on the automotive wrap films market. Increasing demand for wrap advertising, due to its simplicity and cost effectiveness also accounts for rapid market growth. Heavy vehicles such as buses and large vans, used for tourism also uses wrap films for promotions. The need to protect the vehicle’s original paint for an extended time period is further spurring demand for these films.
The usage of automotive wrap films in advertisements is an ongoing trend. The option of alternating the original color of the vehicle with different colored wraps as per consumer choice is another factor resulting in the fueling of demand for the automotive wrap film market. Increasing competition in the automotive sector has created various challenges, such as cost, quality and appearances for wrap film manufacturers.
Automotive Wrap Films Market: Segmentation
The automotive wrap film market can be segmented by film type, vehicle type and application type.
Automotive Wrap Films Market: Regional Outlook
Increasing demand for colour wraps, including matte black and matte orange in North America is expected to drive demand for the automotive films market over the forecast period. In European countries, popularity of textured finish in wrap films is growing significantly, which in turns is contributing to market growth of automotive wrap films.
Growing economic development in the Asia Pacific region, particularly in the automotive sector has led to growth in the demand for wrap films. Further, promotion of green life and tourism by governments results in an increase in the usage of wrap films in heavy duty vehicles, such as buses and trucks. Wrap advertisements are gaining popularity at a good pace in this region, which acts as another factor spurring market growth. Rapidly growing automotive sales in the Middle East and Africa region along with the high adoption rate of automotive wrap films in this region are pegged to garner significant demand over the forecast period. Japan, with its upcoming technologies and innovations, has also emerged as a noteworthy region in the automotive wrap films market.
Automotive Wrap Films Market: Market Participants
Examples of some of the market participants in the global automotive wrap films market identified across the value chain include:
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