Automotive Wrap Films Market size was over USD 7 Billion in 2023 and is expected to exceed USD 76 Billion by the end of 2036, witnessing over 22% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of automotive wrap films is estimated at USD 9 Billion.
The growing global population, increasing urbanization, and rising personal income levels are all contributing factors to the rise in luxury car sales. This is one of the main reasons behind the global need for car wrap films, along with significant advancements in the automotive infrastructure. Furthermore, the market is expanding because more people are becoming aware of the advantages of utilizing automotive wrap films in cars, including their affordability, ease of removal, durability, and resistance to weather, UV rays, and other environmental conditions.
Growth Drivers
Challenges
Base Year |
2023 |
Forecast Year |
2024-2036 |
CAGR |
22% |
Base Year Market Size (2023) |
USD 7 Billion |
Forecast Year Market Size (2036) |
USD 76 Billion |
Regional Scope |
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Product Type (Cast Film, Calendered Films)
Cast film segment is set to dominate around 56% automotive wrap films market share by the end of 2036. Cast film is a premium, pliable, thin film that is commonly used to wrap intricate curves and objects, like automobiles. Cast films are a great option for long-term outdoor applications because of their outstanding conformability, durability, and UV stability.
Cast films cost more than calendered films because of their high-performance features. Contrarily, calendered films are less costly and thicker than cast films. Usually, they are employed for transient purposes like momentary ads and event advertising. Calendered films are not as good at conforming to complex shapes as cast films because they are more inflexible. According to Car Wrap Montreal, the American Trucking Association (ATA) discovered that 91% of surveyed individuals notice vehicle graphics.
Distribution Channel (Online, Offline)
The offline segment is estimated to garner significant automotive wrap films market share. Distributors, specialized shops, and physical storefronts are examples of offline distribution channels. For clients who are unfamiliar with automotive wrap films, these channels provide an opportunity to touch and feel the product before making a purchase. a predilection for in-person interactions with the merchandise in addition to a greater quantity of physical stores and specialty businesses.
Vehicle Type (Passenger Cars, LCV, HCV)
By 2036, passenger cars segment is anticipated to account for around 42% automotive wrap films market share. Every year, some 70 million new cars are made, and almost all of them run on diesel or gasoline. Since passenger cars are the most prevalent kind of vehicles on the road, the market for automotive wrap films is dominated by them.
Car wrap films are used to alter a vehicle's look or preserve the original paint job, and passenger automobiles are regularly altered for business or personal use. The automotive wrap film market expansion is positively impacted by each of these variables.
Our in-depth analysis of the automotive wrap films market includes the following segments:
Product Type |
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Distribution Channel |
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Vehicle Type |
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APAC Market Statistics
Asia Pacific region in automotive wrap films market is expected to account for revenue share of more than 35% by the end of 2036. The automobile industry is rising quickly in the Asia Pacific area, which is also home to some of the world's fastest-growing economies, including China and India. The automotive wrap films market is being driven by the region's customers' increasing disposable income and growing interest in customizing their vehicles.
China is the world's biggest manufacturer and purchaser of automobiles, according to OICA. Roughly 216 thousand commercial vehicles and 965 thousand passenger cars were sold in China in April 2022.
India is anticipated to rank third globally in terms of volume sales of automobiles by 2026, which is encouraging for electric and commercial vehicles. The increase in average family income to become the youngest country by 2025, the rise in vehicle penetration, and the expansion of research and development hubs are all responsible for the surge in demand for passenger car accessories, in turn fueling the demand for automotive wrap films market.
Japan is the second-biggest automobile manufacturer in the Asia-Pacific area, according to OICA. With a declining growth rate of almost 3%, Japan manufactured 7.85 million automobiles in 2021 as opposed to 8.06 million vehicles in 2020.
North America Market Analysis
The North American region will also encounter huge growth in the automotive wrap films market during the forecast period and will hold the second position owing to the increasing frequency of obesity in this region. North America is a big market for automobile customization and is home to a large number of automotive enthusiasts. The area is a desirable market for vehicle wrap films since it has a thriving automotive industry and a high volume of passenger automobiles on the road. Furthermore, the industry is expanding due to the region's increasing need for out-of-home advertising.
The automotive wrap films market in the United States is projected to reach a valuation of USD 4.32 billion by 2028, with a compound yearly growth rate (CAGR) of 18.8% anticipated during the forecast period. Over the course of the forecast period, the demand for automotive wrap films in the nation is anticipated to be driven by the growing trend of consumer spending on automobile customization as well as the rising number of medium-duty vehicles employed as food trucks, transportation vehicles, and other applications. In December, the US retail sales of medium trucks increased 9.1% year over year, with some 8% more than in 2022 at the end of 2023.
The automotive wrap films market is dominated by market players who are gaining traction in the market by adopting several strategies including mergers and acquisitions.
Author Credits: Rajrani Baghel
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