Automotive Wrap Films Market Growth & Trends
The global automotive wrap films market size is expected to reach USD 28.89 billion by 2030, expanding at 22.2% CAGR from 2023 to 2030, according to a new study by Grand View Research, Inc. The benefits provided by automotive wrap films in the form of preserving vehicle paints, allowing flexibility in color selection, and eliminating the requirement for a complete paint makeover fuel growth of the automotive wrap films industry across the globe.
Mobile advertising has emerged as an affordable and effective means of advertising over the past few years. automotive wrap films allow the conversion of any vehicle including a car, bus, and truck into a moving billboard, thus facilitating an increased number of views per day. Automotive wraps, being eye-catching and more detailed as compared to other advertising mediums, attract a large number of viewers. This also allows a reduction in the cost of advertising per thousand views.
Automotive wrap films can be costlier than paints if the design is complex. They offer higher quality than paints, leading to an increased overall return on investments for the end user. In addition, the application of automotive wrap films to vehicles is faster (taking only a couple of days to fully install) than vehicle painting (taking several weeks to complete). The lifespan of automotive wrap films is longer than low-quality vehicle paints. Moreover, these films result in low maintenance costs for vehicles.
The global sign & graphics industry has been growing at a fast rate for the past few years owing to the technological advancements in printing equipment and increased demand for graphics in various applications. According to the Advertising Association of America, the outdoor advertising market is witnessing more significant growth than the indoor advertising market globally.
Wrapping a vehicle requires a high level of efficiency and the aid of suitable environmental conditions. Proper printer coding should be done to get vibrant color and look on the wrap. In the case of a coding error, the design becomes dull and unfit to be used for vehicle wrapping. The preparation stage of the vehicle is the most time-consuming process, wherein the vehicle surface has to be checked for any weather trims, cracks, and fenders.
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Automotive Wrap Films Market Report Highlights
The automotive wrap films industry is anticipated to reach USD 28.89 billion in 2030, growing at a CAGR of 22.2% from 2023 to 2030 period, owing to the increasing adoption of automotive wrap films over traditional paint jobs and the availability of large customization options
The passenger cars segment dominated the market and is predicted to be the largest segment of the automotive wrap films industry over the forecast year. These are classified under class 1 and class 2 vehicles. Initially, automotive wrap films were primarily used for advertisement purposes through light vehicles
In terms of revenue, North America led the automotive wrap films industry and is expected to grow at a CAGR of 20.6% over the forecast year. The effectiveness of advertisement campaigns is monitored through global positioning satellite tracking systems, which provide detailed information about the vehicle. This has ultimately led to the high utilization of automotive wrap films for mobile advertisements in the region
The main opportunity for the growth of automotive wrap films in the U.S. lies with the sponsorships provided by companies operating in a wide range of industries such as automotive OEMs, consumer goods, electrical & electronics, and various others to racing teams
The prices of automotive wrap films fluctuate with changing crude prices. The main raw material used in automotive wrap films is PVC (Polyvinyl chloride) which is produced from a byproduct of crude oil. The instability of the price of PVC is a major challenge for the industry. Companies are developing new ways to manufacture automotive wrap films without using PVC
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