Wilmington, Delaware, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Automotive Wrap Films Market by Type (Window Films, Wrap Films, and Paint Protection Films), Vehicle Type (Passenger Car, Commercial Car, and Heavy Commercial Vehicle), and Application (Advertisement Purpose and Safety Purpose): Global Opportunity Analysis and Industry Forecast, 2024-2033”. According to the report, the global automotive wrap films market was valued at $7.3 billion in 2023 and is estimated to reach $41.7 billion by 2033, exhibiting a CAGR of 19.3% from 2024 to 2033.
Prime Determinants of Growth
As consumers seek to personalize their vehicles and make them stand out, the demand for automotive wrap films rises. These films offer a cost-effective and versatile solution for changing the color, texture, and appearance of vehicles, driving market growth. With a growing awareness of the benefits of paint protection films in preserving vehicle exteriors and maintaining resale value, the demand for automotive wrap films, particularly clear PPF products, is on the rise. This trend contributes significantly to market expansion. Businesses across various industries use vehicle wraps for branding and advertising purposes, transforming commercial fleets into mobile billboards.
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As more companies recognize the effectiveness of vehicle wraps in marketing and brand promotion, the demand for automotive wrap films increases. Continuous innovations in wrap film technology led to the development of high-quality materials with enhanced durability, flexibility, and ease of installation. These advancements improve the performance and aesthetics of automotive wrap films, driving adoption among consumers and businesses.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $7.3 billion |
| Market Size in 2033 | $41.7 billion |
| CAGR | 19.3% |
| No. of Pages in Report | 488 |
| Segments Covered | Type, Vehicle Type, Application and Region. |
| Drivers | Rise in demand for vehicle customization |
| Increase in adoption in commercial fleet branding | |
| Advancement in wrap film technology | |
| Opportunities | Rise in awareness of paint protection film among vehicle owners |
| Restraint | Limited durability compared to paint |
| High initial cost and installation challenges |
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Segment Highlights
The window films segment is expected to grow faster throughout the forecast period.
By type, the window films segment is anticipated to experience faster growth in the automotive wrap films market due to offering practical benefits such as UV protection, heat reduction, glare reduction, and enhanced privacy. These functional features appeal to consumers seeking to improve the comfort and safety of their vehicles, driving the demand for window films. Many regions have regulations governing the coloring of vehicle windows to ensure safety and visibility standards. Window films that comply with these regulations while providing extra benefits such as UV protection are in high demand, contributing to their market share. Window films can enhance the appearance of vehicles by adding a sleek and stylish look. Consumers often choose window films to customize the aesthetics of their vehicles, complementing other wrap films used for exterior customization.
The passenger cars segment is expected to grow faster throughout the forecast period.
By vehicle type, the passenger cars segment is anticipated to experience faster growth in the automotive wrap films market due to passenger cars are the most commonly owned and used vehicles by consumers worldwide. As a result, there is a large market for automotive customization and personalization among passenger car owners, driving the demand for automotive wrap paint. Passenger cars come in various shapes, sizes, and models, offering a wide range of customization options for automotive wrap paint. Consumers can choose from different colors, finishes, and designs to suit their individual preferences and style. Many consumers seek to enhance the appearance of their passenger cars with unique and eye-catching designs. Automotive wrap paint offers a cost-effective and versatile solution for achieving custom looks, including color changes, graphics, patterns, and textures.
The safety purpose segment is expected to grow faster throughout the forecast period.
By application, the safety purpose segment is anticipated to experience faster growth in the automotive wrap films market as reflective and high-visibility automotive wrap films improve the visibility of vehicles, especially during low-light conditions or adverse weather conditions. Enhanced visibility reduces the risk of accidents and improves overall road safety, making safety purpose wrap films a critical choice for vehicle owners, especially those operating commercial or emergency vehicles. Companies with large commercial vehicle fleets prioritize safety measures to protect their drivers, assets, and reputation. Safety purpose wrap films, such as reflective films and conspicuity tapes, are commonly used on commercial vehicles to enhance visibility and increase safety on the road, contributing to their high market share.
Asia-Pacific to maintain its dominance by 2033
Asia-Pacific is experiencing rapid growth in the automotive industry, with countries like China, India, and Japan being major manufacturing hubs. The increasing production and sales of vehicles in the region drive the demand for automotive wrap films, which are used for vehicle customization, branding, and protection.
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Key Players
- 3M
- Arlon Graphics LLC
- Avery Dennison Corporation
- Fedrigoni S.P.A.
- Guangzhou Carbins Film Co., LTD
- Hexis S.A.S.
- JMR Graphics
- KPMF
- ORAFOL Europe GmbH
- Vvivid Vinyl
The report provides a detailed analysis of these key players in the global automotive wrap films market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Development
- In February 2023, Fedrigoni S.P.A. acquired a new R&D center in Grenoble, France to enhance its production innovation path and meet the growing consumer demand for innovative automotive films and wraps.
- In March 2021, Avery Dennison Corporation announced the launch of new upgraded supreme wrapping film for vehicles with twelve new colors in its Rugged Range and Sleek Satin collections.
- June 2021: Arlon Graphics announced that it has developed a new cast wrap film named premium color change for fleet and vehicle applications.
- In August 2021, KPMF introduced a premium visualizer tool to aid wrap shops and installers worldwide in promoting KPMF products, allowing customers to select the ideal KPMF color for their vehicles. Developed in partnership with AAV, the visualizer meticulously recreates the entire KPMF range of wrap colors and finishes, offering features such as multiple vehicles, varied environments, and the flexibility to adjust the time of day. This tool, available at no cost, enhances the customer experience and facilitates informed decision-making when choosing KPMF wraps.
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