Automotive wrap films industry is projected to witness considerable growth over the next eight years with relation to growing demand for buses, trucks, public transport, and for advertisement purposes to attain bigger audience globally. High utilization of wrap films in automotive & advertising sectors as it protects original paint job from chips and wear and is eye catchy, will propel sector growth in the upcoming future. Also, various offerings such as metallic finish, better presentation and a wide range of last longing use will drive its demand over the next eight years. Various color choices, high durability, low initial cost and easy customization such benefits are likely to spur market size over the upcoming years.
Rising consumption in vehicle protection and vehicle advertising owing to their easy maintenance and durability is projected to augment demand over the next eight years. Increasing disposable income in the developing countries along with galloping paint wraps and color change trends will augment the growth in the foreseeable future. However, use of polyvinylchloride in these wrap films with the stringent government regulations is anticipated to restrain growth in the foreseeable future.
Heavy vehicles are considered to be the most efficient means form branding and advertising point of view owing to their graphics on such vehicles. These automotive wrap films for many companies prove to be flexible in use owing to their simple functionality and removability. Intermediate duty vehicles are targeted by the advertising companies as a method of advertisement, as they are cost efficient when compared with heavy duty vehicles wraps and also act as displays & billboards which help in the marketing of brands. Whereas, light, functional vehicles are known for providing protection to unique OEM paint, which is considered to be economical especially in comparison with vehicle paint provided by major brands such as Porsche, Audi, Ferrari, Mercedes, BMW, and Volkswagen. Increasing vehicle production coupled with growing need for camouflage wraps will augment expansion in the next few years.
Various countries including China, India, Japan and the U.S are expected to witness a surge in demand owing to increasing penetration of automotive wraps in various applications including taxis, trucks, boats, RV’s, vans, trailers, and buses. The United States dominates the market owing to its changing lifestyle and increased penetration for vehicle modification.
North America is anticipated to witness industry expansion owing to the high production of vehicles especially in the U.S and Mexico along with increasing application scope and product innovation by domestic companies. Moreover, economical viability for diminutive businesses, increasing consumer adoption rate, and technological advancement will drive industry expansion. Numerous advertising campaigns focus to expand their reach to a huge number of consumers by using wrapped films. These campaigns use technologies such as Global Positioned Tracking Systems for satellites to measure effectiveness and the comprehensive vehicle information. Therefore, movable advertisements of automotive wrap films will increase the market share over the upcoming years.
Europe is expected to witness growth at a significant rate owing to vehicle production rate and vast research and development for latest products to meet growing demand. The region also has broadened the advertising investments by the small business and other various purposes which will further increase the product demand in the region over the upcoming years.
Rising demand for automotive wrap films in automotive industry along with the altering consumer lifestyle, youth dominance and rising attractiveness of graphics will augment the wrap film sector in Asia Pacific. In addition countries like Japan and China are expected to become the key markets for the product owing to the increased motor vehicle sales and growing disposable income of customers which will augment industry expansion over the next eight years.
The presence of the key players in the market is likely to increase the competition among 3M Company, Arlon Graphics LLC, Orafol, VvividVinyl, Avery Dennison, KPMF, Guangzhou Carbins Film Co. LTD, HexisS.AGlobal and RitramaInc Various companies are involved in constant product innovation and R&D to provide last longing film wraps and low cost of production. The market is expected to be innovation driven over the forecast period owing to a surge in demand for improving the quality of automotive wrap films. The companies active in this area are expected to invest heavily in research & development which will help them in getting a competitive edge which would further help them in maximizing their profits.
Research Support Specialist, USA