Feb 24, 2020
Automotive Wrap Films Market Witnesses Stupendous 21% Growth, on Back of Car Customization Trends, Reveals Fact.MR
by Team Fact.MR
Automotive Wrap Films market will grow six folds between 2019 and 2029. Flourishing car customization trends coupled with successful online aggregators that enhance accessibility of used-vehicles are main drivers of this market. Manufacturers are focused on enhancing product portfolio by introducing a variety of colors and advanced protective film technologies. Another factor that influences growth is evolving consumer trends such as preventive car care and modification of aesthetic features. Increasing disposable income is propelling sales of new and used cars. Between new and used cars, the latter is garnering multiplying consumer traction from millennial consumers. This could be attributed to environmental awareness by millenials and efforts on their behalf to reduce carbon footprint.
Key Takeaways of Automotive Wrap Films Market Study
- Light Duty vehicles enjoy a major market share of more than half of the total market value. The segment is expected to grow 5x between 2019 and 2029.
- Medium Duty vehicles hold second largest market share with high double digit growth rate.
- Heavy Duty vehicles present the most lucrative growth opportunities with the highest double digit growth rate of over 30% during the forecast period.
- Automotive Wrap film demand will grow six folds in North America. The regions holds share-wide dominance with more than 1/4th of total market value.
- Europe and East Asia collectively account for more than 49% of total market share.
- Middle East & Africa present the most remunerative growth prospects with the highest regional CAGR of 25% through the end of forecast period.
“Innovative product development and versatility of products is a differentiating factor for automotive wrap film manufacturers. Market players stand to gain exponential growth by exercising consumer trend vigilance. Owing to the aesthetic nature of the product, consumer trends are central to sustained growth in this market.”-Says Fact.MR Analyst
Technology Plays a Pivotal Role
Advancement in automotive wrap film technology will deliver efficient and cost effective production processes. Enhanced application methods will ensure customer satisfaction and induce a multiplier effect. The multiplying effect can be attributed to visual nature of the product which is bound to attract consumers without explicit advertising. Hence, manufacturers are focusing on integrating advanced technologies and partner training through strategic programs and initiatives. Technology is also facilitating enhancement of product portfolio by introducing digital colors in automotive wrap films. Factors mentioned above coupled with increasing consumer expenditure on add-on products will create fruitful opportunities for automotive wrap film manufacturers globally. Major market players that shape the competitive landscape in this market are 3M Company, Arlon Graphics LLC, Avery Dennison Corporation, Ritrama S.p.A., Vvivid Vinyl, Orafol Group, Kay Premium Marking Films, Hexis S.A., JMR Graphics Inc., Guangzhou Carbins Film Co., LTD, and Lucent Graphic Solutions.
Find More Valuable Insights on Automotive Wrap Films Market
Fact.MR, in its new offering, provides an in-depth analysis of the global automotive wrap films market, displaying data on historical demand (2014-2018) and forecast data for the period, 2019-2029. The study provides readers with essential insights on the automotive wrap films market on the basis of applications (light duty vehicles, medium duty vehicles, and heavy duty vehicles) across 6 key regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East & Africa).
>>> To Get more insights on automotive wrap films market, visit- https://www.factmr.com/report/4551/automotive-wrap-films-market
About the Chemicals & Materials Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the Chemicals & Materials team at Fact.MR helps clients from all over the globe with their unique business intelligence needs across the value chain. With an exhaustive database of over 1,000 reports and 1 million plus data points, the team has analyzed a number of chemicals and materials lucidly in 50+ countries for over a decade. The chemicals & materials team at Fact.MR assists clients in their business expansion as well as new ventures, through hawk-eyed analysis and strategic recommendations. For more chemicals domain expertise, visit here.