Automotive Wrap Films Market
Automotive Wrap Films Market By Application (Light Duty Vehicles, Medium Duty Vehicle, Heavy Duty Vehicle), By Region - Global Market Insights 2019 to 2029
Automotive Wrap Films Market to Witness Meteoric 21% Growth, with Spike in Demand for Customization
Growing trend of automotive customization will push the automotive wrap films market to grow 6X between 2019 and 2029. The market is garnering increased consumer traction on back of custom finish and enhanced protection offered by automotive wrap films. Developing economies of the world are witnessing a surge in purchase of private automotive vehicles.
Within private automotive vehicles (new and used cars), used cars are anticipated to multiply rapidly owing to successful online aggregators. Market players must anticipate a spike in demand for automotive wrap films as disposable incomes of consumers is creating demand for personification of cars to match consumer lifestyles.
Light Duty Vehicles to Drive Heavy Demand for Automotive Wrap Films
Light duty vehicles will drive demand generation for the forecast period on the back of increasing consumer traction. Owing to the budget – price compatibility, millennial consumers are opting for light duty vehicles such as cars, vans, and SUVs. Light Duty vehicles hold half of the total market share with a double digit growth rate of more than 18% through 2029.
Medium duty vehicles maintain second largest market share followed by heavy duty vehicles. Remunerative growth will be offered by heavy duty vehicles, as the segment exhibits the highest growth rate of over 30% during the forecast period.
Early Adopters in North America Drive Global Sales
North America leads global sales of automotive wrap films with a major market share of more than 1/4th of the total market value. Europe and East Asia follow this region with a collective market share of over half of the total market value. However, Middle East & Africa show signs of strong growth over the forecast period with the highest double digit growth rate of 25% by the end of 2029.
Early adopters of automotive wrap films are driving stupendous growth rates across North America and European countries. Developing regions, on the other hand, are undergoing rapid change amid evolving automotive production and aftermarket services.
Loyal Consumer Communities Pivotal to Sustainable Growth Trends
Market players are leveraging content marketing strategies and developing loyal consumer communities via social media websites. Consumer trends are central to the growth of this market. Manufacturers are approaching prospects via online channels of sale. Amid increasing quality of life, consumer expenditure on customization and modification of cars is multiplying.
Major market players are establishing partner programs to leverage existing automotive maintenance and repair ecosystem in developing nations. Organizations that shape the automotive wrap films 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.
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Global Automotive Wrap Films Market: In-Depth Assessment on Key Segments
The global automotive wrap films market is segmented on the basis of application and region.
By Application :
- Light Duty Vehicles
- Medium Duty Vehicle
- Heavy Duty Vehicle
By Region :
- North America
- Latin America
- East Asia
- South Asia & Oceania
- Middle East & Africa
This taxonomy and the detailed TOC prepared are confidential and intended exclusively for the individual or entity with whom it is being shared. Reading, disseminating, distributing, or copying this to any party other than addressee(s) is unauthorized and prohibited.
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