Global automotive wrap films market is estimated to grow at a substantial CAGR of 12.35% by 2023 as the scope, product types, and its applications are increasing across the globe. Automotive Wrap Films are removable, long-term, dual cast films designed for solid color passenger vehicle decoration, detailing and full wraps, and offer outstanding opacity.
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The factors that propel the growth of the automotive wrap films market include rising consumers’ interest toward color change films and paint protection, the rising demand for personalized cars, and modernization of consumer lifestyle. On the other hand, there are factors that may hamper the growth of the market including strict government regulations.
Automotive wrap films market may be explored by film type, vehicle type, application, and geography. Automotive wrap films market may be explored by film type as Paint Protection Films, Automotive Window Films, and Automotive Wrap Films. The “Automotive Window Films” segment led the automotive wrap films market in 2016 and is anticipated to maintain its dominance by 2023.
Automotive wrap films market could be explored based on vehicle type as Commercial Vehicles and Passenger Cars. The “Passenger Cars” segment led the automotive wrap films market in 2016 and is anticipated to maintain its dominance by 2023. Automotive wrap films market could be explored based on application as Heavy-Duty Vehicle, Light Duty Vehicle, and Medium-Duty Vehicle. The “Light-Duty Vehicle” segment led the automotive wrap films market in 2016 and is anticipated to maintain its dominance by 2023.
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Automotive wrap films market is categorized based on geography into North America, Latin America, Japan, Middle East, and Africa, Western Europe, Asia Pacific, and Eastern Europe. The “APAC” segment led the automotive wrap films market in 2017 and is anticipated to maintain its dominance by 2023. The key factors that may attributed to the growth of market includes an improved standard of living, increasing industrialization, and rising automotive segment in the emerging countries such as India and China.
The key players contributing to the robust growth of the automotive wrap films market comprise AVERY DENNISON CORPORATION, 3M, Hexis UK, KPMF, Arlon Graphics, ACI Dynamix, RITRAMA, Phantom Wraps, Rvinyl, and ORAFOL Europe. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
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