New York, April 05, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Automotive Wrap Films Market Size, Share & Trends Analysis Report By Application, By Region And Segment Forecasts, 2022 – 2030”
The global automotive wrap films market size is expected to reach USD 28.89 billion by 2030, registering a CAGR of 22.2%. The rising global population and the increasing disposable income are expected to have a positive impact on the demand for automotive wrap films over the forecast period.
Automotive plastic wrap films are used for advertising, brand marketing, and the personalization of trucks, buses, and passenger cars.The flourishing global sign & graphics industry owing to the increasing demand for mobile advertising is expected to drive the application of these films.
The lower cost of automotive wrap films than vehicle paints is also fueling the growth of the market.
Mobile advertising has emerged as an affordable and effective means of advertising over the past few years.Using automotive wrap films allows conversion of any vehicle including car, bus, and truck into a moving billboard, thus facilitating an increased number of views per day.
Automotive wraps, being eye-catching and more detailed compared to other advertising mediums, attract a large number of viewers.
Flourishing construction, transportation, and industrial sectors are anticipated to increase the sales of trucks and other earth-moving vehicles worldwide in the coming years. Factors such as the rising demand for vehicle branding and increasing sales of heavy-duty vehicles in North America are expected to have a positive impact on the growth of the market for automotive wrap films over the forecast period.
Asia Pacific is expected to register the highest demand for automotive wrap films over the forecast period. Increasing disposable income of the middle-class families in emerging economies of the region, including Thailand, Indonesia, India, and Malaysia, is anticipated to be a key driving factor for the growth of the market.
The outbreak of the highly contagious COVID-19 across the globe severely affected the manufacturing industries, which, in turn, impacted the growth of the market in 2020. With the spread of COVID-19 across the world, work-from-home rules, order cancellations, and shipping complications surged throughout the plastics industry, impacting the market growth.