LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global automotive wrap films market predicts a CAGR of over 5% during the period 2017-2021.
The report segments the global automotive wrap films market by application (light-duty vehicles, medium-duty vehicles, and heavy-duty vehicles) and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global automotive wrap films market, according to Technavio researchers:
- Advertisements on automotive wrap films help capture audience attention: a major market driver
- The light-duty vehicles segment dominated the market with approximately 48% share in 2016
- APAC dominated the global automotive wrap films market with a share of 42% in 2016
- 3M, Arlon Graphics, AVERY DENNISON CORPORATION, Hexis UK, and KPMF are the leading players in the market
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Advertisements on automotive wrap films help capture audience attention: a major market driver
Modes of advertisements such as signboards, print ads, and radio and television spots are effective methods and capture the attention of the target audience. However, they do not reach a wide audience as they are stationary. Wrap films on automobiles increase the visibility and reach of these advertisements among the target audience. The high density of light-duty vehicles is also likely to drive the global automotive wrap films market during the forecast period.
Sports cars, non-traditional vehicles (vehicles that cannot be used on public streets, roads and highways; example, three-wheeled motorcycle), and heavy equipment extensively use automotive wrap films. Fire service vehicles and other emergency services use these wrap films to benefit from the visual impact of these wraps. Rental and construction companies benefit from these graphics on the vehicles. These automotive wraps are being widely used due to their unique textures and finishes such as wood grain, brushed metal, and leather.
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Rapid industrialization propelling growth in APAC
Technavio researchers estimated that the highest revenue contributor to the global automotive wrap films market is APAC owing to the rapid industrialization and the growth of the automotive industry in economies such as China and India. Factors such as the rising population and increasing disposable incomes have a positive impact on the automotive wrap films market in this region. China has witnessed a shift to high-value products from their low-cost counterparts.
According to Hitesh Bhatia, a lead analyst at Technavio for research on plastics, polymers, and elastomers, “In India, the increase in crime against women has compelled stringent regulations on the use of automotive films on light and medium-duty vehicles to ensure their safety. These regulations may hamper the market. However, heavy-duty vehicles segment is expected to drive the market as these regulations do not imply on them.”
Competitive vendor landscape
Regional and global players such as 3M, Arlon Graphics, AVERY DENNISON CORPORATION, Hexis UK, and KPMF makes the global automotive wrap films market highly competitive. R&D activities, expansion strategies, customization of product offerings, attracting potential customers, and engagement of existing customers have increased. These days, customers seek innovative, efficient, and affordable solutions and due to this the global and local players are increasing their offerings to maintain their position in the market. The growth in the automotive sector and the increasing use of fleet advertising in developing regions has fueled the demand for automotive wrap films.
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