Vehicle Wrapping Market Sales Likely to Surpass Revenues Worth US$ 26.992 Million Units by 2031 End

According to the report, in terms of volume, the global vehicle wrapping market is projected to surpass 26.992 million units by 2031, expanding at a CAGR of 12.87% during the forecast period. Increasing acceptance of solid color films, such as matte black, blue, matte orange, pink, and green, is anticipated to boost the demand for these films among consumers across the globe. Furthermore, textured finish, such as carbon fiber, wood grain, leather, and brushed metal, is being rapidly adopted in Europe and North America. The need for long-term protection of vehicle paint is also expected to fuel the demand for vehicle wrapping during the forecast period. Vehicle wrapping is gaining popularity in heavy-duty, light-duty, and medium-duty vehicles. Moreover, the low cost of vehicle wrapping, as compared to vehicle paint, is also likely to drive its demand during the forecast period.

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Increasing Demand for Customization in Light-duty Vehicles Fueling Market Growth

The growing consumer preferences for personalizing their vehicles are a key factor driving the vehicle wrapping market across the globe. The rising popularity of the personalization of cars is creating potential opportunities for vehicle wrapping market players. A vehicle wrap is a digitally printed billboard on the exterior surface of a vehicle. Vinyl film is applied to the surface of a vehicle. Consumers can upgrade or change the ad by vehicle wrapping, without the need to invest in a new car or a vehicle. Consumers can remove the old wrapper and fix a new one. Key manufacturers operating in the global vehicle wrapping market are focusing on revenue growth and lucrative business opportunities in the global vehicle wrapping market.

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The usage of vehicle wrap films in the promotional advertisement is gaining attention across the globe. The increase in demand for vehicle wrapping is due to its simplicity, great exposure around town, ease of replacement, durability, safety, and cost-effectiveness. In addition, the growing preference of consumers for vehicle wrap films for enhancement of a vehicle look is driving the vehicle wrapping market during the forecast period. Rising applications for changing the original color of a vehicle with a variety of vehicular wrap films is also contributing to the vehicle wrapping market. Solid color films are becoming popular among consumers across the globe.

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Expansion of Global Vehicle Wrapping Market

Heavy vehicles, such as buses and large vans, used for tourism also utilize wrap films for promotions. Currently, the use of automotive wrap film has become fashionable, and people are widely preferring it. The need to protect the vehicle's original paint for an extended period is further fueling the demand for these films. The option of alternating the original color of the vehicle with different colored wraps, as per consumer choice, is another factor propelling the vehicle wrapping market.

A color wrap change is less expensive than a paint job and can also be removed by a professional if you ever want to change it. The wrap also lasts an average of five to seven years. A color change wrap would not only keep the manufacturer's original paint, but it would also retain the resale value. A wrap can be removed with ease to display the original color. All these factors are anticipated to propel the vehicle wrapping market across the globe.

In terms of application, the decorative segment accounted for a notable share of the global vehicle wrapping market in 2020. However, the advertisement segment is expected to gain market share by the end of the forecast period, owing to the adoption of new designs and the increasing trend of personalizing vehicles. The increased usage of wrap films for advertising purposes is projected to boost the demand for vehicle wrap films. Furthermore, rise in the use of wrap film for product ads and marketing campaigns is estimated to fuel the demand for the vehicle wrap during the forecast period. Moreover, the vehicle wrap films industry is projected to be fuelled by rising in car racing events and the integration of electric vehicles during the forecast period.

In terms of finishing, the metallic wrap segment dominated the global vehicle wrapping market, in terms of value, in 2020. Metallic finishing provides a premium appearance to the vehicle. It is also stain-free, easy to maintain, and cost-effective. Various metallic wraps are available in the market, from major players such as 3M, and the demand for this type of wrap film is significantly high, which, in turn, contributes to the prominent share held by the segment in the market.

The installation of these automotive wrap films needs those particular concerns where the wrap should be fitted perfectly on the surface of the vehicles. The use of these films in the external surface allows the dirt to form a layer between the vehicle's surface and the outer wrap. This prevents the public from using the wrap, thereby restraining the vehicle wrapping market.

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Regional Analysis of Vehicle Wrapping Market

Based on region, the global vehicle wrapping market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Europe accounted for a major share of the global vehicle wrapping market. Early modernization coupled with a high rate of adoption of new technologies in the region has fueled the demand for the personalization of cars and consequently, propelled the market.

The growing economic development in Europe, particularly in the automotive sector, has driven the demand for wrap films. Furthermore, the promotion of green life and tourism by governments has led to an increase in the usage of wrap films on heavy-duty vehicles, such as buses and trucks. Wrap advertisements are gaining popularity significantly in Europe, which, in turn, further boosts the vehicle wrapping market in the region.

Vehicle Wrapping Market Players

Prominent players operating in the global vehicle wrapping market include 3M, Arlon Graphics LLC, ORAFOL Europe GmbH, Avery Dennisson Corporation, Eastman Chemical Company, FOLIATEC, GARWARE PPF, and HEXIS S.A.S.

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