The U.S. automotive wrap films market size is anticipated to reach USD 3.6 billion by 2027, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 17.4% from 2020 to 2027. Growing trend of company spending on automobile advertising and offering sponsorships to automotive race team in order to increase the visibility of the company is expected to drive the market.
Companies operating in consumer goods, food and beverages, electrical and electronics, tourism, and various other industries are using vehicle wrap films for advertising and showcasing their product offerings. Companies operating in these industries hire vehicles from fleet owners and use customized vehicle graphics with company names and logos imprinted on them. Additionally, the films are a cost-effective solution, which maintains the original paint job and provides a high resale value for the vehicles. The minimum service life for good quality vehicle graphics ranges from 5 to 6 years. Rising trend of hydro dipping poses a challenge in the growth of the market.
The films offer the flexibility to get the vehicle fully wrapped or semi-wrapped depending upon the requirement. These wraps can be a bit expensive than paint in the case of complex designs. However, with high quality, the overall return on investment in the case of vehicle wrapping is high as compared to vehicle paint. Automotive graphics are a cost-effective option when the paint cost is expected to be very high. For example, in the case of racing cars, as these cars often require quick color and design changes depending upon their sponsors, company, and branding. The low cost of wraps as compared to vehicle paints makes it suitable for these applications, which, in turn, is anticipated to increase the demand over the forecast period.
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U.S. Automotive Wrap Films Market Report Highlights
• The market is anticipated to reach USD 3.6 billion by 2027 and is estimated to witness a CAGR of 17.4% from 2020 to 2027
• The light duty vehicles application segment accounted for 52.7% of the overall revenue share in 2019. This high share is attributed to rising trend of consumer spending on personalized customization in their vehicles, which majorly constitutes light weight vehicles
• The growing demand for hydro dipping poses a challenge in the growth of the market as hydro dipping is relatively easy and cost-effective solution for customization
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U.S. Automotive Wrap Films Market Segmentation
Grand View Research has segmented the U.S. automotive wrap films market on the basis of application:
U.S. Automotive Wrap Films Application Outlook (Revenue, USD Million, 2016 – 2027)
• Heavy duty vehicles
• Medium duty vehicles
• Light duty vehicles
List of Key Players of U.S. Automotive Wrap Films Market
• Avery Dennison Corporation
• Arlon Graphics, LLC
• VViViD Vinyl
• Hexis S.A.
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Automotive Wrap Films Market Size, Share & Trends Analysis Report By Application (Light-duty, Medium-duty Vehicles), By Region (APAC, North America), And Segment Forecasts, 2021 – 2028
About Grand View Research
Grand View Research is a market research and consulting company that offers market research reports, syndicated and customized reports. The company is headquartered in San Francisco, California. It offers client engagement for business consulting and market intelligence from various domains. The clientele is based across various countries with queries coming from more than 50 industries worldwide.
Grand View Research helps its clients to make informed decisions by helping them understand current trends and scenarios. Every year Grand View Research accomplishes more than 300 multi-country market studies to optimize consulting for clients.
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