According to a report, “ Central & South America Automotive Wrap Films Market Size, Share & Trends Analysis Report By Application (Heavy Duty Vehicles, Medium Duty Vehicles, Light Duty Vehicles), By Country, And Segment Forecasts, 2019 – 2025 ”, published by Grand View Research, Inc.,The Central and South America automotive wrap films market size is anticipated to reach USD 582.19 million by 2025, expanding at a CAGR of 19.4% over the forecast period, according to a new report published by Grand View Research, Inc. Automotive wrap films are increasingly being used in various applications including light, medium, and heavy duty vehicles. Growing sign and graphics industry, increasing demand for outdoor advertising, and low cost of wrap films compared to vehicle paint are the prominent factors propelling the market growth.
Rising market for out-of-home or outdoor advertising in emerging countries, such as Argentina, Brazil, Mexico, Chile, and Columbia is anticipated to drive the demand for auto wrap films. Factors such as, rapid urbanization and popular trend of vehicle customization are expected to further propel the product demand. Advancements in printhead, inkjet, and media technologies is also likely to fuel the market growth. Changing consumer lifestyle, rise in youth population, and popularity of automobile graphics are the other key regional growth drivers.
Key market players include Avery Dennison Corporation, Arlon Graphics, LLC, 3M, Ritrama S.p.A., Hexis S.A., VViViD Vinyl, ORAFOL Europe GmbH, and JMR Graphics
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Transit advertising has emerged as an effective means of outdoor advertising in recent years. Application of automotive wrap films helps turning any vehicle into a moving billboard, thereby allowing the ability to reach millions of consumers. Auto wrap films also protect the vehicle from scratches, scuffs, stone chipping, and sun fading, thus encapsulating the vehicle finish and maintaining its resale value. Fleet wraps are suitable for promotion and advertisement of new products as well as marketing events. It boosts brand recognition by 15 times more than other advertising mediums. The developing product distribution channels has also made these products readily available to the users. All these factors are anticipated to positively influence growth of the Central and South America automotive wrap films market over the forecast period.
Further key findings from the repot suggest:
Light duty vehicles emerged as the fastest growing application segment in 2018. Auto wrapping is cost-effective solution than automotive paint, especially for high-end vehicles
Vinyl segment is anticipated to witness significant growth over the forecast period. Rising demand for environment-friendly and energy saving products and solutions is expected to drive the demand of vinyl films over polyurethane films
Brazil accounted for 35.45% of the Central & South America market share in 2018 and is projected to expand at a CAGR of 19.7% over forecast period
Increasing investment from government and private institutions in the regional transportation sector to replace old vehicles fleet is expected to drive the growth
Large-sized vehicles with graphics attract commuters and allow easy access to information. Moreover, heavy duty vehicles generally travel long distance allowing access to millions of untapped areas for the promotion of the brand image. Different types of vinyl films are available for vehicle body and windows.
For instance, the body of buses is covered with opaque vinyl film while the windows are covered with perforated and special quality films to maintain visibility. Fast application and removability of these films allow flexibility in the application of different graphics on the vehicles. Promotion of smaller brands can be very expensive through billboards, thus, many companies prefer automotive wrap films over billboards.
The companies need to comply with road transport authority, which makes it compulsory for every commercial vehicle to display the name of the company on each door of the its vehicle. This is also expected to drive the market growth over the forecast period. Advertisements through medium duty vehicles provide huge opportunity in developing countries with rising disposable income and large population. The prominent countries include Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Guyana, Paraguay, and Peru.
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Majority of medium duty vehicles are used for transporting goods between the cities, which helps reach untapped population. These vehicles have high accessibility to places with inefficient road transportation.This factor is anticipated to bode well for the growth of the segment in the forthcoming years.
Grand View Research has segmented the Central & South America automotive wrap films market on the basis of application and country:
Central & South America Automotive Wrap Films Application Outlook (Revenue, USD Million, 2014 – 2025)
Heavy Duty Vehicles
Medium Duty Vehicles
Light Duty Vehicles
Central & South America Automotive Wrap Films Regional Outlook (Revenue, USD Million, 2014 – 2025)
Central & South America
Rest of CSA
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