Automotive Tinting Film Market Trends

Growth Drivers

• Growth in Population Across the World -  Nowadays, people are more inclined towards safety from harmful sun rays and protection of car interiors. Further, the high demand for vehicles by the burgeoning population is also expected to upsurge the adoption rate of automotive tinting film in the forecast period. World Bank estimated that the world population stood at 7.84 billion in 2021, an increase from 7.09 billion in 2021. This number is anticipated to rise to 9.8 billion in 2050 and 11.2 billion in 2100, as per United Nations, Department of Economic and Social Affairs.

• High Number of Vehicles on the Roads – As a result of recent urbanization, the number of vehicles on the road has increased. As a result, the utilization of automotive tinting film is expected to also surge considerably. As per the calculations, it was forecasted that were approximately 2 billion vehicles on roads across the globe by the end of the first quarter of 2022.

• Rapid Production Rate of Vehicles - International Organization of Motor Vehicle Manufacturers (OICA), released the global sales of vehicles statistics which revealed that it rose to 56 million in 2021 from 53 million in 2020. Whereas, the global production of vehicles is calculated to be 57 million in 2021.

• Increasing Need of Luxury Cars -  According to a recent report, the global sales of luxury cars are anticipated to stand at 200K vehicles in 2026, a rise from 190K vehicles in 2022.  

 Challenges

• Extra Expenses Incurred in Production Cycles
• Low Adoption Rate in Developing Countries
• Rising Governmental Policies Regarding Pollutants Emission by Vehicles

The automotive tinting film market is segmented and analyzed for demand and supply by vehicle type into passenger cars, light commercial vehicle, heavy commercial vehicle, and others. Out of these, the passenger cars segment is attributed to garner the highest market share by 2033, owing to the high demand of passenger vehicles by the burgeoning population. International Organization of Motor Vehicle Manufacturers (OICA) stated that the global sales of passenger vehicles sales rose from 53 million in 2020 to 56 million in 2021, whereas, the production rose from 55 million in 2020 to 57 million in 2021.