Automotive Wrap Films Market Regional Analysis:
APAC Market Insights
Asia Pacific region in automotive wrap films market is expected to account for revenue share of more than 35% by the end of 2035. The automobile industry is rising quickly in the Asia Pacific area, which is also home to some of the world's fastest-growing economies, including China and India. The automotive wrap films market is being driven by the region's customers' increasing disposable income and growing interest in customizing their vehicles.
China is the world's biggest manufacturer and purchaser of automobiles, according to OICA. Roughly 216 thousand commercial vehicles and 965 thousand passenger cars were sold in China in April 2022.
India is anticipated to rank third globally in terms of volume sales of automobiles by 2026, which is encouraging for electric and commercial vehicles. The increase in average family income to become the youngest country by 2025, the rise in vehicle penetration, and the expansion of research and development hubs are all responsible for the surge in demand for passenger car accessories, in turn fueling the demand for automotive wrap films market.
Japan is the second-biggest automobile manufacturer in the Asia-Pacific area, according to OICA. With a declining growth rate of almost 3%, Japan manufactured 7.85 million automobiles in 2021 as opposed to 8.06 million vehicles in 2020.
North America Market Insights
The North American region will also encounter huge growth in the automotive wrap films market during the forecast period and will hold the second position owing to the increasing frequency of obesity in this region. North America is a big market for automobile customization and is home to a large number of automotive enthusiasts. The area is a desirable market for vehicle wrap films since it has a thriving automotive industry and a high volume of passenger automobiles on the road. Furthermore, the industry is expanding due to the region's increasing need for out-of-home advertising.
The automotive wrap films market in the United States is projected to record significant growth during the forecast period. Over the course of the forecast period, the demand for automotive wrap films in the nation is anticipated to be driven by the growing trend of consumer spending on automobile customization as well as the rising number of medium-duty vehicles employed as food trucks, transportation vehicles, and other applications. In December, the US retail sales of medium trucks increased 9.1% year over year, with some 8% more than in 2022 at the end of 2023.
