Wilmington, Delaware, United States, Dec. 18, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global vehicle wrapping market was valued at US$ 7.181 million units in 2020. A CAGR of 12.65% is predicted from 2021 to 2031. The global vehicle wrapping market is expected to reach US$ 26.992 million units by the end of 2031. Wrapping a vehicle with eco-friendly materials and inks makes it more environmentally friendly. As a result, corporate social responsibility and sustainability are becoming increasingly popular.
Branding and advertising solutions are in high demand as commercial vehicle fleets continue to grow. Using vehicle wraps as a means of promoting a brand across multiple locations is practical and effective for companies with large fleets.
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Besides commercial applications, vehicle wraps are also popular among individuals and enthusiasts. Vehicle wraps appeal to a wide range of consumers, from individuals wanting to change the color of their vehicle to artists wishing to express themselves.
Global Vehicle Wrapping Market: Key Players
Several companies are expanding their presence in the global vehicle wrapping market through mergers and acquisitions or by opening new facilities.
- 3M
- Arlon Graphics LLC
- ORAFOL Europe GmbH
- Avery Dennison Corporation.
- Eastman Chemical Company
- FOLIATEC
- GARWARE PPF
- HEXIS S.A.S.
- Madico, Inc.
- NEXFILUSA
- NorthWest Auto Salon
- VVIVID Vinyl
- RITRAMA S.p.A.
- Kay Premium Marking Films
- ADS Window Films Ltd
- Other Key Players
Key Findings of the Market Report
- Among vehicle types, light commercial vehicles dominated the global vehicle wrapping market in 2020. In 2020, the segment held more than 45% of the market.
- In 2020, the cast film segment accounted for a majority of the global vehicle wrapping market in terms of revenue, owing to its excellent conformability, good aesthetics, and ease of use.
- Europe is predicted to account for a significant share of the global vehicle wrapping market.
- Wraps made from metallic materials are expected to become more lucrative in the near future.
- Increasing consumer awareness about safety trends is expected to boost demand for vehicle wrapping.
Global Vehicle Wrapping Market: Growth Drivers
- Wrapping a vehicle is an excellent way to personalize it, allowing individuals and businesses to choose the design, colors, and branding they wish to use. Consumers are increasingly attracted to vehicles with unique customizations. The cost-effectiveness of vehicle wrapping makes it a viable form of mobile advertising for businesses.
- An advertisement that is wrapped around a vehicle can be used as a moving billboard that is capable of reaching a wide range of audiences. A vehicle wrap can provide a greater return on investment than traditional advertising methods. Wraps not only add aesthetic appeal to a vehicle, but they also protect its original paint. As a result, the film can protect the vehicle from stone chips, scratches, and sun exposure, protecting its resale value.
- Ink and vinyl technology have made wraps more durable and aesthetically pleasing. Wraps made from higher-quality materials and printed with better techniques last longer and look better. The underlying paint of the vehicle is not typically damaged when the wrapping is removed without damaging it. To make use of this feature, businesses can update brand logos, change their advertisements, and return leased vehicles to the settings they were originally set in.
- Using wrapped vehicles to advertise in local or regional markets provides a localized solution to advertising. Increasing visibility in the local community is particularly beneficial for small businesses. As more businesses and individuals become aware of the benefits of vehicle wrapping, they will consider it as a way to advertise and personalize their vehicles.
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Global Vehicle Wrapping Market: Regional Landscape
- North America is expected to dominate the market in the near future. Global positioning satellite tracking systems provide detailed information on vehicles that are used in these campaigns, which can be used to measure the effectiveness of these campaigns. Therefore, auto-wrap films are a popular choice for mobile ads in the region.
- Car customization has become extremely popular in the era of rapid technological advancement and early modernization. The Asia Pacific region is expected to dominate the global market. In addition, high sales of passenger cars are widely available in the region, contributing to its dominance in the market.
- The rapidly growing populations and rising disposable income levels in India and China will contribute to expanding their economies. Sales of heavy-duty vehicles are expected to increase in the transportation, construction, and industrial sectors during the forecast period.
Key Developments
- In April WrapFest launched an event at Silverstone as the first vehicle wrapping and car detailing event ever. Wrapping professionals and enthusiasts attended the event, as well as businesses providing livery and fleet graphics and those providing paint protection and tinting.
- In August 2023, Ball & Doggett and Avery Dennison hosted wrapping workshops in Melbourne, Sydney, and Brisbane. Workshops provided industry professionals with an overview of vehicle graphics and wraps, as well as essential application techniques.
Global Vehicle Wrapping Market: Segmentation
By Type of Media
- Vinyl
- Cast Vinyl
- Paint
- Vehicle Printing
By Vehicle Type
- Two-wheeler Vehicle
- Three-wheeler Vehicle
- Passenger Vehicle
- Hatchback
- Sedan
- Utility Vehicle
- Light Commercial Vehicle
- Buses & Coaches
- Medium & Heavy Commercial Vehicles
- Off-road Vehicle
- Trains
- Aviation Vehicle
By Film Type
- Cast Film
- Calendared Film
- Polymeric Film
- Window Film
- Wrap Film
- Others
By Application
- Decorative
- Advertisement
- Safety
- Others
By Finishing
- Metallic Wrap
- Matte Wrap
- Glossy Wrap
- Satin Wrap
- Brushed Wrap
- Textured Wrap
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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