LOS ANGELES, April 16, 2019 (GLOBE NEWSWIRE) -- The automotive wrap films market to grow at a noteworthy CAGR of around 22.4% during the period from 2019 to 2026. Some of the major factors behind these projections include the growing preference for personalized vehicle, and constant demand for pre-owned cars.
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Automotive wrap films are graphic used on the vehicles body for the purpose of safe guarding the vehicle from dust and corrosion. Automotive wrap films are majorly vinyl based and are personalized according to the vehicles owner. Automotive wrap films are affordable as a single film lasts up to five years.
Automotive wrap films market is majorly driven by the uninterrupted demand for pre-owned vehicles globally. In addition, the growing need for vehicle protection over hazards such as rainfall, dust, and corrosion also boosts the market for automotive wrap films. Moreover, the rise in popularity for automotivegraphics coupled with rise in mobile advertisment supports the growth of automotive wrap films market globally. However, the market growth for automotive wrap films is likely to be hampered due the intense competition in the automotive industry for cost, and quality.
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Automotive wrap films market has been segmented based on film type, vehicle type, and application. Based on film type the market has been segmented as windows films, wrap films, paint protection films. On the basis of vehicle type, the market has been divided as medium duty vehicle, light duty vehicle, and heavy duty vehicle. Rise in demand for sports utility vehicles (SUVs), personal cars, and vans led to the rise in demand for light duty vehicle thereby making it the largest revenue generator in 2013 for automotive wrap films market. Advertisement purpose and special purpose are the major applications of automotive wrap films market.
Asia Pacific to be the most attractive market for automotive wrap films during the forecast period
The report focuses on the regional markets including North America, Europe, Asia-Pacific, and Rest of the World. Among these markets, North America was the largest market for automotive wrap films in 2013 mainly due to the presence of key automotive manufacturers in the region. Advancement in color-changing technology, rise in R&D expenses by key players supports the growth of automotive wrap films market in region.
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Asia Pacific is anticipated to be the most attractive market for automotive wrap films market during the forecast period owing to the boom in the automotive industry in India, and China. In addition, the region is anticipated to be a lucrative revenue pocket owing to the favorable government initiatives and cheap labor cost.Automotive wrap films market in Latin America is driven by the expansion in the Argentina’s automotive industry.
Some of the key players profiled in the report include Kay Premium Marking Films (KPMF), Ritrama S.p.A., Vvivid Vinyl, Orafol Group, Avery Dennison Corporation, Arlon Graphics, LLC, The 3M Company, Hexis S.A., JMR Graphics Inc.Most of the key players have adopted the strategy such as merger & acquisition, new product launch, and expansion in order to have a strong foothold in the market. Key players are investing heavily on technology development in order to enhance the features of automotive wrap films.
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