PUBLISHER: Grand View Research | PRODUCT CODE: 1726214
PUBLISHER: Grand View Research | PRODUCT CODE: 1726214
The global automotive wrap films market size is anticipated to reach USD 11.70 billion by 2030 and is anticipated to expand at a CAGR of 23.4% during the forecast period, according to a new report by Grand View Research, Inc. The benefits provided by automotive wrap films in the form of preserving vehicle paints, allowing flexibility in color selection, and eliminating the requirement for a complete paint makeover, thus fueling the growth of the automotive wrap films market across the globe.
Furthermore, the surging global demand for low-cost mobile advertising using vehicles wrapped with films is significantly driving the growth of automotive wrap films market. The cost saving offered by automotive wrap films used in passenger cars compared to paints that are applied is expected to boost the demand for the product in the industry. The lifespan of automotive wrap films is longer than low-quality vehicle paints. Moreover, these films result in low maintenance costs for vehicles.
Moreover, the main driver for the growth of automotive wrap films lies with the sponsorships provided by the automotive manufacturers operating in a wide range of industries such as automotive OEMs, consumer goods, electrical & electronics, and various others to racing teams. The rising trend of consumer interest in automotive racing events, Formula 1 events, and various other automotive events are encouraging companies to invest in advertising in these events. The companies are investing in advertising through sponsoring a team or a racer and the company trademark is imprinted on the vehicles using automotive wrap films.