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The global automotive wrap films market size is anticipated to reach USD 28.89 billion by 2030, recording a CAGR of 22.2% from 2022 to 2030. The market is expected to be driven by the rising global population and increased disposable income will favorably affect the demand for vehicle wrap films. Automotive wrap films are often used for advertising, brand marketing, and designing trucks, buses, and passenger cars.
In 2021, the U.S. surpassed Canada as the region with the largest market for car wrap films. In the United States, car wraps are being applied on more vehicles, including buses, yachts, RVs, vans, and trucks. The demand is anticipated to increase in the next years as a result of factors like the expanding popularity of camouflage wraps and the rising quantity of automotive vehicle production.
The Organization Internationale des Constructeurs d'Automobiles (OICA) estimates that the U.S. produced 10.8 million motor cars in 2019, and 8.82 million in 2020. According to OICA, light-vehicle sales in the U.S. are projected to increase by 2.7% each year, with 15.5 million units in 2022. However, the end of the lockdown and the start of normal operations are predicted to increase demand for both automobile wrap films and the manufacture of motor vehicles. In the upcoming years, it is anticipated that the existence of numerous significant vehicle wrap film manufacturers in the nation will boost market growth.
The global COVID-19 pandemic had an adverse impact on the manufacturing sectors, which in turn affected the market's growth in 2020. Work-from-home policies, order cancellations, and delivery issues all increased as COVID-19 expanded throughout the plastics business. The demand for vehicle wrap films is expected to increase in the near future due to the lifting of lockdowns and restarting of operations while adhering to the COVID-19 rules set by various governments around the world.
Research Support Specialist, USA