LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global automotive films market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the global automotive films market will grow at a CAGR of over 5% during the forecast period. The increasing demand for solar protection films is a major factor driving the market’s growth.
Self-adhesive film systems are used for a variety of windows and glass panels. These films act as a means of providing new functions to the existing window and glass systems. The installation of solar protection films on vehicles can reduce the amount of heat allowed inside while blocking UV rays.
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In this report, Technavio highlights the popularity of automotive wrap films as one of the key emerging trends driving the global automotive films market:
Popularity of automotive wrap films
Wrap films on automobiles increase the visibility of advertisements. Thus, high density of light-duty vehicles is likely to drive the global automotive films market during the forecast period.
Automotive wrap films are used in sports cars, non-traditional vehicles (vehicles that cannot be used on public streets, roads, and highways such as three-wheeled motorcycles), and heavy equipment. Customized vehicle wraps yield a high return on investment because of their popularity among the target audience. These automotive wrap films offer unique textures and finishes such as wood grain, brushed metal, and leather. These are largely used in Europe and North America.
“Fleet vehicle wrap advertising is the ideal medium for brand recognition and brand building. Though billboards, print, and broadcast media offer numerous advertising options, they are often cost-intensive. Fleet advertising is expected to gain prominence during the forecast period due to its cost benefits,” says a senior analyst at Technavio for research on plastics, polymers, and elastomers.
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Global automotive films market - segmentation analysis
This market research report segments the global automotive films market based on type (window films, wrap films, and paint protection films) and key regions (the Americas, APAC, and EMEA).
The window films segment held the largest market share in 2017, accounting for nearly 54% of the market. It is also expected to be the fastest growing segment over the forecast period, followed by wrap films and paint protection films.
As of 2017, APAC led the global automotive films market followed by the Americas and EMEA. The APAC region will also witness a significant increase in its market share over the forecast period while the other two regions will witness a decline in their market shares.
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