Report : Asia Pacific Automotive Films Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Film Type (Window Films/Tints, Wrap Films, and Paint Protection Films) and Application (Passenger Cars, Commercial Vehicles, and Two Wheelers)
At 4.1% CAGR, the Asia Pacific Automotive Films Market is speculated to be worth US$ 3,763.65 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific automotive films market was valued at US$ 2,953.53 million in 2022 and is expected to reach US$ 3,763.65 million by 2028, registering a CAGR of 4.1% from 2022 to 2028. Rise in popularity of electric cars and recovery of automotive industry post-pandemic are the critical factors attributed to the Asia Pacific automotive films market expansion.
Government initiatives are contributing to the rising adoption of electric vehicles in many developing countries. In India, in January 2022, the Ministry of Power (MoP) revised the guideline for EV charging infrastructure. The guidelines aimed to enable the rapid adoption of EVs in India by ensuring safe, reliable, accessible, and affordable charging infrastructure and ecosystem. Furthermore, in March 2022, the Ministry of Heavy Industries approved 2,877 EV charging stations in 68 cities across 25 states and union territories under the second phase of the Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicles (FAME-II) scheme. Automotive films are used to protect surfaces and windows of a vehicle. Automotive films such as window tint and paint protection films are stained resistant and defend against stone chips, minor scratches, bug spray, swirl marks, and other paint damage. They also protect vehicles from harmful UV radiation. Thus, increasing demand for electric cars propel the utilization of automotive films, thereby driving the Asia Pacific automotive films market growth.
On the contrary, regulations on using automotive films hampers the Asia Pacific automotive films market.
Based on film type, the Asia Pacific automotive films market is segmented into window films/tints, wrap films, and paint protection films. The wrap films segment held 66.0% share of Asia Pacific automotive films market in 2022, amassing US$ 1,950.03 million. It is projected to garner US$ 2,488.03 million by 2028 to expand at 4.1% CAGR during 2022–2028.
Based on application, the Asia Pacific automotive films market is segmented into passenger cars, commercial vehicles, and two wheelers. The passenger cars segment held 57.3% share of Asia Pacific automotive films market in 2022, amassing US$ 1,691.37 million. It is projected to garner US$ 2,185.04 million by 2028 to expand at 4.4% CAGR during 2022–2028.
Based on country, the Asia Pacific automotive films market has been categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 48.5% share of Asia Pacific automotive films market in 2022. It was assessed at US$ 1,433.41 million in 2022 and is likely to hit US$ 1,841.63 million by 2028, exhibiting a CAGR of 4.3% during the forecast period.
Key players dominating the Asia Pacific automotive films market are 3M Co; Avery Dennison Corp; Compagnie de Saint Gobain SA; and Eastman Chemical Co, among others.
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