The North America automotive films market is expected to grow from US$ 1,470.48 million in 2022 to US$ 1,941.84 million by 2028. It is estimated to grow at a CAGR of 4.7% from 2022 to 2028.
Rise in Popularity of Electric Cars fuels North America Automotive Films Market
In recent years, there has been tremendous adoption of electric vehicles (EVs) across the region. The rising adoption of electric vehicle charging infrastructure in developed countries is influencing the demand for electric cars. According to International Energy Agency (IEA), electric car sales reached a record high in 2021, despite supply chain disruptions and COVID-19 pandemic. Compared with 2020, sales nearly doubled to 6.6 million in 2021, bringing the total number of electric cars on the road to 16.5 million in 2021. 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 North America automotive films market growth.
North America Automotive Films Market Overview
The North America automotive films market is segmented into the US, Canada, and Mexico. The market is witnessing high growth due to increased automotive production and a high electric vehicle adoption rate. The favourable government initiatives, subsidies, and tax rebate programs to promote electric vehicle adoption in the region are propelling EV sales. Moreover, several advantages of electric vehicles over conventional vehicles are also encouraging people to opt for electric vehicles. Also, the increase in per capital income and rise in the standard of living of the population are accelerating the demand for passenger vehicles. Automotive films provide safety from sun-oriented bright radiations and help improve the general appearance of the vehicle. Therefore, the rising demand for passenger vehicles is driving the growth of the automotive films market. According to the US Department of Energy, new light-duty plug-in electric vehicle sales nearly doubled from 308,000 in 2020 to 608,000 in 2021. EV sales grew by 85% from 2020 to 2021, while PHEV sales more than doubled, with an increase of 138% over the previous year, 2020 . The rapid growth in plug-in electric vehicle sales from 2020 to 2021 is bolstering the growth of the automotive films market in North America.
North America Automotive Films Market Revenue and Forecast to 2028 (US$ Million)
North America Automotive Films Market Segmentation
The North America automotive films market is divided into film type, application, and country.
Based on film type, the North America automotive films market is segmented into window films/tints, wrap films, and paint protection films. The wrap films segment held the largest North America automotive films market share in 2022.
Based on application, the North America automotive films market is segmented into passenger cars, commercial vehicles, and two wheelers. The passenger cars segment held the largest North America automotive films market share in 2022.
Based on country, the North America automotive films market is segmented into the US, Canada, and Mexico. The US dominated the North America automotive films market share in 2022.
3M Co; Avery Dennison Corp; Compagnie de Saint Gobain SA; and Eastman Chemical Co are the leading companies operating in the North America automotive films market.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 1,470.48 Million |
| Market Size by 2028 | US$ 1,941.84 Million |
| CAGR (2022 - 2028) | 4.7% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2028 |
| Segments Covered |
By Film Type
|
| Regions and Countries Covered |
North America
|
| Market leaders and key company profiles |
|
The North America Automotive Films Market is valued at US$ 1,470.48 Million in 2022, it is projected to reach US$ 1,941.84 Million by 2028.
As per our report North America Automotive Films Market, the market size is valued at US$ 1,470.48 Million in 2022, projecting it to reach US$ 1,941.84 Million by 2028. This translates to a CAGR of approximately 4.7% during the forecast period.
The North America Automotive Films Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Automotive Films Market report:
The North America Automotive Films Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Automotive Films Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Automotive Films Market value chain can benefit from the information contained in a comprehensive market report.
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