Regional Analysis
Automotive Films Market Outlook
- Asia Pacific is the largest market for automotive films. This is due to burgeoning growth in the automotive industry in India, China and Indonesia. Combined car sales in these countries topped 32 million in 2015. The tall number is attributed to rising population and high disposable incomes among the emerging middle class in these countries. In India, strict laws on automotive films are due to concerns regarding women safety in public vehicles such as taxis and buses. The regulations are expected to hinder market growth in India.
- North America and Europe are the next largest markets. The demand for SUVs and pickup trucks has risen in U.S. and Canada. A high preference for personal transportation in North America is expected to drive the automobile sector in the region. Whereas, Europe despite having a rich population is comparatively less inclined towards personal transportation due to a well-developed public transport infrastructure.
- Latin American markets have witnessed a slowdown in the automobile industry. Political turmoil in Brazil, Argentina, Colombia and Venezuela has contributed to this slowdown. The new Trump administration’s decision to renegotiate NAFTA has threatened the sales of Mexican made cars in the U.S. According to the Mexican Statistical Institute, automotive industry accounted for 3.4% of Mexico’s GDP in 2015. The number is expected to fall in the forecast period if NAFTA renegotiation goes ahead as planned.
- In Middle East, the GCC’s initiative to diversify industrial portfolios include the automotive industry, but growth is sedate so far. Though results are expected over the forecast period. Moreover, consumption in the wrap films segment is expected to increase with the upcoming FIFA World Cup 2022 in Qatar. The arrival of millions of fans will create a demand for advertising space.
- Africa led by South Africa and Nigeria is witnessing growth across all manufacturing sectors including automotive. South Africa is a major automotive manufacturing country and increased investment is a result of cheap labor, high technical expertise in the region and proximity to growing East African countries.
Geographies Covered
Asia Pacific, North America, Europe, Latin America, Middle East and Africa
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