One of the first questions any franchisee should ask about a potential investment is, “How stable is the market?” If customers aren’t interested in the products and services a business offers, that business is not viable!
At SpeedPro, we’re confident in the market demand for our large-format print products—now and looking into the future. Take, for example, the demand for vehicle wraps, one of our most sought-after and popular large-format product offering. SpeedPro studios serve as local providers of custom, high-quality graphics for vehicles large and small.
Thanks to recent and forecasted growth in this industry, potential SpeedPro studio owners can rest assured there will be customers to serve.
Recent and future industry growth
The vehicle wrap industry includes both consumer- and business-facing demand for full, partial and spot film application on vehicles. In most cases vehicle wraps are used for advertising and brand marketing purposes. Businesses large and small utilize vehicle wraps to turn their passenger vehicles, delivery vans, freight trucks or entire fleets into “mobile billboards.”
The growth of the vehicle wrap industry is hard to ignore. In 2020, the global industry was valued at $4 billion. Between 2021 and 2028, it’s expected to grow at a compound annual growth rate (CAGR) of 22.4%. This means by 2028, the global vehicle wrap industry is estimated to reach $19.7 billion!
Many things are driving this growth. First and foremost, vehicle wraps are a cost-effective and efficient method of changing a vehicle’s appearance. Wraps are lower in cost compared to vehicle paint and actually protect the vehicle’s finish beneath.
Growth in the signs and graphics industry as well as growing demand for mobile advertising are also helping to fuel the market. More customers are seeking custom wraps on light-duty vehicles like cars. However, heavy-duty vehicle wraps are still strong industry players, given their use in advertising.
In short, the demand for vehicle wraps is increasing. Companies that provide custom wraps for a range of vehicle types are well-positioned to benefit from this industry’s growth in the coming years.
Why businesses choose vehicle wraps
A large portion of the industry’s growth is due to more and more businesses learning about the benefits vehicle wraps have to offer. Here are some of the main reasons companies are investing in vehicle wraps.
- High recall rate: Mobile advertising is extremely effective at catching and holding customers’ attention. Vehicle wraps produce a high recall rate, with 97% of viewers recalling ads they saw on trucks and service vehicles. Well-designed and high-quality wraps are eye-catching and memorable on the road, helping to improve brand awareness.
- Cost-effective: Being on the road, vehicle wraps are seen by thousands of people each day. However, they don’t cost nearly as much as billboards or other forms of advertising that produce high reach do. Vehicle wraps actually have the lowest cost per impression in all of advertising! What’s more, businesses only have to invest in a wrap once—there’s no ongoing costs or rentable ad space.
- Adaptable advertising: Mobile advertising is critical in a market where more people are staying at home and shopping online. Businesses need new ways to grab customers’ attention. Vehicle graphics can be seen parked on the street, on the road while customers run errands or drive to work and many more places.
- Versatile: Wraps are not only for fleet vehicles or man-with-a-van businesses. An everyday passenger car can be wrapped with company branding to raise awareness in the same way an 18-wheeler can. Wraps can also be customized to cover some or all of the vehicle, regardless of its shape and size.
- Professionalism: Professionally designed, full vehicle wraps make an impression and clearly communicate messages to customers. Wrapped delivery and service vehicles also make it clear to customers who’s showing up at their home or place or work. Professionalism leaves a lasting impression on new and returning customers.
Vehicle wraps present SpeedPro owners with Great. Big. Opportunity.
SpeedPro has been in the vehicle wrap business for years. Our experience, leading-edge technology and high-quality materials give us a leg up on the competition in this growing market.
Vehicle wrapping is not something just anyone can do, either. The installation of vinyl vehicle wraps requires experience and precision—two things SpeedPro studios offer! B2B customers choose SpeedPro because they know our studios produce stellar graphics and long-lasting vehicular advertising.
What’s more, the materials for vehicle wraps are cost-effective, leading to high margins for studio owners. Whether your studio produces full or partial wraps, window coverings or spot graphics for local businesses, you’ll benefit from low overhead and high profits.
Want to learn more about the opportunities to be found in vehicle wraps and other wide-format print products? Fill out the SpeedPro contact form. A representative will be in contact about our rapidly growing franchise opportunity.
