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4X4 Vehicles Parts and Accessories Market Size - By Product (Driveline and Powertrain, Suspension Systems, Electronics, Bodies and Chassis, Seating, Lighting, Wheel and Tires), By Vehicle, By Sales Channel & Forecast, 2024 - 2032
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4X4 Vehicles Parts and Accessories Market
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Premium Report Details
Base Year: 2023
Companies covered: 20
Tables & Figures: 341
Countries covered: 23
Pages: 250
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4X4 Vehicles Parts and Accessories Market Size
The global 4X4 vehicles parts and accessories market size was valued at USD 7.2 billion in 2023 and is projected to grow at a CAGR of 6.1% between 2024 and 2032. Government worldwide invests in transportation infrastructure development for advancing regional tourism industry success rates. Government expenditure targets both the care of current infrastructure through repair work and design and construction of new infrastructure facilities.
To quote an example of investment, in July 2024, for rebuilding and repairing transportation infrastructure of Gorgia, the U.S. department of Transportation granted USD 1.5 billion. The government is planning to redevelop several projects across the area. This investment will provide more access to improved road network, which is required for off-roading. These initiatives enhance tourism experience and generate more demand for 4X4 vehicles parts and accessories.
Vehicle production growth and increased sales performance simultaneously drive 4X4 vehicles parts and accessories market demand. Statista documents that SUVs achieved 23,865.8 thousand units global sales during 2022. Consumers increasingly focus on vehicle customization and improved performance which drives up demand for driveline and powertrain components along with suspension systems electronics and wheel & tires and other relevant parts.
Market growth accelerates from two key factors, government initiatives in road infrastructure development and increasing vehicle ownership expressions. 4X4 vehicles are selected more by consumers because they access difficult terrain areas effectively. Off-road adventures and hunting activities together with recreational uses make the vehicles excellent choices because of their innovative features.
4X4 Vehicles Parts and Accessories Market Trends
4X4 Vehicles Parts and Accessories Market Analysis
The market is categorized by vehicle into SUVs, trucks, jeeps, and others. In 2023, the segment SUV held the 4X4 vehicles parts and accessories market share, approximately 55%, while the others segment is expected to experience a CAGR of about 10% by 2032.
The 4X4 vehicles parts and accessories market is divided into several sales channels, including online retailers, automotive parts stores, specialty 4X4 shops, and OEM. In 2023, the OEM segment leads the market with a 47% share, while the online retail segment is projected to grow at a CAGR of over 7% from 2024 to 2032.
Based on product, the 4X4 vehicles parts and accessories market, it is segmented into driveline and powertrain, suspension systems, electronics, bodies and chassis, seating, lighting, wheel and tires, and others, with the driveline and powertrain category expected to take the lead in the market due to increasing demand for high performance vehicles.
4X4 Vehicles Parts and Accessories Market Share
4X4 Vehicles Parts and Accessories Market Companies
Major players operating in the 4X4 Vehicles Parts and Accessories industry are:
Market leaders are continuously capitalizing on different market opportunities such as formations of partnerships and collaboratives, mergers and acquisitions, new launches and innovations, investment in research and development and so much more. This is useful as it allows the integration of new features and technologies relevant to 4X4 vehicles. Companies are also introducing new products to strengthen their product mix.
In order to remain competitive, larger corporations are investing in research and development. By investing in research and development activities, companies create innovations which in turn promote industrial development. Through relationships with other key players in the 4X4 Vehicles Parts and Accessories market, manufacturers obtain better access to markets, greater resources, and new products. In January of 2023, Bosch announced it would pour one billion dollars into a new research and development facility expected to be built in China. The building is expected to employ 10,000 workers and 300,000 square meters of space is devoted to it.
4X4 Vehicles Parts and Accessories Industry News
The 4X4 vehicles parts and accessories market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) and shipment (Units) from 2018 to 2032, for the following segments:
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Market, By Displacement
Market, By Propulsion Type
Market, By Application
The above information is provided for the following regions and countries: