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4X4 Vehicles Parts and Accessories Market Trends

Report ID: GMI11276
Published Date: Sep 2024
Report Format: PDF

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4X4 Vehicles Parts and Accessories Market Trends

A prominent trend in the market is the growing adoption of smart and connected technologies. Consumers are increasingly seeking advanced features such as GPS tracking, collision avoidance systems, and real-time diagnostics in their off-road vehicles. This trend is driven by the desire for enhanced safety, convenience, and performance. Manufacturers are responding by integrating IoT technologies and developing smart accessories that provide real-time data and improve vehicle functionality. The incorporation of these technologies not only meets evolving consumer expectations but also creates new opportunities for innovation in the market.

Additionally, the market players are launching marketing initiatives to boost the sales of 4X4 vehicle parts and accessories. For instance, in May 2023, Toyota Kirloskar Motor (TKM) launched its first-ever “Great 4x4 X-Pedition” in India. The initiative offers off-roading experiences across four regional zones—North, South, East, and West—with the first event in Southern India.

Participants can drive Toyota SUVs such as the Hilux, Fortuner 4x4, LC 300, and Hyryder AWD, navigating challenging 4WD tracks. The event also includes social activities such as environmental conservation efforts. TKM aims to connect with 4x4 enthusiasts, enhance their off-roading experience, and foster a community of motorsport fans.

Authors: Preeti Wadhwani, Satyam Jaiswal

Frequently Asked Questions (FAQ) :

The market size of 4X4 vehicles parts and accessories reached USD 7.2 billion in 2023 and will grow at a 6% CAGR between 2024 and 2032, led by increasing consumer demand for off-road capabilities and adventure-driven lifestyles.

The SUV segment captured 58% share in 2023, primarily due to the widespread popularity of SUVs for their versatility and off-road capabilities.

Asia Pacific market recorded 31% share in 2023, propelled by the region's booming automotive industry and increasing consumer interest in off-road and recreational vehicles.

Some of the prominent industry players are ARB Corporation Ltd, FCA US LLC, Valeo SA, Bosch Mobility Solutions, Magna International Inc., Hyundai Mobis, and Denso Corporation, among others.