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In light of recent events, this month we wanted to highlight subsets of the manufacturing industry likely to see an increase in demand for their products. We decided to investigate the motor vehicle parts and accessories manufacturing industry, once the dust settles, with the likelihood of more Australians holidaying in Australia, an increase in demand for these products amongst other things are likely to be seen down the track.
4×4 vehicles are part of Australia’s DNA. In fact, the Ford Ranger and Toyota Hilux are currently the two highest selling cars in Australia. A big part of the Australian lifestyle is centred around camping and four-wheel driving, so not surprisingly the 4×4 accessory market in this country is relatively sizable with revenue of $3.2bn per annum, accounting for 0.2% of Australia’s total GDP in 2019 or just over 3% of the total manufacturing GDP.
