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ARB Corporation Ltd, FCA US LLC, and Valeo SA hold a significant market share of around 22% in the 4X4 vehicles parts and accessories industry. These companies invest heavily in research and development, driving innovations in 4X4 vehicles parts and accessories solutions. These companies leverage partnerships with vehicle OEMs and product manufacturing companies to expand their market reach. Their strong distribution networks ensure that their products are readily available to consumers across various regions.
Additionally, these companies are increasingly integrating advanced technologies into their products, enhancing convenience, safety and security, thereby contributing to their dominance in the market.
The major players operating in the 4X4 vehicles parts and accessories industry are:
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.
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.
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.