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Increasing Vehicle Parc to Drive the Market
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This study covers passenger cars (PCs) and light commercial vehicles (LCVs) up to 3.5 tons for lighting components aftermarket growth insights in the European region. It discusses the major market suppliers, major distribution channels, and average retailing prices of different lighting components. The list of major distribution partners of lighting components in the major countries is also provided. The base year for analysis is 2019.
The research provides an outlook of the major suppliers in the lighting components aftermarket, major demand drivers pertaining to lighting components, and the top trends impacting the lighting components aftermarket in the European region.
The increase in the growth of vehicles in operation in Europe is expected to grow during the forecast period, driving the lighting components aftermarket in the region. The increase in the annual miles, rise in demand for vehicle lighting retro fitments, and vehicle collision are further boosting the demand for overall PC and LCV lighting components aftermarket in the European region.
Headlight assemblies and headlight components hold the major market revenue share in Europe’s lighting components, followed by tail lamp components.
Technical enhancements in lighting components such as product durability, light transition from tradition halogen to high-intensity LED, high-beam lights in the OE fitments, and upgrade of LED replacements bulbs from halogen bulbs are boosting the average retail prices of passenger and light commercial vehicles lighting components in the European region.
The top participants in the lighting components aftermarket hold major revenue shares. Marelli Europe S.P.A, Valeo Group, and Osram Licht AG are the major participants in the lighting components aftermarket business in Europe, and these suppliers offer a wide range of vehicle lighting components such as headlights, tail lights, side lights, interior lights, and fog lights.
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