Increased need for enhanced safety, comfort, and convenience in vehicles alongside stringent safety regulations by government bodies and high demand for automotive drives the growth of the global body control module market. However, increased complexity in the manufacturing process hampers market growth. On the contrary, rise in demand for electric and hybrid vehicles across the globe, increase in sales of automotive vehicles, and need for advanced driver assist features are expected to create lucrative opportunities for the market players in future.
The major market players analyzed in the report include Continental AG (Germany), Robert Bosch GmbH (Germany), HELLA, Mouser Electronics, Mitsubishi Electric Corporation, Denso Corporation (Japan), Delphi Automotive PLC (UK), Texas Instruments Inc., Infineon Technologies AG, and Renesas Electronics Corporation.
The global body control module market was pegged at $8.73 billion in 2017 and is expected to reach $13.38 billion by 2025, registering a CAGR of 5.4% during 2018-2025.
The passenger cars segment dominated the global BCM market in terms of revenue in 2017, contributing about 73% of the total market. This segment is expected to manifest the fastest CAGR of 5.7% during the study period, owing to rise in demand for passenger cars in developing and developed countries. In addition, the commercial vehicle segment is expected to grow at a steady rate during the forecast period.
The Controller Area Network (CAN) bus segment held the largest market share in 2017, contributing about 64% of the total revenue, owing to rise of cloud computing technology and growth in internet of things (IoT) and connected car. However, the local interconnect network (LIN) bus segment is expected to register the fastest CAGR of 6.0% during the forecast period, as it permits up to 196 LED lighting devices to be connected to a single BCM.
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The Asia-Pacific region held the largest share in 2017, contributing more than one-third share of the total market share, owing to the large-scale demand for passenger and heavy commercial vehicles and high adoptive rate of new technology as compared to other regions. However, Europe region is expected to portray the fastest CAGR of 7.1% during the forecast period, owing to the proactive government support for development of novel technology. The other regions analyzed in the report include North America and Latin America, Middle East and Africa (LAMEA).
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