Body Control Module Market Worth $35.7 Billion by 2027 - Exclusive Report by MarketsandMarkets™
The major factors driving the growth of the market are the advent of body control functions in the vehicle and increasing sales of luxury vehicle.
CHICAGO, Oct. 8, 2019 /PRNewswire/ -- According to the new market research report "Body Control Module Market by Functionality (High End & Low End), Component (Hardware & Software), MCU Bit Size (8 bit, 16 bit & 32 bit), Communication Protocol, Power Distribution Component, Vehicle, Electric Vehicle, and Region - Global Forecast to 2027", published by MarketsandMarkets™, the global Body Control Module Market is projected to grow at a CAGR of 2.6% to reach USD 35.7 billion by 2027 from an estimated USD 29.2 billion in 2019.
The major factors driving the growth of the market are the advent of body control functions in the vehicle and increasing sales of luxury vehicle.
Browse in-depth TOC on "Body Control Module Market"
156 – Tables
70 – Figures
179 – Pages
By Functionality: High-end BCM is the fastest-growing segment of the Body Control Module Market during the forecast period
High-end BCM are installed with higher configuration microcontroller and other hardware component making it capable of handling complex body control functions. These features make it preferred choice for OEM for their high-end variants of vehicle models. People nowadays are preferring to buy vehicles installed with advanced body control functions such as power windows, automatic trunk opener, keyless entry, etc. Installation rate of high-end BCM in vehicles has increased in the last few years, and the trend is expected to remain the same in future.
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By Vehicle Type: Heavy-duty vehicle is expected to be the fastest-growing segment in the Body Control Module Market
Heavy-duty vehicle includes trucks and buses. Trucks are installed with single BCM, whereas buses are installed with two BCM. The road transportation sector across the globe is boosting. Road conditions in the developing region are improving. Transportation companies in developing region are focusing on buying trucks which cater them commercial benefits. On the other hand, public transportation in developing and other countries is increasing, resulting in increasing sales of buses. Governments and transportation authorities across the globe are emphasizing on developing environment-friendly vehicles. These are a few of the factors that are contributing to the growth of heavy-duty vehicle market for the body control module.
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By Region: RoW is expected to be the fastest-growing region in the by 2027 in the Body Control Module Market
Most of the Tier I, II suppliers, and OEMs are focusing on the automotive market of Rest of the world. Countries in the rest of the world category are becoming self-dependent and economically stable. The production of vehicles in this region is increasing day-by-day. People in these countries are also looking out for high featured vehicles. This is the reason for the growth of the body control module in the rest of the world region.
The major Body Control Module Market players include Bosch (Germany), Continental (Germany), Lear Corporation (US), Hella (Germany), and Aptiv (UK) among others.
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