PORTLAND, Oregon, December 11, 2018 /PRNewswire/ --
Increased demand for advanced safety, comfort, and convenience features in automotive along with stringent regulations by government bodies and need for advanced driver assist features is expected to propel the growth of the global body control module market
Allied Market Research recently published a report, titled, "Body Control Modules (BCM) Market by Type (CAN Bus and LIN Bus), Vehicle Type (Passenger Vehicle and Commercial Vehicle), and Application (Interior and Exterior): Global Opportunity Analysis and Industry Forecast, 2018-2025". The report provides comprehensive analyses of the top investment pockets, drivers & opportunities, key market segments, market size & estimations, and competitive landscape. According to the report, 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.
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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.
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CAN bus segment to dominate the market through 2025
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.
Passenger cars segment to manifest fastestgrowth by 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.
Interior application segment to hold the largest share through 2025
The interior segment held the largest market share in 2017, contributing about 70% share of the global market, owing to the growing demand for interior lighting, seat adjustment, remote keyless entry, active steering, and anti-lock braking systems. However, the exterior segment is expected to register the fastest CAGR of 6.2% during the forecast period, owing to the rising demand for exterior functions such as wiper control, central locking system, hands free power liftgate/tailgate system, fog lamp, weather monitoring and others.
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Asia-Pacific region to retain lion's share by the end of forecast period
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).
Key market players
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.
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