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The Body Control Module Market Is Projected To Exhibit Consistent Growth At A Stable Compound Annual Growth Rate (CAGR) During The Forecast Period From 2023 To 2032 || Robert Bosch GmbH, ZF Friedrichshafen AG, Denso Corporation, Continental AG
Body Control Module Market
The Business Research Company's Body Control Module Global Market Report 2023 identifies the increase in demand for electric vehicles is the major driver for the body control module market's growth in the forecast period. An electric vehicle (EV) refers to a vehicle that has an electric motor capable of drawing power from a battery and having the ability to receive external charging. The body control module is used in electric vehicles to manage energy to maximize the electric vehicle's travel distance before any battery recharge is required. For instance, in September 2022, according to the International Energy Agency, a France-based autonomous intergovernmental organization, sales of electric vehicles doubled to 6.6 million in 2021 compared to 2020, bringing the total number of electric vehicles on the road to 16.5 million.
The global body control module market is expected to grow from $31.10 billion in 2022 to $32.40 billion in 2023 at a compound annual growth rate (CAGR) of 4.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The body control module market is expected to reach $36.51 billion in 2027 at a CAGR of 3%.
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Major competitors in the body control module market are Robert Bosch GmbH; ZF Friedrichshafen AG; Denso Corporation; Continental AG; Mitsubishi Electric Corporation; Hyundai Mobis Co Ltd.; Calsonic Kansei Corporation; Mazda Motor Corporation; Valeo Groupe; Lear Corporation; Texas Instruments Incorporated; NAPA Auto Parts.
A key trend in the body control module market includes product innovations. Major companies operating in the body control module market are focusing on developing new body control modules that have more intelligence and are compatible with new breeds of vehicles that are being manufactured. For instance, in April 2023, BYD, a China-based automotive manufacturer, launched the BYD DiSus Intelligent Body Control System for new energy vehicles (NEV). The self-developed complete stack BYD DiSus System is solely intended for NEV, making BYD the pioneering Chinese automobile company to own the intelligent vehicle body control technologies from start to finish. The BYD DiSus System dramatically improves its consumers' driving experiences.
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The body control module market is segmented -
• By Type: Control Area Network (CAN) Bus, Local Interconnect Network (LIN) Bus
• By Component: Hardware, Software
• By Vehicle Type: Passenger Car, Electric Vehicle, Commercial Vehicle
• By Power Distribution Components: Relays, Fuses
• By Application: Interior, Exterior
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the body control module market.
The Business Research Company's "Global Body Control Module Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Body Control Module Market Include:
1. Executive Summary
2. Body Control Module Market Characteristics
3. Body Control Module Market Trends And Strategies
4. Body Control Module Market - Macro Economic Scenario
5. Body Control Module Market Size And Growth
……………
27. Body Control Module Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Body Control Module Market
29. Body Control Module Market Future Outlook And Potential Analysis
30. Appendix
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