Press release
Body Control Module Market worth $38 billion by 2033, growing at a CAGR of 3.2% | Key Players: Robert Bosch GmbH, ZF Friedrichshafen AG, Denso Corporation, Continental AG, Mitsubishi Electric Corporation
Body Control Module Market Report
The Business Research Company presents an extensive market research report on the Body Control Module Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The body control module market size has grown steadily in recent years. It will grow from $32.4 billion in 2023 to $33.56 billion in 2024 at a compound annual growth rate (CAGR) of 3.6%. The growth in the historic period can be attributed to increased automotive electrification, growth in complexity of vehicle electronics, demand for energy-efficient systems, integration of advanced safety features, government regulations on vehicle safety, focus on comfort and convenience features.
The body control module market size is expected to see steady growth in the next few years. It will grow to $38 billion in 2028 at a compound annual growth rate (CAGR) of 3.2%. The growth in the forecast period can be attributed to proliferation of electric vehicles, increasing emphasis on cybersecurity, flexible and scalable architectures, integration of health monitoring systems, environmental sustainability goals. Major trends in the forecast period include integration of advanced driver assistance systems, incorporation of lighting control modules, software updates and over-the-air (ota) capabilities, adoption of advanced sensor technologies.
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Key Market Players:
Major companies operating in the body control module market report 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, Aptiv PLC, STMicroelectronics NV, Infineon Technologies AG, Yazaki Corporation, Magneti Marelli S.p.A., Renesas Electronics Corporation, Harman International Industries Inc., Hella KGaA Hueck & Co, Omron Corporation, Visteon Corporation, Visteon Corporation, CARDONE Industries Inc., Delphi Automotive PLC, Tata Elxsi Ltd., Plato Co Ltd.
Market Drivers:
The increase in demand for electric vehicles is significantly contributing to the growth of the body control module market going forward. 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, bringing the total number of electric vehicles on the road to 16.5 million. Therefore, the increase in demand for electric vehicles will drive the body control module market.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/body-control-module-global-market-report
The body control module market covered in this report is segmented -
1) By Type: Control Area Network (CAN) Bus, Local Interconnect Network (LIN) Bus
2) By Component: Hardware, Software
3) By Vehicle Type: Passenger Car, Electric Vehicle, Commercial Vehicle
4) By Power Distribution Components: Relays, Fuses
5) By Application: Interior, Exterior
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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