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Body Control Module Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033
Body Control Module Market
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
Product innovation is the key trend gaining popularity in the body control module market. 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. The intelligent damping body control system (DiSus-C), the intelligent air body control system (DiSus-A), the intelligent hydraulic body control system (DiSus-P) and are the three branches of the BYD DiSus System that are profiled.
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Major Key Players of the Market:
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.
Body Control Module Market 2024 Key Insights:
• 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 Impact Of Surging Electric Vehicle Demand On The Body Control Module Market
• Innovations In Body Control Modules Transforming The Automotive Landscape
• Asia-Pacific was the largest region in the body control module market in 2023
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