Portland, OR, Aug. 12, 2020 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global body control module market was pegged at $23.59 billion in 2019, and is anticipated to reach $30.13 billion by 2027, growing at a CAGR of 3.1% from 2020 to 2027.
Increase in demand for advanced safety, convenience, comfort features in vehicles, surge in demand for automotive components, and strict safety regulations set by government for the automotive industry have boosted the growth of the global body control module market. However, rise in need for electric and hybrid vehicles and steep rush in call for advanced are expected to create lucrative opportunities in the near future. On the contrary, increase in complexity of module hinders the market growth.
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Covid-19 scenario:
• Around 78% of manufacturing companies lack enough staff to run full production line.
• As majority of the auto supply chain is connected to China, it would impact negatively on sale of body control module market.
• However, government relief funds are expected to minimize the overall impact on the market growth.
The global body control module market is segmented on the basis of type, vehicle type, application, and geography. Based on type, the market is divided into CAN and LIN. The LIN bus segment is expected to register the highest CAGR of 3.8% during the forecast period. However, the CAN bus segment dominated the market in 2019, accounting for two-thirds of the market.
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On the basis of vehicle type, the market is categorized into passenger car, commercial vehicle, and electric vehicle. The electric vehicle segment is projected to register the highest CAGR of 7.8% during the study period. However, the passenger cars segment held the largest share in 2019, accounting for two-thirds of market growth.
Based on application, the market is divided into interior and exterior. The global body control modules market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific held the largest share in 2019, accounting for two-fifths of the market. Moreover, the region is expected to portray the highest CAGR of 4.1% during the study period.
Global body control modules market report includes an in-depth analysis of the major market players such as Delphi Automotive PLC (UK), Texas Instruments Inc., Robert Bosch GmbH (Germany), Infineon Technologies AG, HELLA, Renesas Electronics Corporation, Continental AG (Germany), Mouser Electronics, Denso Corporation (Japan), and Mitsubishi Electric Corporation.
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