New York , Jan. 09, 2024 (GLOBE NEWSWIRE) -- The global body control module market size is predicted to grow at a CAGR of over 5.60% from 2023 to 2035. The market is projected to garner a revenue of USD 62 billion by the end of 2035, up from a revenue of USD 32 billion in the year 2022. This growth of the market is set to be influenced by a surge in demand for automobiles. From almost 65 million in 2021 to approximately 66 million in 2022, auto sales increased globally. Hence, the demand for body control modules is estimated to grow.
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In an automobile, the body control module interacts with various ECUs by using the bus system (CAN, LIN, etc.) of the vehicle. This module may be thought of as the brain that sends and receives signals through the nerves (vehicle BUS) to control various body parts (different ECUs). Furthermore, the demand for safety and comfort while driving is increasing at a rapid pace, which implies that contemporary automobile electrical system architecture is eventually required. For instance, the World Health Organization claims that car crashes claim the lives of about 1.3 million people annually. Every year, between 20 and 50 million additional individuals suffer non-fatal injuries, many of which result in a disability.
Body Control Module Market: Key Takeaways
- Market in North America region to gather the largest market share
- Passenger vehicle segment to capture the largest share in the market.
- Market in Asia Pacific region to have notable growth
Surge in Population to Boost the Growth of Global Body Control Module Market
In 2023, there were a total of over 8,045,311,446 people on the planet, indicating a rise of close to 0.87% (or above 70,206,290) above the population of approximately 7,975,105,155 in 2022. Hence, with this, the demand for automobiles is also surging. Moreover, with the rise in automobiles running on streets, the prevalence of traffic is also growing. That is why the need for a body control module is also surging.
Body Control Module Industry: Regional Overview
The global body control module market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rise in Disposable Income to Influence the Market Growth in North America
The North America for body control module is set to gather the highest market share of over 35% over the forecast period. This could be on account of rising disposable income in this region. In the United States, disposable personal income jumped from approximately 20387 USD billion in September 2023 to over 20450 USD billion in October 2023. As a result, the demand for modern vehicles is rising which is further driving the market growth for body control modules.
Surge in Demand for Electric Vehicles to Encourage the Market Expansion in Asia Pacific
The Asia Pacific market for body control module is projected to capture a significant share in the market of over 24% over the coming years. The boost in the demand for electric vehicles is the major element influencing the market expansion in this region. With around 5 million electric vehicles sold in the Asia-Pacific area in 2022, China saw the highest sales of electric vehicles.
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Body Control Module Segmentation by Vehicle Type
- Passenger Car
- Commercial Vehicle
- Electric Vehicle
The passenger car segment is expected to generate the largest share of ~35% over the coming years. This growth could be influenced by rising demand for passenger vehicles. The worldwide sales of passenger cars exceeded over 56 million in 2022, an increase of almost 2 percent over the previous year.
Body Control Module Segmentation by Type
- CAN
- LIN
The CAN segment is expected to capture the largest share of 30% in the market over the forecast period. This growth of the segment is poised to be encouraged by growing demand for autonomous vehicles. In 2022, over 16,999 units were sold which is further expected to grow to 126,000 units in 2030.
Body Control Module Segmentation by Application
- Interior
- Exterior
A few of the well-known market leaders in the global body control module market that are profiled by Research Nester are Volvo Group, Tata Motors Limited, Daimler Truck AG, Toyota Motor Corporation, Mahindra & Mahindra Limited, Paccar Inc., Hino Motors, Ltd., Volkswagen AG, Scania CV AB, Robert Bosch GmbH, and others.
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Recent Development in the Body Control Module Market
- The Volvo Group unveiled a new fully electric rear axle that has room for more batteries, as well as an enhanced range for their battery-electric trucks.
- Tata Motors Limited showcased 21 new commercial vehicles in various classes, offering a wide and comprehensive variety of options. These state-of-the-art cars complement Tata Motors' well-known "Power of 6" benefit offer by addressing certain applications and usage patterns and resulting in increased productivity and a lower total cost of ownership. They were constructed and designed to meet the changing demands of people and cargo transportation across various segments and applications (TCO).
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