According to a recent report published by Allied Market Research, titled,"Body Control Modules (BCM) Market by Type, Vehicle Type, and Application: Global Opportunity Analysis and Industry Forecast, 2018 - 2025,"the global body control modules (BCM) market was valued at $8,728.0 million in 2017 and is projected to reach $13,383.0 million by 2025, registering a CAGR of 5.4% from 2018 to 2025.
The major factors that drive the global BCM market include increase in demand for advanced safety, comfort, and convenience features in vehicles; stringent regulations from governments; and increase in demand of automotive. Simultaneously, research is also being undertaken to manufacture low-cost controlling modules that is also expected to boost the market growth. The demand for active safety features such as driver assistance systems in vehicles is increasing and is expected to propel the global BCM market over the forecast period. However, increase in complexity is expected to hamper the growth of the global market. The growing demand of electric as well as hybrid vehicles, rising sales of automotive vehicles across the globe, and need of advanced driver assist features in new vehicles is anticipated to boost the market growth in the near future.
Key Findings of the Body Control Modules (BCM) Market:
- Based on vehicle type, the passenger car segment dominated the global body control modules market in 2017.
- Based on type, the LIN bus segment is anticipated to exhibit the highest CAGR during the forecast period.
- Based on application, the exterior segment is anticipated to exhibit the highest CAGR during the forecast period.
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