Body Control Module Market Trends

Growth Drivers

• Increasing Demand for Advanced Safety Features in Automobiles – With road accidents becoming a major concern worldwide, automotive manufacturers are increasingly focusing on integrating advanced safety systems into their vehicles. These safety systems require complex electronic control units such as BCMs, which are responsible for controlling various functions such as lighting, power windows, climate control, and safety systems. The global advanced driver assistance systems (ADAS) industry was noted to garner a revenue of nearly USD 28 billion in the year 2020.
• Growing Popularity of Electric and Hybrid Vehicles – The demand for electric and hybrid vehicles has been steadily increasing in recent years, driven by factors such as government initiatives, environmental concerns, and advancements in battery technology. These vehicles require sophisticated electronic components, including BCMs, to control various functions such as battery management and charging, and to maintain optimal performance. The global electric vehicle sales were noted to account to nearly 3.4 million units in the year 2020.

• Upsurge in the Demand of Light Commercial Vehicles – for instance, it was observed that light commercial vehicles contributed more than 78% to the global commercial vehicle production in 2021.
• Growing Production of Heavy Trucks – It was estimated that in United States more than 280,000 heavy trucks were produced in 2021, which was ~20% more than the production volume of 2020. This is estimated to drive the body control module market growth.
• Increasing Number of Commercial Drivers –A rise in the number of drivers in transportation industry is estimated to boost the market growth.  For instance, in United States, more than 90o,000 truck drivers were employed in 2020.

Challenges

• High Cost of Installation- It is estimated that USD 600 -USD 1000 is the average cost of installation of the body control module.
• Huge Initial Investment - Initial investment refers to the total sum that a buyer is required to pay in accordance with the conditions of the business opportunity contract, either before or at the time the goods or services are delivered, or within six months of the buyer starting to operate the business opportunity. The high costs included in various stages is expected to pose as a challenge as it becomes difficult for the population with middle income or startups to incorporate pressure sensitive adhesives in use of varied processes.
• Complex Mechanism