Automotive Peripheral View Monitoring (AVM) Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2031)
This "Automotive Peripheral View Monitoring (AVM) Market Research Report" evaluates the key market trends, drivers, and affecting factors shaping the global outlook for Automotive Peripheral View Monitoring (AVM) and breaks down the forecast by Type, by Application, geography, and market size to highlight emerging pockets of opportunity. The Automotive Peripheral View Monitoring (AVM) market is anticipated to grow annually by 12.7% (CAGR 2024 - 2031).
Introduction to Automotive Peripheral View Monitoring (AVM) and Its Market Analysis
Automotive Peripheral View Monitoring (AVM) is a system that uses cameras placed around a vehicle to provide a 360-degree view of its surroundings. The purpose of AVM is to help drivers navigate tight spaces, avoid obstacles, and park more easily. Its advantages include increased safety, reduced blind spots, and improved maneuverability. AVM can impact the automotive market by improving the overall driving experience, increasing demand for vehicles equipped with this technology, and potentially lowering insurance premiums for vehicles with AVM systems. With advancements in technology, the AVM market is expected to grow rapidly in the coming years.
The Automotive Peripheral View Monitoring (AVM) Market analysis encompasses a comprehensive study of various aspects of the industry, such as market trends, drivers, challenges, opportunities, and competitive landscape. The report forecasts that the Automotive Peripheral View Monitoring (AVM) Market is expected to grow at a CAGR of 12.7% during the forecasted period, indicating a steady rise in demand for advanced safety features in vehicles. The analysis delves into key market players, technological advancements, regulatory landscape, and market segmentation to provide a holistic view of the Automotive Peripheral View Monitoring (AVM) industry.
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Market Trends in the Automotive Peripheral View Monitoring (AVM) Market
1. Integration of advanced sensors: Automotive Peripheral View Monitoring systems are increasingly incorporating advanced sensors like radar and LiDAR technology to provide more accurate and real-time monitoring of the vehicle's surroundings.
2. Adoption of augmented reality: Some AVM systems are now incorporating augmented reality technology to overlay digital information onto the driver's view, enhancing situational awareness and navigation.
3. Increasing demand for autonomous vehicles: The growing interest in autonomous vehicles is driving the development of AVM systems that can assist in vehicle automation and enhance safety during autonomous driving.
4. Rise of electric vehicles: The shift towards electric vehicles is influencing the design of AVM systems to provide better integration with electric vehicle platforms and address specific visibility challenges associated with electric vehicle architecture.
5. Expansion of smart connectivity: AVM systems are now being integrated with smart connectivity features like mobile apps and cloud-based services to provide drivers with more personalized and convenient monitoring solutions.
Overall, the Automotive Peripheral View Monitoring Market is expected to witness significant growth driven by these technological advancements and changing consumer preferences towards safer and more connected driving experiences.
In terms of Product Type, the Automotive Peripheral View Monitoring (AVM) market is segmented into:
OEMAftermarket
Automotive Peripheral View Monitoring (AVM) technology includes OEM (Original Equipment Manufacturer) systems that are installed by the vehicle manufacturer and aftermarket systems that can be added to existing vehicles. OEM systems are typically integrated into the vehicle's design, providing seamless functionality and often incorporating multiple cameras for a comprehensive view. Aftermarket systems are external additions that can be retrofitted to older vehicles, offering options for different camera placements and additional features. Currently, OEM systems dominate the AVM market with their widespread availability in new vehicles and advanced technology integration, significantly holding the majority of market share.
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In terms of Product Application, the Automotive Peripheral View Monitoring (AVM) market is segmented into:
Passenger VehicleCommercial Vehicles
Automotive Peripheral View Monitoring (AVM) is used in passenger vehicles and commercial vehicles to provide a 360-degree view of the vehicle's surroundings, helping drivers navigate tight spaces, park, and avoid obstacles. In passenger vehicles, AVM enhances safety and convenience for drivers. In commercial vehicles, AVM improves maneuverability and reduces the risk of accidents. The fastest growing application segment in terms of revenue is passenger vehicles, as more consumers prioritize safety features when purchasing a new car. AVM technology continues to evolve with advancements in AI and IoT, further enhancing its capabilities and appeal in the automotive industry.
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Geographical Spread and Market Dynamics of the Automotive Peripheral View Monitoring (AVM) Market
North America: United States, Canada, Europe: GermanyFrance, U.K., Italy, Russia,Asia-Pacific: China, Japan, South, India, Australia, China, Indonesia, Thailand, Malaysia, Latin America:Mexico, Brazil, Argentina, Colombia, Middle East & Africa:Turkey, Saudi, Arabia, UAE, Korea
The Automotive Peripheral View Monitoring (AVM) market in North America: United States Canada Europe: Germany France U.K. Italy Russia Asia-Pacific: China Japan South Korea India Australia China Taiwan Indonesia Thailand Malaysia Latin America: Mexico Brazil Argentina Korea Colombia Middle East & Africa: Turkey Saudi Arabia UAE Korea is experiencing rapid growth due to increasing demand for advanced safety features in vehicles. Key players such as Valeo, Continental, Magna, Hitachi, Denso, Ten Panasonic, Bosch, Hyundai Mobis, Desay SV, Baolong are leading the market with their innovative technologies and products.
Factors driving the growth of the AVM market in North America: United States Canada Europe: Germany France U.K. Italy Russia Asia-Pacific: China Japan South Korea India Australia China Taiwan Indonesia Thailand Malaysia Latin America: Mexico Brazil Argentina Korea Colombia Middle East & Africa: Turkey Saudi Arabia UAE Korea include stringent government regulations regarding vehicle safety, rising awareness among consumers about the benefits of AVM systems, and increasing adoption of autonomous vehicles. These factors are creating a favorable environment for market players to expand their product offerings and reach a wider customer base.
Key opportunities in the AVM market in North America: United States Canada Europe: Germany France U.K. Italy Russia Asia-Pacific: China Japan South Korea India Australia China Taiwan Indonesia Thailand Malaysia Latin America: Mexico Brazil Argentina Korea Colombia Middle East & Africa: Turkey Saudi Arabia UAE Korea include the development of cost-effective AVM systems for entry-level vehicles, integration of artificial intelligence and machine learning technologies for enhanced functionality, and partnerships with key stakeholders in the automotive industry to expand market presence. Overall, the AVM market in North America: United States Canada Europe: Germany France U.K. Italy Russia Asia-Pacific: China Japan South Korea India Australia China Taiwan Indonesia Thailand Malaysia Latin America: Mexico Brazil Argentina Korea Colombia Middle East & Africa: Turkey Saudi Arabia UAE Korea is poised for significant growth in the coming years, with key players like Valeo, Continental, and Bosch leading the way with their innovative solutions and strategic partnerships.
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Automotive Peripheral View Monitoring (AVM) Market: Competitive Intelligence
ValeoContinentalMagnaHitachiDensotenPanasonicBoschHyundai MobisDesay SVBaolong
Some of the major players in the Automotive Peripheral View Monitoring (AVM) market include Valeo, Continental, Magna, Hitachi, Denso, Panasonic, Bosch, Hyundai Mobis, Desay SV, and Baolong.
1. Valeo: A leading player in the automotive AVM market, Valeo has a strong track record of innovation and market leadership. The company's focus on advanced technologies and strategic partnerships has helped it maintain a competitive edge in the industry.
2. Continental: Continental is another key player in the AVM market, known for its wide range of advanced driver assistance systems. The company's focus on innovation and collaboration with automotive OEMs has contributed to its growth and success in the market.
3. Magna: As a global automotive supplier, Magna is a significant player in the AVM market. The company's focus on developing cutting-edge technologies and expanding its market presence has helped it position itself as a leader in the industry.
Sales Revenue:
- Valeo: $19.2 billion
- Continental: $44.5 billion
- Magna: $39.4 billion
These companies have a strong market presence and are expected to continue expanding their offerings and market reach in the coming years. Their focus on innovation, strategic partnerships, and product development will likely drive their growth and competitiveness in the automotive AVM market.
Automotive Peripheral View Monitoring (AVM) Market Growth Prospects and Forecast
The Automotive Peripheral View Monitoring (AVM) Market is expected to have a CAGR of around 21% during the forecasted period, driven by innovative growth strategies such as the integration of advanced technologies like artificial intelligence, machine learning, and IoT in AVM systems. These technologies enhance the accuracy and reliability of AVM systems, making them more effective in providing a comprehensive view of the vehicle's surroundings.
To increase growth prospects, deployment strategies such as the adoption of surround view cameras, LiDAR sensors, and 3D imaging technologies are being increasingly employed in AVM systems. These technologies provide a more detailed and accurate view of the vehicle's surroundings, improving overall safety and convenience for both drivers and pedestrians.
Other trends that can boost the growth of the AVM market include the development of autonomous vehicles, increasing demand for advanced driver assistance systems (ADAS), and stringent safety regulations globally. By focusing on innovation and leveraging emerging technologies, the Automotive Peripheral View Monitoring Market is poised for significant growth in the coming years.
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