The increasing demand for passenger vehicles, the growing importance of driver safety, and the need for better parking systems are all major factors driving the growth of the AVM market. Additionally, government regulations mandating advanced safety features in vehicles are also stimulating market growth. The advancement of technology has enabled car manufacturers to develop cost-efficient systems that provide increased safety features.
The use of AVM systems in automobiles is becoming increasingly popular due to the enhanced safety features they provide. Studies show that around 90% of automobile accidents are caused by driver error, and an AVM system helps reduce this risk. It also helps drivers park their vehicles safely and accurately, as it provides a 360-degree view of their surroundings.
The number one advantage of the AVM market is improved safety. The system helps drivers better detect any potential hazards and reduce their risk of accidents. It also improves parking accuracy, as it provides a complete view of the surroundings. Furthermore, advanced systems can detect objects such as people or animals that are in close proximity to the vehicle.
AVM, or Around Picture Monitoring, is a system that employs numerous cameras to offer a 360-degree view of the driver's surroundings. This system helps drivers detect any potential hazards and reduces the risk of accidents by providing an enhanced field of vision. It also allows for automatic parking systems, which are gaining popularity owing to their efficiency and accuracy.
The AVM market provides services such as system installation, repair, and maintenance. Companies also offer a variety of software packages that can be used to customize the system according to the driver’s needs. Furthermore, some companies provide training courses on how to operate the AVM system correctly and safely.
The global AVM market has been estimated to be worth $1.14 billion in 2021 and is expected to grow at a CAGR of 47.8% over the next few years, reaching $ 11.82 billion by 2031.
This rapid growth is due to the increasing demand for passenger vehicles and improved safety features as well as government regulations mandating advanced safety features in vehicles.
The high cost of AVM systems is a significant commercial restraint. Additionally, some people have safety concerns over their use as they may not be able to detect all objects in close proximity to the vehicle. Furthermore, there are also compatibility issues when fitting an AVM system into older vehicles. The increasing demand for passenger vehicles, the growing importance of driver safety, and the need for better parking systems are driving the growth of the Automotive AVM Market. Additionally, government regulations mandating advanced safety features in vehicles are also propelling the market growth. The advancement of technology has enabled car manufacturers to develop cost-efficient systems that provide increased safety features.
The key players of the Automotive AVM Market include Continental AG, Robert Bosch GmbH, Autoliv Inc., Valeo SA, Denso Corporation, Delphi Technologies Plc, and Magna International Inc. These firms are actively spending on research & development in order to bring new and sophisticated items to market. Additionally, they are also engaging in strategic partnerships to gain a competitive edge and strengthen their positions in the market.
The OEM segment Type Emerges as the Most Lucrative Segment
The OEM segment is expected to witness the highest growth in the Automotive AVM Market, due to increasing demand for aftermarket systems. The introduction of automated parking systems has increased the demand for OEM AVM systems. Additionally, government regulations mandating advanced safety features are also driving the growth of this segment.
The passenger vehicle segment to Witness Intense Market Competition
The passenger vehicle segment is expected to be the fastest-growing segment in the Automotive AVM Market, due to increasing demand for vehicles with advanced safety features. The introduction of automated parking systems has also increased the demand for this system, as it provides an enhanced driving experience and improved safety.
The Asia Pacific (APAC) region to render Adequate Financing Avenues
The Asia Pacific region is expected to be the fastest growing in the Automotive AVM Market, due to increasing demand for passenger vehicles, improved safety features, and government regulations mandating advanced safety features. Additionally, technological advancements in vehicle sensors and cameras are also driving the growth of this market in the APAC countries such as India and China.
COVID-19 Impact and Market Status
The global Automotive AVM Market has seen a significant decline due to the economic disruption caused by the COVID-19 pandemic. The transportation sector has been badly affected, which in turn is hampering the demand for cars and aftermarket automotive parts such as AVM systems. On the other hand, governments are providing incentives to boost the consumption of electric vehicles, which is expected to have a positive impact on the market. Additionally, car manufacturers are introducing cost-effective systems that provide enhanced safety features, which is further propelling the growth of the Automotive AVM Market in the near future.
Recent Developments in the “Automotive AVM (Around View Monitoring)” Market
• In 2019, Robert Bosch GmbH introduced an AVM system for commercial vehicles. The company launched the product to provide enhanced driver safety and improved parking capabilities.
• In 2020, Autoliv Inc. announced that they were introducing a low-cost camera-based Around View Monitoring System (AVMS). The system is designed to provide an HD-quality image and improve driver safety.
• Valeo SA has also announced the launch of a digital mirror-based AVM system for passenger vehicles. The system is designed to provide enhanced visibility and a 360-degree view of the surroundings for safe driving.
Automotive AVM Market Scope
|Revenue forecast in 2031
|CAGR of 4.87% during 2021-2031
|Type, Application, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Continental AG, Robert Bosch GmbH, Autoliv Inc., Valeo SA, Denso Corporation, Delphi Technologies Plc, and Magna International Inc.
Key Segment of Global AVM (Around View Monitoring) Market
By Type Overview (USD Billion)
By Application Overview (USD Billion)
• Commercial Vehicle
• Passenger Car
By Region Overview (USD Billion)
• Rest of Asia Pacific
• Rest of North America
• Rest of Europe
Middle East and Africa