Automotive Around View Monitoring AVM Market to Reach 25.71 USD Billion by 2032 With Impressive CAGR

The automotive industry is undergoing a significant transformation, driven by technological advancements and an increasing focus on safety and convenience. One of the standout innovations in this space is the Around View Monitoring (AVM) system, which provides drivers with a comprehensive view of their vehicle's surroundings. This article explores the AVM market, examining its current landscape, emerging trends, and future scope.

Automotive Around View Monitoring AVM Market Size was estimated at 9.92 USD Billion in 2023 and the industry is expected to grow from 11.03 USD Billion in 2024 to 25.71 USD Billion by 2032. The Automotive Around View Monitoring AVM Market CAGR (growth rate) is expected to be around 11.16% during the forecast period 2024 - 2032.

Market Overview of Automotive Pillar Parts Market

Around View Monitoring systems utilize a network of cameras strategically placed around the vehicle to provide a 360-degree view of the surroundings. This technology enhances parking and low-speed maneuvering, reduces blind spots, and ultimately improves overall driving safety. The AVM market has experienced steady growth, fueled by increasing consumer demand for advanced driver assistance systems (ADAS) and the rising prevalence of electric and autonomous vehicles.

According to recent market research, the global AVM market was valued at approximately USD 2 billion in 2023, with expectations to grow at a compound annual growth rate (CAGR) of around 10% over the next five years. The increasing integration of AVM systems in luxury and mid-range vehicles, along with regulatory support for advanced safety features, is propelling this market forward.

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Market Trends

1. Integration with ADAS

The convergence of AVM with other advanced driver assistance systems (ADAS) is a significant trend shaping the market. Systems such as automatic emergency braking, lane departure warning, and adaptive cruise control are increasingly being combined with AVM technology. This integration enhances the overall safety and convenience of driving, creating a more comprehensive support system for drivers.

2. Growing Demand for Electric and Autonomous Vehicles

The rise of electric vehicles (EVs) and autonomous driving technology is driving the demand for sophisticated safety features like AVM. As manufacturers strive to enhance the safety and user experience in EVs and autonomous cars, AVM systems are becoming a standard feature, making them essential for modern automotive design.

3. Technological Advancements

Recent advancements in camera technology, image processing, and software algorithms have significantly improved the effectiveness of AVM systems. High-resolution cameras, improved stitching algorithms, and real-time processing capabilities are enhancing the clarity and responsiveness of the 360-degree view, making it more intuitive for drivers.

4. Cost Reduction in Manufacturing

As AVM technology matures, manufacturers are finding ways to reduce costs associated with camera systems and processing units. This cost reduction is making AVM more accessible for a broader range of vehicles, including entry-level models. As a result, the adoption of AVM systems is expected to rise across various segments of the automotive market.

5. Consumer Awareness and Demand for Safety Features

With increasing awareness of road safety and the growing emphasis on driver assistance technologies, consumers are now actively seeking vehicles equipped with advanced safety features like AVM. This shift in consumer behavior is prompting manufacturers to prioritize AVM integration in their offerings.

Key Companies in the Automotive Around View Monitoring AVM Market Include:

• ZF
• Continental
• LG Electronics
• Bosch
• Autoliv
• Hyundai Mobis
• Gentex
• Magna
• Jabil
• Panasonic
• Veoneer
• Denso
• Aptiv
• Valeo
• Mitsubishi Electric

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Future Scope

The future of the AVM market appears promising, with several factors poised to shape its trajectory:

1. Enhanced Features through AI and Machine Learning

The integration of artificial intelligence (AI) and machine learning (ML) into AVM systems is expected to revolutionize their functionality. These technologies can enable predictive capabilities, such as anticipating potential hazards based on driving patterns and environmental conditions, thus enhancing the overall safety of the vehicle.

2. Expansion into Developing Markets

As automotive markets in developing regions expand, the demand for AVM systems is likely to grow. Increasing urbanization, rising disposable incomes, and a growing middle class in countries like India and Brazil are driving this demand. Manufacturers are expected to tailor AVM offerings to meet the unique needs and preferences of these markets.

3. Integration with Smart Infrastructure

The future of AVM will also involve integration with smart city infrastructure. Vehicle-to-everything (V2X) communication can enhance AVM capabilities, allowing vehicles to receive real-time information about road conditions, traffic, and potential obstacles. This interconnected ecosystem will improve the effectiveness of AVM systems and contribute to safer urban mobility.

4. Regulatory Support for Safety Features

Governments and regulatory bodies are increasingly emphasizing vehicle safety standards. As AVM systems are recognized for their role in enhancing safety, there may be future mandates for their inclusion in new vehicle models, further boosting market growth.

5. Collaboration and Partnerships

The AVM market is likely to witness increased collaboration between automotive manufacturers, technology providers, and software developers. Partnerships aimed at developing more sophisticated AVM systems will drive innovation and improve the overall functionality and reliability of these technologies.

Reasons to Purchase this Report:

• The report lay out the opportunities and challenges confronting Automotive Around View Monitoring AVM Market manufacturers worldwide.

• With a thorough research study, we pinpoint areas and sectors ripe for expansion.

• The market is fiercely competitive, showcasing notable firm rankings, fresh product launches, collaborative ventures, corporate expansions, and acquisitions.

• We delve deep into each key market player, offering comprehensive company profiles, insights into corporate strategies, product assessments, and SWOT analysis.

• Our analysis showcases a clear picture of the industry's current state and future prospects, considering recent advancements, growth potential, driving forces, obstacles, and geographical constraints in developed regions.

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