Automotive AVM (Around View Monitoring) Market Size, Share, Growth, And Industry Analysis, By Type (OEM and Aftermarket), By Application (Passenger Car and Commercial Car), Regional Forecast To 2031

Updated On: 08 April 2024

Automotive AVM (Around View Monitoring) Market Report Overview

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The global automotive AVM (around view monitoring) market size was USD 3.2743 billion in 2021 and , the market is expected to reach USD 207.63 billion in 2031, exhibiting a CAGR of 37.75% during the forecast period. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. 

The automotive AVM (around view monitoring) employs numerous cameras as the sensor, which are mounted in various locations on the vehicle, to produce a top view image of the vehicle's surrounding environment that is not immediately evident to the driver due to the driver's limited field of view. The risk of a parking mistake could be lowered by developing a system capable of monitoring the surrounding area and detecting parking slots, lanes, and obstacles. A few moments of advanced indicator would significantly reduce the likelihood of an accident. This system can help with parking and navigating through tight spaces. The current AVM available typically needed the addition of another sensor to guarantee a high-performance output.

COVID-19 Impact: Interruption in Supply Chains to Decline Market Share

The eruption of coronavirus illness (COVID-19) did act as a humongous restriction mostly on automotive AVM (around view monitoring) market in 2020, as supply chains have been interrupted because of international limitations and utilization has declined due to global government lockdowns. COVID-19 is an extremely contagious disease characterized by flu-like symptoms such as fever, coughing, and difficulty breathing. The virus was discovered in Wuhan, and has since spread throughout the world, which include West Europe, Asia, North America. Covid-19 has had a significant impact on a number of industries, one of which is the automotive industry. A shutdown, boundary shutdown, lockdowns, followed by other forms of suppression have only exacerbated the situation. To cope with this pandemic scenario, all travel and outdoor activities were suspended. Because of health and safety concerns, all of the individuals were staying at home, which has a negative impact on the market and on every other market for automotives. Due to the global lockdown caused by the Covid-19 pandemic, the production of different goods inside the market has been halted. This has hampered the growth of the market in recent months and is expected to continue in 2021. The covid-19 eruption has caused significant disruption in the automotive industry. It has led to the closure of manufacturing sites and a decrease in sales volume. Furthermore, requirement both for passenger and commercial vehicles is expected to fall in 2020. This expected decline will have a negative impact on the market, as vehicle production is directly related to automotive AVM (around view monitoring) market.

Latest Trends

"Rise in Buying Option of OEM Parts to Intensify Market Magnification "

OEM is an abbreviated form of Original Equipment Manufacturer. Because the OEM is the authentic manufacturer of a vehicle's elements, OEM car elements are similar to the parts utilized throughout the production of a vehicle. Other vendors manufacture aftermarket parts, which may or may not be of consistent quality or suitability with the vehicle. When replacing damaged vehicle components, consumers may choose to buy OEM parts to ensure that the replacements are completely compliant with the vehicle and produced to the same quality standards. Therefore, the rise in the buying option of OEM parts will further expand the automotive AVM (around view monitoring) market growth.

Automotive AVM (Around View Monitoring) Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into OEM, aftermarket

OEM is the leading part of the type segment

• By Application Analysis

According to application, the market can be segmented into passenger car, commercial car

Passenger car is the leading part of the application segment

Driving Factors

"Increased Demand for Safe Vehicles to Boost Market Share"

Increased demand for safe vehicles around the world, technological advancements leading to more affordable camera-assisted safety technologies, and the growing trend of autonomous vehicles drive the global automotive AVM (around view monitoring) market share.

"Commercial Motor Vehicle Manufacturing to Expand Market Forwarding "

A commercial motor vehicle would be any vehicle used for the financial gain of an individual or a company to move cargo or passengers. Pickup trucks, coaches, box trucks, taxicabs, semi-trucks, vans, buses, trailers, and travel trailers are examples of CMVs.

Commercial motor vehicles transport passengers and goods for any given business. People may be transported to personal locations or employees may be transported to workplaces; products may be transported through one venue to another or directly to individual customers. Recent rise in the manufacturing of these commercial motor vehicles has resulted in the advancement of automotive AVM (around view monitoring) industry growth.

Restraining Factors

"Higher Installation Cost to Deplete Market Advancement"

Higher installation costs and government regulations on obtaining NOC for installing this technology in vehicles will stymie the growth of the AVM (around view monitoring) market.

Automotive AVM (Around View Monitoring) Market Regional Insights

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"Increment in Automotive Industries to Foster Market Growth in North America and Asia Pacific"

The automotive AVM (around view monitoring) market in North America is being driven by factors such as the increasing count of automotive industries and by technological advancements in automobiles.

Increased utilization of commercial vehicles mostly in the Asia Pacific region holds second dominant position in the market of automotive AVM (around view monitoring). Increment in transport of goods from one place to another has proved to be beneficial for the automotive AVM (around view monitoring).

Key Industry Players

Key Players Focus on Partnerships to Gain a Competitive Advantage

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

List of Market Players Profiled

• Baolong (China)
• Magna (Canada)
•  Valeo (France)
• Desay SV (China)
• Panasonic (Japan)
• Densoten (Japan)
• Continental (Germany)
• Bosch (Germany)
• Hitachi (Japan)
• Hyundai Mobis (South Korea)

Report Coverage

The industry's growth was significantly influenced by the tactics employed by market participants in recent years, such as extensions. The report provides details and information on the companies and their interactions with the market. The data is gathered and published through appropriate research, technological advancements, expansions, and expanding machinery and equipment. Other criteria considered for this market are the firms that develop and provide new products, the areas in which they operate, mechanisation, innovative techniques, making the most money, and using their products to have a large social impact. This analysis examines the global and regional effects of the outbreak mostly on the market. The study describes the market share features, and market growth by type, industry, and customer sector.

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.