Automotive Around View Monitoring (AVM) Market Analysis and Latest Trends
Automotive Around View Monitoring (AVM) is an advanced driver assistance system that uses multiple cameras positioned around the vehicle to provide a 360-degree view of the surroundings. This technology helps drivers navigate tight parking spaces, avoid obstacles, and improve overall safety while maneuvering the vehicle.
The Automotive Around View Monitoring (AVM) Market is expected to grow at a CAGR of 7.6% during the forecast period. The market growth is driven by factors such as increasing demand for advanced safety features in vehicles, rising awareness about road safety, and growing adoption of autonomous vehicles. Additionally, stringent government regulations mandating the inclusion of safety features in vehicles are further propelling the market growth.
The latest trends in the Automotive Around View Monitoring (AVM) Market include the integration of artificial intelligence and machine learning algorithms to enhance the accuracy and reliability of the system. Manufacturers are also focusing on developing cost-effective AVM solutions to cater to a wider customer base. Moreover, advancements in camera technology and increasing investments in research and development are expected to drive innovation in the AVM market in the coming years.
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Automotive Around View Monitoring (AVM) Major Market Players
The Automotive Around View Monitoring (AVM) market is highly competitive, with a few key players dominating the space. Some of the prominent companies in this market include Continental, Magna International, Renesas Electronics, Ficosa, Valeo, Bosch, Fujitsu, and Hyundai Mobis.
Continental is a leading player in the AVM market, offering advanced driver assistance systems and camera technologies. The company has seen significant growth in recent years, with a strong presence in both the European and North American markets. Continental's innovative products and focus on research and development have helped them maintain a competitive edge in the market.
Magna International is another key player in the AVM market, specializing in automotive electronics and camera systems. The company has a global presence and has experienced steady growth in recent years. Magna International's commitment to quality and technological advancements has helped them establish a strong foothold in the market.
Renesas Electronics is a major player in the AVM market, providing advanced semiconductor solutions for automotive applications. The company has seen significant growth in recent years, with a focus on developing cutting-edge technology for around view monitoring systems. Renesas Electronics' strong market position and innovative products have contributed to their success in the AVM market.
In terms of sales revenue, Continental reported total sales of €44.5 billion in 2020, while Magna International reported total sales of $32.6 billion in the same year. Renesas Electronics reported net sales of ¥263.6 billion in the fiscal year 2020. These figures demonstrate the significant market presence and growth of these key players in the Automotive Around View Monitoring market.
What Are The Key Opportunities For Automotive Around View Monitoring (AVM) Manufacturers?
The Automotive Around View Monitoring (AVM) market is experiencing robust growth due to increasing safety concerns among consumers and the rise in demand for advanced driver assistance systems. The market is expected to witness a significant CAGR in the coming years, driven by advancements in camera technology, integration of sensors and artificial intelligence. The future outlook for the AVM market is positive, with key players focusing on product innovation, partnerships, and strategic expansions to gain a competitive edge. The market is projected to expand globally, especially in developing regions, and is anticipated to revolutionize the automotive industry with its advanced safety features.
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Market Segmentation
The Automotive Around View Monitoring (AVM) Market Analysis by types is segmented into:
Automotive Around View Monitoring (AVM) systems offer various types of views to assist drivers in maneuvering their vehicles. Front View Monitoring provides a clear visual of the front area for easier parking and navigating tight spaces. Rear View Monitoring displays the rear surroundings to help with reversing. Curbside View Monitoring shows the curb or objects near the vehicle to prevent damage to tires or wheels while parking. These different market types cater to specific needs of drivers in different situations for enhanced safety and convenience.