Research: Traffic sensor market worth US$381.3 million by 2023

According to the latest research by MarketsandMarkets, the traffic sensor market is expected to grow from US$22 million in 2017 to US$381.3 million by 2023, at a CAGR of 8.94 per cent during 2017-2023. The increasing demand for real-time information systems and increasing urbanisation and population are the major factors that drive the market. The market for radar sensors is expected to grow at the highest CAGR during the forecast period compared to other types of sensors. Radar sensors are resistant to lig
August 8, 2017 Read time: 2 mins
According to the latest research by 6418 MarketsandMarkets, the traffic sensor market is expected to grow from US$22 million in 2017 to US$381.3 million by 2023, at a CAGR of 8.94 per cent during 2017-2023. The increasing demand for real-time information systems and increasing urbanisation and population are the major factors that drive the market.


The market for radar sensors is expected to grow at the highest CAGR during the forecast period compared to other types of sensors. Radar sensors are resistant to lightning and other weather conditions such as haze, rain, or cloudy conditions compared to other detection technologies such as image sensors, which acts as a major driving factor for the growth of the market for radar sensors.

Traffic monitoring held the largest share of the traffic sensor market. The traffic monitoring systems allow real-time monitoring of specific situations and road areas such as toll highways, bridges, and underpasses with the help of dedicated video capturing devices. The systems extract useful data on road mobility and traffic and help enhance road safety and provide information to users. Vehicle counting and vehicle motion tracking are the major applications under traffic monitoring leading to a high rate of adoption of traffic sensors.

In Asia Pacific, China and Australia are the major contributors to the growth of the traffic sensor market. Some of the factors driving the growth of the market in this region include rapid developments to improve transportation industry, implementation of e-tolls, and various initiatives by the government to implement traffic management solutions.

Detection, Monitoring & Machine Vision Classification & Data Collection Urban Traffic Control

For more information on companies in this article

Related Content

  • Data goldmines offer rich pickings
    May 31, 2013
    Astronomical is not too grand a term to describe the current rate of growth in transportation-related data. Massive amounts of traffic related information, such as speed, volume, incidents and weather are being generated every second by road operators and users alike. Big data’ derives its name from the sheer amount and complexity of available raw data. Its potential value is starting to emerge among the intelligent transportation systems community. A gold rush is taking place to capture this value, with da
    Read More
  • South Africa's traffic management and enforcement gears up
    February 1, 2012
    Paul Vorster, CEO of ITS South Africa, takes a look at the national enforcement situation in the year when the country gears up to host the FIFA Soccer World Cup. There are four main drivers pushing the growth of ITS-related law enforcement within South Africa. These are: transport operations associated with hosting the FIFA Soccer World Cup 2010; traffic management linked to increasing congestion; the development of new public transport systems such as BRT; and vehicle and driver-related crime.
    Read More
  • Transition to all electronic tolling leads to cost savings
    February 2, 2012
    How a temporary congestion-relief solution resulted in the North Texas Tollway Authority's transition to all-electronic toll collection and potential savings of up to $472 million by 2045. By Carla Kienast, ETC Corporation
    Read More
  • Fleet management systems ‘will reach 12 million units in the Americas by 2018’
    October 3, 2014
    According to a new research report from analyst firm Berg Insight, the number of active fleet management systems deployed in commercial vehicle fleets in North America was four million in Q4-2013. Growing at a compound annual growth rate (CAGR) of 15.3 per cent, this number is expected to reach 8.1 million by 2018. In Latin America, the number of active fleet management systems is expected to increase from 1.9 million in Q4-2013, growing at a CAGR of 16.1 per cent to reach 3.9 million in 2018. The top t
    Read More

Highlighted Content