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

  • New research assesses potential for driver-assistive truck platooning
    May 29, 2015
    The Phase One Final Report of the Driver-Assistive Truck Platooning (DATP) initiative was recently released by the research team. The DATP truck platooning research, which was funded by a grant from the US Department of Transportation's Exploratory Advanced Research program, utilises radar, vehicle-to-vehicle communications and video technologies to decrease over-the-road truck headways, with the objective of improving fuel economy without compromising safety.
    Read More
  • ARTBA proposes path to breaking gridlock on transportation funding
    March 13, 2015
    The American Road & Transportation Builders Association (ARTBA) has outlined a detailed proposal it believes could end the political impasse over how to fund future federal investments in state highway, bridge and transit capital projects. The ‘Getting beyond gridlock’ plan would marry a 15 cents-per-gallon increase in the federal gas and diesel motor fuels tax with a 100 per cent offsetting federal tax rebate for middle and lower income Americans for six years. The plan, ARTBA says, would fund a US$401 bil
    Read More
  • IRD announces strong third quarter, launches new products
    October 14, 2016
    Intelligent transportation systems provider International Road Dynamics (IRD) has announced solid financial results for the third quarter of 2016, with revenues up 16.0 per cent to US$36.6 million (CA$48.4 million) on growth in key North American markets and an increase in gross margin to 32.5 per cent. Nett earnings increased 27.5 per cent to US$1.6 million (CA$2.2 million). The company says it is in a strong financial position with working capital of US$10 million ($13.3 million). According to Terry Be
    Read More
  • Indian vehicle tracking market set to double in size by 2017
    June 19, 2013
    A newly updated report by industry analysts TRN, Indian Vehicle Tracking and Fleet Management Market, 2013-17, investigates opportunities in the vehicle tracking and fleet management sector in light of economic and policy development in India in late 2012 and the first half of 2013. Implications of recent changes to laws governing foreign investment in retail, tax reform, the policy response to the Delhi bus rape, and the spring 2013 budget are all covered in the new edition, and are used to inform scenari
    Read More

Highlighted Content