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 UTC

Related Content

  • February 1, 2012
    National funding cuts cause fragmentation of US ITS market
    Paul Everett, Research Director with IMS Research, looks at how ITS deployment varies across the US and what this means in terms of market potential for systems manufacturers and suppliers At the end of 2010, the US will have a total resident population of close to 310 million, rising to an estimated 439 million by 2050.
    Read More
  • February 6, 2017
    Global ANPR detection equipment market to reach nearly US$1 billion in 2020
    The latest report from IHS Markit aims to identify current market trends and key opportunities across various product types, end-user verticals and geographic regions that comprise the market for automated number plate recognition (ANPR) and detection sensors. The report, ANPR and Detection Sensors Report – 2017, provides an updated analysis on the competitive environment, along with detailed revenue, unit shipment, and average selling price analyses for three ANPR product types and five detection senso
    Read More
  • April 22, 2014
    Growth of ITS market 2013 to 2019
    According to the latest report from Transparency Market Research, the intelligent transportation systems (ITS) market is expected to reach a value of US$30.2 billion by 2019, at a CAGR of 11.1 per cent from 2013 to 2019. The demand of ITS systems is rising globally due to increased congestion in metropolitan areas. Development and deployment of intelligent transportation system not only reduces traffic, but also reduces number of accidents and improves quality of life by controlling vehicle emission leve
    Read More
  • April 13, 2017
    Electronic toll collection market expected to grow by nearly ten per cent by 2022
    According to a new market research report by MarketsandMarkets, the electronic toll collection market is estimated to be valued at USD 10.57 Billion by 2022, growing at a CAGR of 9.16% between 2017 and 2022. This is primarily due to increasing demand for effective solutions for traffic congestion and increasing allocation of funds by various governments on intelligent transportation systems. Automated vehicle identification (AVI) is used for the identification of vehicles when they move through a part
    Read More

Highlighted Content