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

  • Electric motor market expected to flourish in the next decade
    September 19, 2012
    Developments in the electric vehicle market are expected to boost growth in the electric motor market according to consulting and research organisations IDTechEX and Frost & Sullivan. As electric vehicles head towards mass production, the model of electric motor supply also requires changes in the future. In its 2012 market forecast with a ten year horizon, IDTechEX, a consulting and research organisation, argues that: “Any motor manufacturer without a compelling line up of electric vehicles by 2025 is sign
    Read More
  • Qualcomm in pole position in ABI Research’s commercial telematics competitive assessment
    August 20, 2012
    Qualcomm Enterprise Services (QES) has been named the leading commercial telematics service provider (TSP) in the latest competitive assessment released by ABI Research. The company’s global reach, dominant market share, and intuitive product range were all fundamental to securing the top spot. Telogis, Trimble, Masternaut, and Xata complete the top five.
    Read More
  • Increased traffic forecasts underline need for well maintained roads
    March 19, 2015
    New traffic forecasts from the Department for Transport underlined the need for greater investment to improve the condition of the UK’s road network. The Road Traffic Forecasts 2015 predicts that levels of traffic will increase on motorways and major roads by up to 60 per cent in 2040 compared with 2010 levels. For principal roads the increase from 2010 to 2040 could be as high as 51% and for minor roads the prediction is up to 54 per cent. Car ownership is predicted to increase from 25 million in 2010 to 3
    Read More
  • Hybrid and EVs growth impact on traction motors predicted by Frost & Sullivan
    May 17, 2012
    Electrification in vehicles is a key trend in the automotive industry. The increase in electric components within vehicles is boosting the market for traction motors and Frost & Sullivan says it anticipates the European traction motor market to grow at a compound annual growth rate (CAGR) of 50 per cent for hybrid electric vehicles (HEVs) and electric vehicles (EVs). Permanent magnet motors are expected to dominate the market by virtue of their performance and efficiency. However, the growing concern over t
    Read More

Highlighted Content