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

  • Australia’s Transurban to trial road user charging
    March 27, 2015
    Speaking at a major industry forum, Scott Charlton, CEO of Australian toll roads operator, Transurban, said that the country’s major cities risk a decline in liveability without major investment in transport systems and an overhaul of transport funding model. Charlton said that despite significant progress by state governments traditional funding systems were outdated, unsustainable and unfair, and cannot sustain the funding needed to address Australia’s transport infrastructure deficit. Charlton said it
    Read More
  • Autoliv building airbag cushion plant in Thailand
    April 19, 2012
    To support the rapid growth in vehicle production and airbag fitment rates in Asia, Autoliv has begun the construction of an airbag cushion manufacturing plant in Chonburi, near Bangkok. The company’s existing airbag cushion plant in Thailand opened just two years ago. The new facility will have capacity to produce 4.6 million cushions corresponding to 15 per cent of Autoliv’s global manufacturing capacity for 'cut & sewn' textile cushions for airbag systems. Autoliv also produces 20 million highly autom
    Read More
  • MDOT unveils I-94 truck parking information and management system
    September 5, 2014
    The Michigan Department of Transportation (MDOT) has launched its I-94 truck parking information and management system (TPIMS), a system that assesses truck parking availability along the I-94 corridor in southwest Michigan and delivers real-time parking availability information to truck drivers. The project is federally funded under the Federal Highway Administration (FHWA) Truck Parking Facilities Discretionary Grants Program.
    Read More
  • Aeye has eyes on the lidar prize
    September 20, 2022
    AEye and its system integrator partners are showcasing the unrivalled flexibility of software-configurable Lidar to support any ITS application and improved 3D perception. Demonstrations include long- and short-range detection capabilities for automated tolling, incident detection, pedestrian traffic flow and smart intersection safety, powered by AEye’s 4Sight perception solution.
    Read More

Highlighted Content