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

  • I-80 Smart Corridor sets the ITS standard for California's Bay Area
    March 23, 2015
    Colin Sowman looks at California’s ‘smartest’ road which will open this spring to counter congestion and accidents on one of the Bay Area’s busiest interstates. Interstate 80 (I-80) is one of the busiest roads in the San Francisco Bay area with up to 270,000 vehicles using the corridor every day. The section between the Carquinez Bridge in Crockett and the Bay Bridge not only suffers congestion during the working week but also at weekends. Traditional remedies such as building additional lanes (there are al
    Read More
  • Kistler installs 'world's largest digital WiM site' in smallest US state
    September 5, 2024
    Forty Lineas digital quartz sensors cover 10 lanes on bridge in Rhode Island
    Read More
  • Do buses need subsidies in congestion charging areas
    June 20, 2016
    David Crawford takes a look at the debate surrounding bus subsidies. Subsidies for public transport are a well-known and frequently-used policy tool directed at reducing the high environmental and social costs of peak-period traffic congestion. But at the end of last year the Swedish Centre for Transport Studies published a working paper entitled ‘Should buses still be subsidised in Stockholm?’ This concluded that the subsidy levels currently being applied in Stockholm could be nearly halved by setting bus
    Read More
  • IRD launches smart city analytics platform
    February 12, 2021
    Data from vehicles, bikes and pedestrians can be used to cut congestion and emissions
    Read More

Highlighted Content