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

  • Smoothing out city freight movements
    May 28, 2014
    David Crawford welcomes a national first. Urban freight movements, while commercially and socially vital, are a growing logistical headache for planners and people alike. Figures from France’s Lyon Laboratory of Transport Economics indicate that goods transport in major urban areas accounts for: 20% of traffic; 35% of CO2 emissions made by all urban trips; and 50% of the diesel used; while final km delivery runs account for 20% of the total cost of the transport chain.
    Read More
  • Moving pictures: live-stream body-worn cameras hit Manila
    June 5, 2018
    Makati, the financial centre of the Philippines, is home to just half a million residents. However, the daytime population of Makati - one of 16 cities that make up the metropolitan Manila area – is estimated to be more than three times that. Home to the highest concentration of multi-national and local corporations in the Philippines, it is a commercial hub: 600,000 vehicles are thought to move through downtown Makati on a typical weekday. Maintaining traffic flow and responding quickly to incidents is the
    Read More
  • Innovative road app delivers real time roads conditions
    March 3, 2015
    The Alberta Motor Association (AMA), IBI Group and GreenOwl Mobile have joined forces to deliver a big leap forward in keeping drivers in Alberta, Canada, informed of traffic issues. The next generation AMA Road Reporter app allows motorists to share their own reports, adding shared real-time road condition and traffic information to the already useful road condition data available. Available to both Android and Apple device users, the app is free and can be used to receive and share immediate, real-time ro
    Read More
  • New research predicts growth of autonomous parking technology
    March 9, 2016
    New research by ABI Research forecasts that shipments of new cars featuring autonomous parking technologies to grow at 35 per cent CAGR between 2016 and 2026 and for revenues to likewise show growth at 29.5 per cent CAGR. ABI Research identifies three phases of autonomous parking, with each successive stage set to gradually displace the former and all three coexisting to some degree over the next decade. Ultimately, technology will reach a point in which the car parks itself entirely, with no driver assi
    Read More

Highlighted Content