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

  • Smart parking to enable intelligent mobility in global mega cities
    June 3, 2015
    New analysis from Frost & Sullivan, Strategic Analysis of Smart Parking Market in Europe and North America, finds that the smart parking market, including peer-to-peer (P2P), earned revenues of US$7.05 billion in 2014 and estimates this to accelerate up to US$43.084 billion in 2025 at a compound annual growth rate (CAGR) of 17.89 per cent. The parking industry in Europe and North America is rapidly innovating towards ‘smart’. In addition to adopting high-end automation solutions and software for parking
    Read More
  • Global ITS market expected to reach US$66.5 billion in eight years
    November 28, 2016
    The global intelligent transportation system (ITS) market is expected to reach US$66.5 billion by 2024, according to a new report by Research and Markets. The report, Intelligent Transportation System (ITS) Market Analysis By Type, By Application And Segment Forecasts To 2024, indicates that usage of ITS to reduce road accidents and increase safety is a major driving force for the ITS market. Demand for vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) communication in order to enhance road s
    Read More
  • Connected car solutions to exceed 350 million by 2017
    May 24, 2012
    OEM and aftermarket connected car systems in use are expected to grow from 66 million in 2012 to 356 million in 2017, according to a new report from ABI Research. While OEM solutions are gaining momentum rapidly across the globe in the US, Europe, Japan, and China, aftermarket solutions will continue to be used for applications such as stolen vehicle tracking, insurance telematics, infotainment, and road user charging.
    Read More
  • Keeping a watching brief over traffic flows
    March 11, 2015
    Monitoring traffic flows is set to become an even bigger challengebut a revolution in camera technology can help, as Patrik Anderson explains. By 2025 almost 60% of the world’s population will live in urban areas and in those cities there will be an estimated 6.2 billion private motorised trips every day. In order to manage this level of traffic growth, traffic management centres (TMCs) will need to both increase their monitoring capabilities and be able to detect traffic problems quickly, efficiently and r
    Read More

Highlighted Content