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

  • US eyes European model for Illinois toll road upgrade
    May 30, 2014
    David Crawford welcomes the adoption of European-style ITS technology by the US. The Jane Addams Memorial Tollway in Illinois, US is well on the way towards becoming a ‘smart traffic corridor’, taking full advantage of active traffic management (ATM or ‘managed lanes’) technology that originated in Europe. It is one of the first American toll roads to do so; preliminary work began in 2014 and will continue through to 2016. Jane Addams is one of four toll roads operated by the publicly-owned Illinois State T
    Read More
  • Vaisala forecasts the Xweather
    October 3, 2022
    Data ranges from road conditions and air quality to heat wave detection and lightning strikes
    Read More
  • Traffic management systems top earner for the smart transportation market, says report
    August 21, 2015
    According to Research and Markets’ latest report, smart transportation solutions have been successfully deployed in some of the metropolitan cities around the world. The solutions have proven to be proficient in diminishing the traffic congestion issues. The global smart transportation market size was estimated to be US$46.72 Billion in 2015 and is projected to reach US$138.76 billion by 2020, growing at a CAGR of 24.3 per cent from 2015 to 2020. The report, Smart Transportation Market by Solutions (Tic
    Read More
  • Machine vision takes ITS further than the eye can see
    January 5, 2016
    Vitronic’s John Yalda looks at how machine vision has become an integral part of many ITS deployments and why it complements, rather than replaces, ANPR. New and conventional business concepts like online shopping and mail order business are becoming more established in the cultures of fast-growing economies and increasing the demand for flexibility in the freight transportation and logistics industry. Road transport has become the preferred infrastructure for freight forwarding and several studies predict
    Read More

Highlighted Content