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

  • V2V penetration in new vehicles to reach 62% by 2027
    March 20, 2013
    The latest research from ABI Research indicates that vehicle-to-vehicle technology based on Dedicated Short Range Communication (DSRC) using the IEEE 802.11p automotive W-Fi standard will gradually be introduced in new vehicles driven by mandates and/or automotive industry initiatives, resulting in a penetration rate of 61.8% by 2027. ABI Research VP and practice director, Dominique Bonte comments, “While in the US there is a real possibility for a DoT mandate depending on the outcome of the large scale V2X
    Read More
  • China plans more ITS deployment despite economic slowdown
    March 30, 2017
    The Chinese government is turning to ITS to help solve urban traffic congestion in the majority of its large cities. Eugene Gerden reports. China is investing an estimated 3.5bn yuan ($551 million) per year in ITS and while the country’s current economic strategy may see this decline, the government plans to continue active development of the national intelligent transport system.
    Read More
  • Gold Coast counts on pedestrians and cyclists with Q-Free
    June 2, 2023
    Hi-Trac CMU monitors four separate lanes & integrates into traffic management systems
    Read More
  • Research predicts growth of ANPR market
    October 26, 2012
    In its latest ANPR and Detection Sensor research, US analyst IHS provides a review of the various trends, economic, legislative, and technological, that shape the ANPR industry and concludes that difficult economic times have caused ANPR suppliers to switch their focus, placing greater emphasis on applications that generate a return on investment (ROI). The report forecasts the global market for Automatic Number Plate Recognition (ANPR) to reach US$350.4 million by the end of 2012, growth of 6.9 percent fr
    Read More

Highlighted Content