Traffic Sensors Market

Global Traffic Sensors Market Size (2023 to 2028)

The global traffic sensors market size is expected to be worth USD 317.81 Million in 2023. It is expected to grow at a CAGR of 8.10% during the forecast period and reach a value of USD 469.13 Million by 2028.

A traffic sensor is a device that indicates the presence or passage of a vehicle and is able to provide the vehicle's volume, vehicle speed, and other data that support traffic management, which includes signal control, freeway mainline control, ramp metering, and electronic toll collection.

MARKET DRIVERS:

The rapidly growing population in urban areas and the rising need for traffic information systems in real-time are the major factors that are driving the growth of the global traffic sensors market. The growth in urban population is also straining traffic management, which is resulting in the rising demand for efficient traffic management solutions. It is also estimated to boost the adoption of these traffic sensors, turning out to be the other growth factor of the worldwide market.

These traffic sensors are employed to monitor the operations of transportation systems, which is helpful for improving the performance of transportation network surveillance. This information that was collected from the traffic sensors is utilized for providing real-time traffic data for numerous applications, like flow observation & estimation, travel-time estimation, and bottleneck determination. Also, the improved mobility from eliminating the delays in traffic, advanced safety for motorists & road workers, simple & quick installation, which makes them nimble, savings from reduced long-term maintenance costs, added data collection and detection over long-range & across different lanes are the benefits that are associated with usage of the Traffic Sensors, which are fuelling their adoption worldwide.

MARKET RESTRAINTS:

However, the high costs associated with the installation and management of these traffic sensors are the major restraint that hampers the growth of the Global Traffic Sensors Market. Nonetheless, growing advancements in the analytics-based transport solutions employed for deep analytics platforms and cloud-based big data are creating lucrative growth opportunities for the expansion of the players in the Global Traffic Sensors Market.

Impact of COVID-19 on the Traffic Sensors Market:

The impact of the COVID-19 pandemic on the Global Traffic Sensors Market is in a very visible way. The pandemic has resulted in a reduction in traffic, which has decreased the demand for these sensors. However, the implementation of stringent rules for controlling the spread of the virus is creating the requirements for these traffic sensors to monitor traffic in emerging economies.

REPORT COVERAGE:

This research report on the global traffic sensors market has been segmented and sub-segmented into the following categories.

Traffic Sensors Market – By Type of Sensor:

• Inductive loops
• Piezoelectric sensors
• Image sensors
• Infrared sensors
• LiDAR sensors
• Radar sensors
• Magnetic sensors
• Acoustic sensors
• Thermal sensors
• Bending plates
• Others

Traffic Sensors Market – By Usage Outlook:

• Traffic Detection
• Vehicle Identification
• Motion Sensors
• Speed Detection
• Others

Traffic Sensors Market – By Technological Outlook:

• RFID
• 3D/2D
• GSM
• Others

Traffic Sensors Market – By Application:

• Agricultural Vehicles
• Engines
• Lawn and Garden Equipment
• Material Handling Equipment
• Mining/Construction Vehicles
• Rail
• Sport Vehicles
• Transmissions
• Others

Traffic Sensors Market – By Region:

• North America
• Europe
• Asia-Pacific
• South America
• Middle-East & Africa

In the regional analysis of the Global Traffic Sensors Market, North America's regional market is held for the major share of the global market in the revenue aspect. This is the region that contains the most urbanized landscapes when compared to other regions. In developed countries like the United States and Canada, around 80% of the population resides in urban areas, which is creating challenges for the government in the management of traffic. Moreover, there is a growing engagement in research & development of these traffic sensors, both internal and external, for introducing advanced traffic sensors for enhancing the effectiveness, ease in the usage, safety, and reliability of the existing traffic sensors and to expand their applications.

Further, the Asia-Pacific Regional Traffic Sensors Market is expected to witness a significant way during the forecast period. The major factor that is driving the growth of the target market in the Asia-Pacific region is the growing demand for these sensors in the region because of the sheer proliferation of digital technologies in the regional automotive sector.

KEY MARKET PLAYERS:

The key players in the Global Traffic Sensors Market include Kapsch TrafficCom AG (Austria), International Road Dynamics, Inc. (Canada), FLIR Systems, Inc. (US), TE Connectivity Ltd. (Switzerland), Kistler Group (Switzerland), SWARCO AG (Austria), SICK AG (Germany), LeddarTech Inc. (Canada), Axis Communication AB (Sweden), Raytheon Company (US), Sensys Networks, Inc. (US), and Siemens AG (Germany) among others.

RECENT HAPPENINGS IN THE MARKET:

• FLIR Systems, Inc. has recently introduced its Star SAFIRE 380X hardware, firmware, and software upgrade to assist the progression of image-aiding features for its existing Star SAFIRE gimbal systems like Star SAFIRE 380-HD and 380-HDc.
• Sick AG, one of the key players in the Global Traffic Sensors Market, has developed a platform that is helpful for users to solve new automation tasks by creating individual “SensorApps” by itself.