Traffic Sensor Market Research Report - Global Forecast 2032

Traffic Sensor Market Research Report Information By Technology (REID, GSM, 3D/2D), By Sensor Type (LIDAR Sensors, Radar Sensors, Magnetic Sensors, Piezoelectric Sensors, Image Sensors) And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2032

ID: MRFR/SEM/2715-HCR | 100 Pages | Author: Shubham Munde | March 2024         

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Global Traffic Sensor Market  Overview:

Traffic Sensor Market Size was valued at USD 0.2 billion in 2022. The traffic sensor market industry is projected to grow from USD 0.21 Billion in 2023 to USD 0.43 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.93% during the forecast period (2023 - 2032). Growth in automatic toll collection activities is increasing the demand for transportation, both personal and commercial, as increasing road traffic are the key market drivers enhancing the market growth.

Traffic Sensor Market

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Traffic Sensor Market Trends

  • Rising urbanization and population are propelling market growth

The increased deployment of traffic sensors in urbanization and population drives the market CAGR. Private and professional mobility is a big issue in metropolitan areas. Because of rising urbanization and population, traffic density levels have increased, making commuting difficult for the general public. Furthermore, as the urban population grows, so will the volume of business done within cities and with commercial partners outside of cities. The volume of transportation increases in tandem with the urban population.

The term "responsibility" refers to the act of determining whether or not a person is responsible for his or her own actions. Researchers at the Texas Advanced Computing Center (TACC) have began testing traffic monitoring using AI, which is expected to increase market growth in the future. Additionally, these are deployed to assess if autos have entered turn lanes or crossroads to improve infrastructure in country roads and locations with less constant traffic flow.

The revenue growth of the Traffic Sensor Market is substantially driven by technical maturity and has been widely employed to have a high level of precision when it comes to detecting autos. The traffic sensors aid in the detection of congested regions and, as a result, in the decrease of congestion. Traffic sensors can collect data and improve road infrastructure by utilizing specific sensors. Traffic sensors perform well in controlled environments such as tunnels, and infrared can be used to detect hot autos or fires for safety reasons. Traffic sensors have advanced to the point that they can recognize not only autos, but also trucks, bikes, and a range of other vehicle types. This is projected to boost traffic sensor market revenue growth even more.

Traffic Sensor Market Segment Insights:

Traffic Sensor Technology Insights

The Traffic Sensor Market segmentation, based on technology includes REID, GSM, 3D/2D. Over the course of the forecast period, the 3D/2D category is anticipated to continue to be the largest contributor to revenues. Many traffic control authorities generally rely on 2D technology for quality control, despite the enormous benefits of 3D technology for high-quality monitoring applications. The 2D's ability to achieve 100% quality control, while useful in some situations, is a major concern, especially in multi-lane and large traffic jams where near-perfect quality control is essential.

Figure1: Traffic Sensor Market, by Technology, 2022 & 2032 (USD billion)

Traffic Sensor Market, by Technology, 2022 & 2032

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Traffic Sensor type Insights

The Traffic Sensor Market segmentation, based on sensor type, includes LIDAR Sensors, Radar, Sensors, Magnetic Sensors, Piezoelectric Sensors, and Image Sensors. Image sensors are expected to account for the majority of the traffic sensor market. Images from cameras located beside or on the road are seen by image sensors. Furthermore, the images captured by the vehicle's camera can be used to detect the car behind it, measure the distance between the following vehicle and it, detect obstacles, and detect lanes. Because of its small size, this traffic image sensor can be integrated into a traffic signal controller. This image sensor has high sensitivity even in low-light conditions, and it has fast imaging capabilities for better daytime imaging performance.

Traffic Sensor Regional Insights

By Region, the study provides the market insights into North America, Europe, Asia-Pacific and the Rest of the World. North America dominated the global market for traffic sensors. North America, which comprises industrialized economies such as the United States and Canada, has been among the most generous road infrastructure spenders. Investment in road transportation infrastructure in the United States increased by 46.19 percent, a large rise. Another factor driving market expansion in this region is the region's early embrace of new technology.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure2: Traffic Sensor Market SHARE BY REGION 2022 (%)

Traffic Sensor Market SHARE BY REGION 2022

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe’s traffic sensor market accounts for the second-largest market share due to increasing traffic problems day by day due to the increase in vehicles. Further, the German traffic sensor market held the largest market share, and the UK traffic sensor market was the fastest-growing market in the European region

The Asia-Pacific Traffic Sensor Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to increased government expenditures on roadway infrastructure and smart cities. Moreover, China’s traffic sensor market held the largest market share, and the Indian traffic sensor market was the fastest-growing market in the Asia-Pacific region.

Traffic Sensor Key Market Players & Competitive Insights

Leading market players are investing heavily in R&D in order to expand their product lines, which will help the traffic sensor market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, traffic sensorindustry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global traffic sensor industry to benefit clients and increase the market sector. In recent years, the traffic sensor industry has offered some of the most significant advantages to medicine. Major players in the traffic sensor market, including TE Connectivity Ltd.(Switzerland), Kistler, Group (Switzerland), SWARCO AG (Austria), SICK AG (Germany), Ladder Tech Inc.(Canada), Axis Communication AB (Sweden), and others, are attempting to increase market demand by investing in R&D operations.

TE Connectivity, a technology corporation with American and Swiss headquarters, develops and produces connectors and sensors for a variety of markets, including automotive, industrial equipment, data communication systems, aerospace, defense, medical, oil and gas, consumer electronics, and energy. Over 8,000 engineers are among TE Connectivity's 89,000 global workers. In almost 140 different nations, the firm provides customer service. August 2019 - TE Connectivity acquired ENTRELEC terminal block business from ABB which expands the company’s product portfolio and widens the consumer reach.

Telefonaktiebolaget A global Swedish networking and telecommunications corporation with its headquarters in Stockholm is LM Ericsson (lit. "Telephone Stock Company of LM Ericsson"). For telecoms service providers and businesses, the company supplies infrastructure, software, and services in information and communications technology, including, among other things, 3G, 4G, and 5G equipment, as well as Internet Protocol (IP) and optical transport systems. Over 100,000 individuals work for the corporation, which has operations in more than 180 nations. Over 57,000 awarded patents belong to Ericsson. One of the pioneers in 5G, Ericsson has made significant contributions to the growth of the telecom sector. In February 2020, the Advanced Traffic Management System for the City of Dallas will be equipped with Ericsson's Connected Urban Transport technology. The solution is made to reduce traffic jams by using an interface to automate and expedite system monitoring, performance monitoring, management, and maintenance, with the potential to share data across cities and nations. It is anticipated that the solution will enable the City of Dallas to gain more insight into traffic problems and help with operational decision-making to enhance traffic flow.

Key Companies in the traffic sensor market include

  • Kapsch Traffic Com AG (Austria)

  • International Road Dynamics Inc (Canada)

  • FLIR Systems Inc. (US)

  • TE Connectivity Ltd. (Switzerland)

  • Kistler Group (Switzerland)

  • SWARCO AG (Austria)

  • SICK AG (Germany)

  • Leddar Tech Inc. (Canada)

  • Axis Communication AB (Sweden)

  • Raytheon Company (US)

  • Sensys Networks Inc. (US)

  • Siemens AG (Germany)

Traffic Sensor Industry Developments

In August 2020, an agreement was signed between EFKON AG and Varanasi Smart City Limited (VSCL) in which EFKON India will be solely responsible for assisting Varanasi Smart City Limited (VSCL) with the design, development, implementation, and maintenance of the implementation of advance surveillance system across Varanasi for at least 5 years after Go-Live.In May 2019, The merger of Sensys Networks, Inc. and TagMaster, a leading global provider of sensor-based solutions for traffic, tolling, parking, and rail, has been announced. Sensys Networks, Inc. is the world's leading provider of integrated wireless traffic data systems for Smart Cities. For more customers throughout the world, the combined company will offer cutting-edge data solutions with more depth and breadth. The combined firm will offer applications throughout the entire spectrum of Smart City solution by integrating Sensys Networks' wireless infrastructure with TagMaster application solutions for traffic detection, tolling, parking, and rail.In September 2019,  The Corelight Virtual Sensor is a brand-new member of Corelight's expanding line of products. Corelight is the company that offers the most potent network visibility solution for cybersecurity. Due to its scalability across four reference configurations for VMware, this new sensor enables businesses to flexibly monitor traffic at speeds of up to 2 Gps

Traffic Sensor Market Segmentation:

Traffic Sensor Market Technology Outlook

  • REID

  • GSM

  • 3D/2D

Traffic Sensor Market Sensor Type Outlook

  • LIDAR Sensors

  • Radar Sensors

  • Magnetic Sensors

  • Piezoelectric Sensors

  • Image Sensors

Traffic Sensor Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

Report Scope:

Report Attribute/Metric Details
Market Size 2022 USD 0.2 billion
Market Size 2023 USD 0.21 billion
Market Size 2032 USD 0.43 billion
Compound Annual Growth Rate (CAGR) 8.93 % (2023-2032)
Base Year 2022
Market Forecast Period 2023-2032
Historical Data 2019- 2021
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Technology, Type, and Region
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled Kapsch Traffic Com AG (Austria) , International Road Dynamics, Inc. (Canada), FLIR Systems, Inc. (US), TE Connectivity Ltd.(Switzerland), Kistler, Group (Switzerland), SWARCO AG (Austria), SICK AG (Germany), Ladder Tech Inc. (Canada), Axis Communication AB (Sweden), Raytheon Company (US), Sensys Networks, Inc. (US), Siemens AG (Germany).
Key Market Opportunities The increased investment in infrastructure development is driving up demand for traffic sensors.
Key Market Dynamics Traffic sensors not only aid in traffic flow but also in vehicle classification and identification.

Frequently Asked Questions (FAQ) :

The Traffic Sensor Market size was valued at USD 0.2 Billion in 2022.

The global market is projected to grow at a CAGR of 8.93% during the forecast period, 2023-2032.

North America had the largest share of the global market

The key players in the market are TE Connectivity Ltd.(Switzerland), Kistler, Group (Switzerland), SWARCO AG (Austria), SICK AG (Germany), Ladder Tech Inc.(Canada), Axis Communication AB (Sweden).

The 2D sensor market traffic sensor category dominated the market in 2022.

The image sensor had the largest share of the global market.

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players’ financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
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