The global traffic sensor market was valued at US$502.461 million in 2018 and is projected to grow at a CAGR of 6.78% over the forecast period to reach a total market size of US$744.637 million by 2024. Traffic sensors are the backbones of all effective traffic surveillance and monitoring systems which are prerequisites for the proper implementation of intelligent traffic control systems in order to keep track of prevailing conditions across the traffic network. The growth of this market is majorly attributed to an increase in spending by governments across the globe on infrastructure development. The figure below shows investments in road transport infrastructure from 2010 to 2016. The investments in this sector in the given countries saw a solid increase of about 26.59% over these years.
Other countries such as China and Japan are also spending huge amounts into infrastructure development which is fuelling the adoption of advanced technologies by the industry players in order to offer better traffic management and improved security of people. This is increasing the demand for traffic sensors, thus driving their market growth. The growth of this market is being further driven by heavy investments by major market players in Research and Development. As huge amounts continue to be pumped into R&D, the technologies are going through continuous advancement which is improving their efficacy and reliability, thus increasing their adoption among the end-users. However, corruption in many regions has been restraining the market growth significantly. The large budget amount apportioned to infrastructure development is not spent wisely which has been a major reason for the limited adoption of these traffic sensors. Negligence of government officials in many regions has been another factor restraining the growth of this market and the impact of this factor can be expected to remain significantly strong over the projected period.
By type, the market has been segmented as an inductive loop, magnetometer, infrared, microwave radar, and Video Image Processor (VIP) among others. Video Image Processors hold a significant share of this market owing to continuous improvements in cameras and other technologies constituting this technology. Infrared traffic sensors can also be seen witnessing impressive growth in this market. The efficacy and reliability of these sensors have been increasing continuously as players continue to funnel investments into R&D. As they move to continuously monitor traffic in low light or at night in order to minimize traffic rule violations and to avoid traffic accidents due to rash driving, governments in many countries have been showing a good adoption of infrared traffic sensors, the improved versions of which can capture high-quality images even at night.
Geographically, North America and Europe hold a major share of this market. North America, constituting developed economies like the United States and Canada, has been one of the largest spenders on road transport infrastructure. From 2007 to 2016, investments by the US into road transport infrastructure grew by around 46.19% which is impressive growth. This region has been an early adopter of new technologies, which is another factor contributing to the market growth in this region. The large market share held by Europe is attributed to state-of-the-art transport infrastructure in this region. The presence of major market players in this region has been a supportive factor for the Europe traffic sensor market. The market in the Asia Pacific is anticipated to witness rapid growth over the projected period. The market growth will be fuelled by strengthening economies and continuous investments by major market players in the expansion of their business into this region.
Major industry players profiled as part of the report are TE Connectivity, SWARCO AG, Smart Microwave Sensors GmbH, Sensys Networks, Inc., Smats Traffic Solutions Inc., AGD Systems, Traffic Sensor Corporation, and CROSS Zlin, a.s. among others.
|Market size value in 2018||US$502.461 million|
|Market size value in 2024||US$744.637 million|
|Growth Rate||CAGR of 6.78% from 2018 to 2024|
|Forecast Unit (Value)||USD Million|
|Segments covered||Type, Application, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||TE Connectivity, SWARCO AG, Smart Microwave Sensors GmbH, Sensys Networks, Inc., Smats Traffic Solutions Inc., AGD Systems, Traffic Sensor Corporation, CROSS Zlin, a.s., FLIR® Systems, Inc., International Road Dynamics Inc.|
|Customization scope||Free report customization with purchase|
The global traffic sensor market is segmented by type, application, and geography.
Video Image Processor
Middle East and Africa
Frequently Asked Questions (FAQs)
Q1. What will be the traffic sensor market size by 2024?
A1. The global traffic sensor market is projected to reach a total market size of US$744.637 million in 2024.
Q2. What are the growth prospects for the traffic sensor market?
A2. The traffic sensor market is projected to grow at a CAGR of 6.78% during the forecast period.
Q3. What is the size of the global traffic sensor market?
A3. Traffic Sensor Market was valued at US$502.461 million in 2018.
Q4. What factors are anticipated to drive the traffic sensor market growth?
A4. The traffic sensor market growth is majorly attributed to an increase in spending by governments across the globe on infrastructure development.
Q5. Which region holds the largest market share in the traffic sensor market?
A5. Geographically, North America and Europe hold a major share of the traffic sensor market.
2. Research Methodology
2.1. Research Process And Design
2.2. Research Assumptions
3. KEY FINDINGS
4. Market Dynamics
4.1. Market Segmentation
4.2. Market Drivers
4.3. Market Restraints
4.4. Market Opportunities
4.5. Porter’s Five Forces Analysis
4.5.1. Bargaining Power Of Suppliers
4.5.2. Bargaining Power Of Buyers
4.5.3. Threat Of New Entrants
4.5.4. Threat Of Substitutes
4.5.5. Competitive Rivalry In The Industry
4.6. Life Cycle Analysis- Regional Snapshot
4.7. Market Attractiveness
5. Global Traffic Sensor Market by Type
5.1. Inductive Loop
5.4. Microwave Radar
5.5. Video Image Processor
6. Global Traffic Sensor Market by Application
6.1. Signal Control
6.2. Traffic Monitoring
7. Global Traffic Sensor Market by Geography
7.1. North America
7.1.1. United States
7.2. South America
7.4. Middle East and Africa
7.4.1. Saudi Arabia
7.5. Asia Pacific
8. Competitive Intelligence
8.1. Competitive Benchmarking and Analysis
8.2. Recent Investmentss and Deals
8.3. Strategies of Key Players
9. Company Profiles
9.1. TE Connectivity
9.2. SWARCO AG
9.3. Smart Microwave Sensors GmbH
9.4. Sensys Networks, Inc.
9.5. Smats Traffic Solutions Inc.
9.6. AGD Systems
9.7. Traffic Sensor Corporation
9.8. CROSS Zlin, a.s.
9.9. FLIR® Systems, Inc.
9.10. International Road Dynamics Inc.
List of Figures
List of Tables
Smart Microwave Sensors GmbH
Sensys Networks, Inc.
Smats Traffic Solutions Inc.
Traffic Sensor Corporation
CROSS Zlin, a.s.
FLIR® Systems, Inc.
International Road Dynamics Inc.
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