Traffic Sensor Market Projected to Reach US$ 1,439.0 Million with a Solid CAGR of 8.4% by 2032

The traffic sensor market is predicted to develop at a robust CAGR of 8.4% to reach US$ 1439.0 million by 2032. Two of the key reasons for the rise in demand for traffic sensors are safety and dependability.

The market for equipment and systems used to detect and gauge several aspects of traffic, such as vehicle quantity, speed, and occupancy, is referred to as the “traffic sensor market.” Numerous applications, including traffic management, incident detection, and toll collecting, can make use of these sensors. Due to the rising need for smart transportation systems, as well as the need for better traffic management and safety, the market for traffic sensors is anticipated to expand in the upcoming years. more urbanization, a growing population, and more government financing for transportation infrastructure are factors propelling the market’s expansion.

According to the Federal Highway Administration (FHWA), close to or around crossroads are involved in more than half of all fatal and injury collisions. Conventional radar can follow any approaching object, but it might be difficult to distinguish between different modes.

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Traffic Sensor Market Gets the Green Light from New Traffic Technology Innovation
Manufacturers in the traffic sensor industry are focusing on seizing the initiative in developing and implementing cutting-edge practices and technologies. Additionally, manufacturers are utilizing imaging systems, optical beacons, and the ultrasonic Doppler effect to provide customers more options.

For instance, the improved bicycle and personal mobility device (PMD) detection and categorization provided by Traffic Technology Ltd.’s new Zelt Evo sensor The induction loop technology, which Eco-Counter has been developing over the past 20 years, serves as the system’s foundation.

Global Traffic Sensor Market: Drivers and Challenges 

Government initiatives toward smart infrastructure are expected to drive the growth of traffic sensors worldwide. Increasing traffic on roads, rail, air, and water is making the ways more crowded creating a need to handle the traffic more efficiently.

This factor is expected to positively impact the adoption of traffic sensors. Competitive pricing in sensor technology and innovative advancements in the technological sector is boosting the growth in the adoption of traffic sensors, hence enabling growth in revenue of the traffic sensor market globally.

A few challenges faced by the vendors while deploying traffic sensors include unnecessary traffic delays, increased traffic congestion, air pollution, and gasoline consumption and among others. These factors are expected to impact the growth of the global traffic sensor market negatively.

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What Strong is the Competition in the Traffic Sensor Market?

Since there are no dominant firms in a competitive market, it is fragmented. As a result, there is anticipated to be low market concentration, where major players are engaging in various strategies to consolidate their market position.

Additionally, leading players and researchers are putting the newest emerging technologies to the test for traffic monitoring.

Key Players

• Kapsch TrafficCom AG
• EFKON GmbH
• International Road Dynamics Inc.
• TransCore, Kistler Group
• TE Connectivity
• FLIR Systems, Inc.
• Q-Free ASA
• SICK AG
• Agd Systems Ltd.

Key Segments Profiled in the Traffic Sensor Market Survey

By Type:

• Infrared Sensors
• Inductive Loops
• LiDAR Sensors
• Piezoelectric Sensors
• Magnetic Sensors
• Radar Sensors
• Thermal Sensors
• Acoustic Sensors
• Thermal Sensors
• Image Sensors

By Application:

• Traffic Monitoring
• Automated Tolling (e-toll)
• Vehicle Measurement & Profiling
• Others

By Region:

• North America
• Latin America
• Asia Pacific
• The Middle East and Africa
• Europe