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The traffic sensor market is likely to grow at a CAGR of 8.94% between 2017 and 2023
The traffic sensor market is expected to grow from USD 228.0 million in 2017 to USD 381.3 million by 2023, at a CAGR of 8.94% during 20172023. The market growth can be attributed to several factors such as the growing need for realtime information systems, government initiatives to modify transport infrastructure, and the increasing urbanization and population. The major restraint for the traffic sensor is the high cost and fulfillment of fundamental requirements for the installation of nonintrusive sensors.
Inductive loop to hold the largest market share and size, in terms of value, for the traffic sensor market during the forecast period
Inductive loops are among the most accurate technologies in vehicle counting, and they meet stringent vehicle flow error specifications required for the intelligent transportation system applications. The use of inductive loops with other sensor systems, such as cameras, for attaining a higher efficiency is one of the factors contributing to the largest share of these sensors in the traffic sensor market.
North America holds the largest share market in 2017, while the market in APAC is expected to grow at the highest rate during the forecast period'
In North America, various traffic problems are increasing day by day due to the increase in a number of vehicles despite a large number of developments during the 2 decades in the field of roadways infrastructure. As a result, the focus of countries all over the world is shifting from the infrastructure development to the best use of infrastructure facilities available. Also, various countries in North America such as the US, Canada, and Mexico have started addressing the traffic issues using traffic sensors for the purposes such as resolving traffic congestion, automation of tolls, vehicle detection, traffic control, and traffic management. Also, various initiatives by several governments to implement various traffic management solutions and intelligent transportation systems.
Various countries in APAC have started addressing traffic issues using traffic sensors for as resolving traffic congestion, automation of tolls, vehicle detection, traffic control, and traffic management. The market in APAC has a high growth potential. The demand for traffic sensors in APAC is significantly driven by the strong economic growth, rising population, and rapid urbanization.
Breakdown of primary participants' profile by different parameters:
By Company Type: Tier 1 30%, Tier 2 45%, and Tier 3 25%
By Designation: CLevel Executives 35%, Directors 45%, and Others 20%
By Region: North America 50%, Europe 30%, APAC 10%, and RoW 10%
The key players operating in this market are 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.
In this report, various segments such as sensor type, application, and geography have been covered. Moreover, the report discusses the drivers, restraints, opportunities, and challenges for the traffic sensor market players. Furthermore, the report provides a detailed view of the market across four main regions, namely, North America, Europe, Asia Pacific APAC, and Rest of the World RoW. A competitive analysis section has been included in the report, which provides the details of the visionary leaders, innovators, dynamic differentiators, and emerging players in the traffic sensor market.
Reasons to Buy the Report:
This report includes the statistics pertaining to the traffic sensor market in terms of sensor type, application, and geography, along with their respective market size in terms of value for the components segment.
The competitive analysis section provides the details of the visionary leaders, innovators, dynamic differentiators, and emerging players in the traffic sensor market.
The report provides a detailed analysis of the major drivers, restraints, opportunities, and challenges for the traffic sensor market players.
The report includes the illustrative segmentation, analysis, and forecast of the traffic sensor market based on its segments and subsegments.
Original Article: Traffic Sensor Market by Type Inductive Loop, Piezoelectric Sensor, Bending Plate, Image Sensor, Infrared Sensor, Radar Sensor, LiDAR Sensor, Magnetic Sensor, Acoustic Sensor, and Thermal Sensor, Application, and Geography Global Forecast to 2023 [ReportNEXT ARTICLE