The global traffic sensor market is poised to grow rapidly during the next five years
The recent study on the global traffic sensor market covers in-depth analysis of the market on the basis of type, application, and geography. The report also covers the country level analysis within the regions as well. Additionally, the report covers the key trends in the market along with drivers and restraint during the forecast period 2018-2023. According to the report titled “Global Traffic Sensor Market – Forecast from 2018 to 2023”, the market is estimated to grow exponentially during the forecast period. The report has segmented the global traffic sensor market by type (inductive loop, magnetometer, infrared, microwave radar, video image processor, others), application (signal control, traffic monitoring) and geography such as North America (United States, Canada, Mexico, others), South America (Brazil, Argentina, others), Europe (United Kingdom, Germany, France, Italy, others), Middle East and Africa (Saudi Arabia, United Arab Emirates, Israel, others), and Asia Pacific (Japan, China, India, Australia, others). The rapid urbanization and the population growth along with the increase in vehicle sales have led to an escalation in the traffic density levels globally. In fact, the number of passenger vehicles sold globally has increased from 45,404,638 in 2005 to 70,849,466 in 2017 (source: International Organization of Motor Vehicle Manufacturers). Moreover, more than 50% of the global population is projected to be concentrated in urban areas by the end of the next decade. As a result, the government of both developed and developing economies are increasing investment to improve the traffic management system in order to make transport movement safer, efficient, and sustainable, which is driving the global traffic sensor market.
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Inductive loop segment is estimated to hold a significant share in the market.
The ability of the inductive loop sensor to meet the stringent vehicle flow error specification requirement for ITS is expected to propel its growth and is primarily used for vehicle counting and stop-bar detection for traffic light automation applications. Moreover, its relatively low cost and high accuracy characteristics along with low power consumption are further anticipated to supplement the demand for inductive loop sensors during the forecast period.
Some of the major players discussed in the reports are TE Connectivity, Smart Microwave Sensors GmbH, Traffic Sensor Corporation, and International Road Dynamics, Inc., among others.
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