According to this market research report "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", the traffic sensor market is expected to reach USD 381.3 Million by 2023, at a CAGR of 8.94% by 2023. The increasing demand for real-time information systems and increasing urbanization and population are the major factors that drive the traffic sensor market.
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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) are the major traffic sensor providers.
Traffic sensor market in Asia Pacific likely to grow at a high rate during the forecast period
In Asia Pacific (APAC), China and Australia are the major contributors to the growth of the traffic sensor market. Some of the factors driving the growth of the market in this region include rapid developments to improve transportation industry, implementation of e-tolls, and various initiatives by the government to implement traffic management solutions.
The report answers important questions that companies may have when operating in the Traffic Sensor Market. Some of the questions are given below:
• What is the current CAGR of the Global traffic sensor market Market?
• Which application expected to hold the largest share of the traffic sensor market?
• Which region is foretold to create the most number of opportunities in the Global traffic sensor market?
• Will there be any changes in market competition during the forecast period?
• Which are the top players currently operating in the global market?
• How will the market situation change in the coming years?
• What are the common business tactics adopted by players?
• What is the growth outlook of the Global traffic sensor market?
• What are the Drivers behind the growth of traffic sensor market?
Traffic Sensor Market, by Sensors Type
Radar sensor expected to grow at a higher CAGR by 2023
The market for radar sensors is expected to grow at the highest CAGR during the forecast period compared to other types of sensors. Radar sensors are resistant to lightning and other weather conditions such as haze, rain, or cloudy conditions compared to other detection technologies such as image sensors, which acts as a major driving factor for the growth of the market for radar sensors.
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