The report "Traffic Sensor Market by Type (Inductive Loop, Piezoelectric Sensor, Bending Plate, Image Sensor, Infrared Sensor, Radar Sensor, LiDAR Sensor, Magnetic Sensor, Acoustic Sensor, Thermal Sensor), Technology, Application, and Region - Global Forecast to 2026", is estimated to be valued at USD 566 million in 2021 and reach USD 809 million by 2026; it is anticipated to grow at a CAGR of 7.4% during the forecast period (2021–2026).
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Drivers : Rapid urbanization and increasing emphasis on road safety norms
The proportion of the urban population is increasing every day, causing traffic congestion. In 2000, only 46.72 percent of the world's population lived in cities; by 2007, more than half of the world's population (50.14 percent) lived in cities for the first time. Private and professional mobility presents significant challenges in urban areas. The increasing urbanization and population has been escalating the traffic density levels, making commuting tough for the common masses. Furthermore, as the urban population grows, so will the volume of business within cities and with business partners outside of cities. A higher urban population tends to increase the volume of transportation as business grows. For example, as cities' populations grow, so will traffic as businesses such as e-commerce, postal & logistics, and restaurant aggregator & food delivery companies expand their operations.
Restraints: High cost and fulfillment of fundamental requirements for the installation of nonintrusive sensors
The installation and maintenance of nonintrusive sensors, such as image sensors, microwave sensors, and acoustic sensors, do not have a major impact on road traffic and are associated with severe safety concerns. However, the effectiveness of such sensors depends on facing angles and mounted locations since the sensor requires large vertical and horizontal clearances. Infrared sensors need flat surfaces as roads with slopes and speed bumps may lead to errors. Furthermore, the cost of non-intrusive sensors is high compared to leading in road technologies such as inductive loops that provide detailed traffic flow data measurements. High costs impede widespread distribution and limit the application of non-intrusive sensors in gathering traffic information.
Lidar sensor segment is projected to witness the highest CAGR for the forecast period
Lidar sensor is expected to grow at a higher CAGR during the forecast period. The market for LiDAR senor has seen the emergence of large number start-ups, with high R&D investments. Such developments are likely to lead to significant technical improvements and cost reductions in solid-state LiDARs.
Automated Tolling (E-Toll) to account for the highest CAGR of Traffic Sensor market during the forecast period
The Automated Tolling (E-Toll) is estimated to grow at the highest CAGR from 2021 to 2026 during the forecast period, as the growth of this segment can be attributed because automated tolling is rapidly becoming the most popular way for commuters to pass through tolls on highways and expressways. It is now a necessity and a daily part of their lives. The working of these systems is very fast, along with an efficient mode for the collection of toll charges at the toll plazas. This saves a lot of time since vehicles passing through the toll plaza need not stop to pay the toll, and the payment is made automatically from the account of the vehicle.
2D segment will have the highest growth in the coming years
2D segment is expected to account for the highest growth of the traffic sensor market by 2026. Despite the numerous benefits of 3D sensor technology for quality traffic monitoring applications, many traffic control authorities continue to rely solely on 2D sensors for quality control processes. While useful in a limited number of scenarios, 2D sensor is limited in its ability to achieve 100% quality control, which is considered a major concern, especially in case of multilane and heavy urban traffic congestions, where near to 100% quality control is a major preference. Due to these reasons, although the 2D sensor will continue to dominate the traffic sensor market.
APAC is attributed to growing at the highest CAGR in Traffic Sensor market during the forecast period (2021-2026)
The traffic sensor market in APAC has been segmented into China, Japan, and Australia, which are the fastest-growing market for traffic sensors. The fastest growth of the APAC traffic sensor market is expected to be driven by the increasing number of mega cities and growing population in developed and developing countries.
Key Market Players
In 2020, the Traffic Sensor market was dominated by EFKON (Austria), Siemens (US), International Road Dynamics (Canada), Kapsch TrafficCom (Austria), and Q-Free ASA (Norway).
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