Market Size of Traffic Sensors Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 8.10 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Traffic Sensors Market Analysis
The Traffic Sensors was valued at USD 271.97 million in 2020 and is expected to reach USD 434.0 million by 2026 and grow at a CAGR of 8.1% over the forecast period (2021-2026). The increasing awareness of the adverse effect of road accidents on GDP is compelling several cities to implement sensor-based smart traffic signals.
- To obtain and enhance real-time traffic information, the utilization and integration of transportation surveillance are necessary wherein currently, the traffic sensors play a vital role to fulfill the requirement.
- These traffic sensors collect data which is used for several applications, such as flow monitor and anticipate any bottleneck and travel time estimation. However, the limited budget on infrastructure coupled with high initial investment and maintenance cost is likely to hamper the market growth.
- Due to the increase in urbanization and population, there is an increase in the number of vehicles. For which the government has taken initiatives to modify transport infrastructure. These factors act as drivers for the traffic sensors market.
- However, the setup cost is very high to implement this infrastructure which is a major challenge for the traffic sensors market.
