The global traffic sensor market size was US$ 561.5 million in 2021. The global traffic sensor market is forecast to grow to US$ 1045.1 million by 2030 by registering a compound annual growth rate (CAGR) of 7.8% during the forecast period from 2022 to 2030.
Factors Influencing the Market
COVID-19 Impact Analysis
The COVID-19 pandemic has been a challenging situation for the government authorities in various economies. Due to this global emergency, various authorities imposed strict lockdown to comply with the severity of the situation. It also restricted people from traveling even in the cities. As a result, reduced traffic was observed on the roads and highways. Thus, it declined the demand for traffic sensors.
Regional Analysis
North America is forecast to emerge as the largest market for traffic sensors in terms of geography. It is owing to the growing industrialization in the United States and Canada. Furthermore, growing spending on enhancing the road infrastructure is forecast to benefit the traffic sensor market.
The Asia-Pacific market for traffic sensors is forecast to grow at a significant rate, owing to the vital contribution of emerging economies, such as China, Japan, India, Australia, and South Korea. Furthermore, growing infrastructure development will open a lot of doors for the traffic sensors market growth. In addition to that, the growing population in India, China, and Japan and rising urbanization in these countries will benefit the global traffic sensor market. The market is also witnessing lucrative growth opportunities in the region due to the growing adoption of an automated technology.
Competitors in the Market
Market Segmentation
The global traffic sensor market segmentation focuses on Sensor, Technology, Application, and Region.
By Sensor
By Technology
By Application
By Region