Traffic Sensor Market Latest, Segments Analysis and Opportunities 2022-2030

Report Ocean published the latest research report on the Traffic Sensor market. In order to comprehend a market holistically, a variety of factors must be evaluated, including demographics, business cycles, and microeconomic requirements that pertain precisely to the market under study. In addition, the Traffic Sensor market study demonstrates a detailed examination of the business state, which represents creative ways for company growth, financial factors such as production value, key regions, and growth rate.

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.

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Factors Influencing the Market

Traffic sensors are getting substantial traction, owing to the rapidly growing transportation volume and initiatives by government bodies for improving city infrastructure. For instance, the European Commission is testing new ways to enhance Europe's transportation infrastructure.
There is a shortage of effective highways in developing economies like growing economies, such as India, China, and Brazil. As a result, it creates excessive road congestion, which will surge the demand for traffic sensors during the forecast period.
Ever-increasing urban population is expected to benefit the traffic sensors market. In addition to that, various corporations are testing advanced technology for traffic monitoring. For instance, the Texas Advanced Computing Center (TACC) researchers started testing traffic monitoring through AI technology. The success of these trials will benefit the global traffic sensor 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.

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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.

The United States has delivered gradual and steady economic growth within and beyond information technology since emerging from the global financial crisis. According to figures from the Bureau of Economic Analysis, the U.S. economy increased by 2.5 percent between 2010 and 2018.

Competitors in the Market

Axis Communications AB
FLIR Systems
International Road Dynamics Inc
Kapsch Trafficcom AG
Kistler Group
Leddartech
Q-Free ASA
Raytheon Company
Sensys Networks
Sick AG
Siemens
Swarco AG
TE Connectivity Ltd.
Transcore
Other Prominent Players
Market Segmentation

The global traffic sensor market segmentation focuses on Sensor, Technology, Application, and Region.

By Sensor

Piezoelectric
Bending Plate
Inductive Loop
Magnetic
Acoustic
Infrared
Image
Radar
Lidar
Thermal
By Technology

2D
3D
RFID
GSM
Others
By Application

Vehicle Measurement and Profiling
Weigh-in-Motion
Traffic Monitoring
Automated Tolling (E-Toll)
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By Region

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
What is the goal of the report?

The market report presents the estimated size of the ICT market at the end of the forecast period. The report also examines historical and current market sizes.
During the forecast period, the report analyzes the growth rate, market size, and market valuation.
The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.

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