According to the recent study the traffic sensor market is projected to reach an estimated $0.58 billion by 2028 from $0.39 billion in 2023, at a CAGR of 8.5% from 2023 to 2028. Growth in this market is primarily driven by growing traffic volume, rising demand for real-time information system and increasing government initiatives to improve transportation infrastructure.

A more than 150-page report is developed to understand trends, opportunities and forecast in traffic sensor market by product type (inductive loop, piezoelectric sensor, bending plate, image sensor, infrared sensor, radar sensor, lidar sensor, magnetic sensor, and others), technology (RFID, 3D/2D, GSM, and others), application (vehicle measurement & profiling, weigh in motion, traffic monitoring, automated tolling, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World).

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“Image sensors market is expected to remain the largest segment during the forecast period.”

Based on product type, the traffic sensor market is segmented into inductive loop, piezoelectric sensor, bending plate, image sensor, infrared sensor, radar sensor, lidar sensor, magnetic sensor, and others. Lucintel forecasts that the image sensors market is expected to remain the largest segment due to the increasing penetration of image sensors in vehicles for lane detection, obstacle identification, lane distance measurement, and detection of the car behind it.

“Within the traffic sensor market, the traffic monitoring segment is expected to remain the largest application”

Based on application the traffic monitoring segment is expected to witness the highest growth over the forecast period due to the increasing number of passenger cars on road is driving the need for advanced and optimized traffic management systems.

“North America will dominate the traffic sensor market in near future”

North America will remain the largest region due to increasing investments in road transportation infrastructure and growing need of advanced traffic sensors, which can enhance safety, effectiveness, and reliability of existing traffic sensors.

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Major players of traffic sensor market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. Raytheon, Kistler, Siemens, Image Sensing Systems, Jenoptik Ag, Q-Free ASA, Axis Communications, and Kapsch TrafficCom are among the major traffic sensor providers.

This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/traffic-sensor-market.aspx  or helpdesk@lucintel.com