Traffic sensors are mainly designed to gauge the pressure of cars on a particular road. The will help to determine various signals that should be on and help in simplify the movement of traffic. Across the world, governments are engaging themselves more and more in employing such mechanisms, particularly in megacities. The COVID-19 Business Impact on Traffic Sensor Market is enjoying such favorable winds and is expected to gain 8% CAGR during the forecast period (2017-2023). Market Research Future (MRFR) revealed recently the possibility for this traffic sensors market to achieve USD 385 million valuation is quite high.
Increasing interests shown by governments from the APAC region, influx of advanced 3D technology, advancement in various sensor types like magnetic sensors, piezoelectric sensors, image sensors, demand from the electronic toll systems, improvement in GPS system, better spending capacities of investors, and extra-care taken by automotive manufacturers are expected to drive the global traffic sensors market ahead.
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The prominent players in the Global Traffic Sensor Market are – TE Connectivity Ltd. (Switzerland), Kistler Group (Switzerland), SWARCO AG (Austria), Sick AG (Germany), LeddarTech Inc. (Canada), Siemens AG (Germany) , International Road Dynamics, Inc. (Canada), FLIR Systems, Inc. (U.S.), Axis Communication AB (Sweden), Raytheon Company (U.S.), Sensys Networks, Inc. (U.S.) and among others.
Global Market for Sensor Patch – Segmental Analysis
MRFR segmented the global Traffic Sensor Market to get a closer look and have a better predictive analysis. These segments, technology, sensor types, and applications, rely on detailed analyses of factors that can impact the market. In addition, these segments have both volume-wise and value-wise figures for an enriched understanding.
- Based on the technology, the traffic sensors market can be segmented into GSM, 3D/2D, RFID and other. The RFID or radio frequency identification is gaining substantial push from various corners like automotive manufacturers, governments, and investors lined up for better research and technological reports.
- Based on the sensor types, the global traffic sensors market can be segmented into LiDAR sensors, radar sensors, magnetic sensors, piezoelectric sensors, image sensors, and others. The LiDAR sensor segment is gaining high prominence due to its robust inclusion in high-end cars for better understanding of the traffic movement.
- Based on the application, the global traffic sensors market can be segmented into laser measurement systems, electronic toll collection system, hot spot detection system, road tunnel sensors system, and others. The electronic toll collection system is gaining traction due to its ability to provide smooth passage. The road tunnel sensors system segment is also expected to fetch substantial market profit.
North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW) are four regions that have been included in the global traffic sensors market. The MRFR study has at its core the intent to identify major points that can be considered for better market growth.
North America’s technological brilliance gives it an edge over the others. The regional tendency to upgrade constantly, high investment capacity, better infrastructure, robust automotive sector, technological advancements, and others are reasons that are expected to take the regional traffic sensors market ahead. Manufacturers are investing for substantial change in the regional market as well.
Europe is an automotive hub and is known for its inclination towards high-end cars. The regional research and development sectors are also enjoying substantial score in terms of profit, which are expected to take the global market ahead.
The APAC market is also expecting high growth rate during the forecast period. The regional market lures in a lot of automotive-makers and in Japan and Korea, there are some famous manufacturers. These companies are putting in substantial effort to improve the traffic sensors market.
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In July 2019, the Directorate of Urban Land Transport (DULT) revealed that Bengaluru is all set to receive Japanese traffic sensors technology in 2020. The system has queue-length measurement sensors (QMS), which will gauge the number of cars on a particular road stretch before assigning the green signal.
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