Lucintel's latest market report analyzed that traffic sensor provides attractive opportunities in the vehicle measurement & profiling, weigh in motion, traffic monitoring, and automated tolling applications. The traffic sensor market is expected to reach $0.58 billion by 2028 with a CAGR of 8.5%. In this market, image sensor is the largest segment by product type, whereas traffic monitoring is largest by application.
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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. The image sensors segment accounted for the largest share of the market in 2023 and is expected to register the highest CAGR during the forecast period, 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.
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The Traffic Sensor Market is marked by the presence of several big and small players. Some of the prominent players offering traffic sensor include Raytheon, Kistler, Siemens, Image Sensing Systems, Jenoptik Ag, Q-Free ASA, Axis Communications, and KapschTrafficCom.
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