Traffic Sensors Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

 Installation of traffic sensors will now be an integral part of traffic monitoring and to analyze the pattern of the moving vehicles and their interaction in the traffic. This is expected to help in enhancing the efficiency in traffic management, such as jams.

Since there is a significantly increasing number of commercial vehicles, the players and institutions are coming up with advanced traffic monitoring systems. For instance, the Indian Institute of Technology (IIT) Delhi, India completed the prototype of smart traffic monitoring systems on the campus.

Also, the major players and researchers are testing traffic monitoring using the latest emerging technologies. The researchers from the Texas Advanced Computing Center (TACC) commenced the test of traffic monitoring using AI, which in the future is likely to increase the utilization of traffic sensors.

The increasing number of passenger cars is driving the need for advanced and optimized traffic management system. Since 2015, the number of passenger cars has witnessed a growth of over 7% and is expected to increase owing to the emerging electric vehicles. As a result, it is likely to boost the demand for intelligent traffic monitor and control system, thereby having a positive impact on the utilization of traffic sensors. 

The Traffic Sensors was valued at USD 271.97 million in 2020 and is expected to reach USD 434.0 million by 2026 and grow at a CAGR of 8.1% over the forecast period (2021-2026). The increasing awareness of the adverse effect of road accidents on GDP is compelling several cities to implement sensor-based smart traffic signals.

To obtain and enhance real-time traffic information, the utilization and integration of transportation surveillance are necessary wherein currently, the traffic sensors play a vital role to fulfill the requirement.

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