MarketsandMarkets’ report titled "Traffic Sensor Market by Type, Application, and Geography - Global Forecast to 2023" foresees the traffic sensor market growing from $228.0-Million in 2017 to $381.3-Million by 2023, at a CAGR of 8.94% during 2017 to 2023. The increasing demand for real-time information systems and increasing urbanization and population are the major factors that drive the traffic sensor market.
- Radar sensor expected to grow at a higher CAGR between 2017 and 2023
- Traffic monitoring application expected to hold the largest share of the traffic sensor market in 2017
- Traffic sensor market in Asia Pacific likely to grow at a high rate during the forecast period
- Major players operating in the traffic sensor market are Kapsch TrafficCom AG (Austria), International Road Dynamics, Inc. (Canada), FLIR Systems, Inc. (US), TE Connectivity Ltd. (Switzerland), and Kistler Group (Switzerland).