The global transportation sensors market size was USD 605.5 Mn in 2022 and is likely to reach USD 1.21 Bn by 2031, expanding at a CAGR of 7.2% during 2023–2031. The market growth is attributed to the rising adoption of traffic sensors for effective traffic control, monitoring, and management.
Transportation sensors are devices primarily designed to facilitate safety and easy management of a transportation system. The sensors detect physical input of environment such as motion, light, and heat and convert into electronic data, which can be easily interpreted by a machine for better transportation systems and analytics.
Piezoelectric, inductive loop, image sensor, and infrared sensor are major types of sensors used by various transportation management systems for effective handling of traffic congestion, safety, and pollution. A smart transportation or intelligent transportation systems requires using these sensors in vehicles and other transport infrastructure to ensure optimal driver safety and pedestrian both.
COVID-19 Impact on Transportation Sensors Market
The market report finds that the COVID-19 pandemic adversely impacted the global transportation sensors market due to the plummeted production of commercial and passenger vehicles worldwide. The overall production delay in the automotive industry and sharp decline in use of vehicles were the results of movement restrictions and travel bans imposed by governments across the globe.
Transportation Sensors Market Dynamics
The global transportation sensors market report has up-to-date insights about market scenarios that can shape the overall market performance and condition during the forecast period, 2023 to 2031.
What are the Drivers of Transportation Sensors Market?
The massive expansion in traffic volume causes several problems in transportation system such as traffic congestion and delays, high carbon emissions, road accidents, and fuel wastage. This leads to the massive financial loss for countries and vehicle owners due to traffic jams and transport delays. Using sensors help in the traffic management and can avoid traffic congestion, which presents a key driver of the market.
What Restraints Transportation Sensors Market?
High cost of installation and maintenance of transportation sensor is a major restraining factor that is likely to hamper the market expansion in the coming years. The installation comes with various highly expensive software and solutions that offer accurate data measurement and transportation analytics.
What are the Opportunities in Transportation Sensors Market?
Rapid advancement in IT solutions for better connectivity and operational effectiveness of traffic sensor is creating lucrative opportunities for transportation sensor manufacturing companies. The rising use of the Internet of Things (IoT) and smart digital components in smart transportation system provide accurate analytical assistance and effective signal conditions.
Scope of Transportation Sensors Market Report
The global transportation sensors market research report includes an assessment of the market trends, market segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Transportation Sensors Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Sensor Type (Piezoelectric, Inductive Loop, Image Sensor, Bending Plate, Infrared Sensor, and Others), Use (Vehicle Identification, Speed Detection, Traffic Detection, Motion Sensors, and Others), and Application (Railway, Mining/Construction Vehicles, Heavy Equipment, Agricultural Vehicles, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast
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Key Players Covered in the Report
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Axis Communications AB; AGD Systems; TE Connectivity; Image Sensing Systems, Inc.; International Road Dynamics Inc.; EFKON GmbH; Kapsch TrafficCom AG; Diablo Controls, INC.; and Teledyne FLIR LLC
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Transportation Sensors Market Segment Insights
What Drives the Image Sensor Segment?
Based on sensor type, the transportation sensors market is divided into piezoelectric, inductive loop, image sensor, bending plate, infrared sensor, and others.
The image sensor segment is expected to expand at a significant growth rate during the projection period owing to the wide adoption of the sensor type for vehicle identification and location. This sensor is widely used in CCTV camera used for regulation traffic in public places.
Why is Traffic Detection in High Demand?
On the basis of use, the global market is segregated into vehicle identification, speed detection, traffic detection, motion sensors, and others.
The traffic detection segment is projected to register a considerable CAGR during the forecast period due to the rising demand for automatic driving systems for better traffic assistance. The traffic detection uses a wide range of devices that help in easy detecting and recognizing traffic signs, leading to better transportation management systems.
What Are the Factors Boosting the Heavy Equipment?
On the basis of application, the transportation sensors market is segmented into railway, mining/construction vehicles, heavy equipment, agricultural vehicles, and others.
The heavy equipment segment is expected to register a robust growth rate during the forecast period owing to the rising demand for heavy vehicles, impacted by the growing number of construction activities in urban areas. The integration of advanced sensors enhances operational efficiency in construction and ensures safety during the operation of these vehicles.
How is North America Dominating the Market?
In terms of region, the global transportation sensors market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa.
North America is expected to dominate the market during the projection period owing to the wide adoption of advanced traffic sensor for intelligent traffic management system. The presence of key global manufacturers of traffic sensor and rising demand for agricultural vehicles and heavy construction equipment, especially in the US further boost the regional market.
The market of Asia Pacific is projected to register a high CAGR during the forecast period owing to the increasing development of smart city projects and rising governments’ spending on intelligent transportation infrastructures. The rapid expansion of the automotive industry and increasing integration of digital technologies in construction vehicles further fuel the regional market.
Segments
The global transportation sensors market has been segmented on the basis of
Sensor Type
- Piezoelectric
- Inductive Loop
- Image Sensor
- Bending Plate
- Infrared Sensor
- Others
Use
- Vehicle Identification
- Speed Detection
- Traffic Detection
- Motion Sensors
- Others
Application
- Railway
- Mining/Construction Vehicles
- Heavy Equipment
- Agricultural Vehicles
- Others
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the market are Axis Communications AB; AGD Systems; TE Connectivity; Image Sensing Systems, Inc.; International Road Dynamics Inc.; EFKON GmbH; Kapsch TrafficCom AG; Diablo Controls, INC.; and Teledyne FLIR LLC.
These major companies adopt various business development strategies including mergers, acquisitions, partnerships, collaboration, product launches, and production capacity expansion to expand their consumer base and enhance their market share. For instance,
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On September 14, 2022, Image Sensing Systems Inc. (ISS) announced its partnership with Butterfly Junction Technologies to elevate ISS’ ground RTMS radar technology for the intelligent transportation systems market.
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On June 13, 2022, AGD Systems launched its inbuilt Artificial Intelligence (AI) product, AGD650, which is a dual-lane stop-line detector with potential data capabilities to upgrade real-time detection of traffic conditions.
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