Global Transportation Sensor Market Size to grow USD 1.9 Bn in 2028
The Global Transportation Sensor Market Size was valued at USD 0.6 Bn in 2021. The market is projected to grow USD 1.9 Bn in 2028, at a CAGR of 7.4%.
Transportation sensors are that sensors associated with embedded algorithms, signal conditioning and digital interface make up. Transportation sensors allow for the collection of precise environmental data with minimal noise. These sensors are used in IT applications such as analytics and machine-to-machine communication. The market will rise due to increased development and usage of IoT (Internet of Things). Multiple challenges, such as safety, pollution, and traffic congestion, make modern transportation networks extremely vulnerable. As previously said, new vehicle systems seek improved communication, which will be critical in ensuring operating efficiency. In-vehicle transportation sensors and their applications are being integrated by automakers in a variety of areas, including entertainment, traffic management, safety, and others.
Smart sensor integration in automobiles, rising demand for electronics devices such as smartphones, tablets, and other gadgets, as well as the Internet of Things (IoT), are driving the smart sensors market. For traffic management, automatic incident detection, and data collection, transportation sensors are utilised. Traffic sensors give standard data on traffic, speed, and area occupancy, which is useful for avoiding congestion in major cities. Furthermore, these sensors aid in the correct measurement of average flow speed, allowing distinct service levels such as dense, congested, queue, and fluid to be distinguished. Transportation networks are more efficient and capable thanks to transportation sensors. The growing demand for real-time information systems, as well as government initiatives to enhance transportation infrastructure, are propelling the growth of the global transportation market. Similarly, increased cycling infrastructure is likely to lead to increased adoption of bicycle counting sensors in the transportation sensor market, providing attractive prospects for companies in the market.
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The global transportation sensor market is negatively impacted with the outbreak of COVID-19. The outbreak's consequences and impact are expected to intensify in the coming months as the virus spreads. Several governments of few countries are considering national-level lockdowns as a viable means of controlling viral transmission. The outbreak of Covid-19 has forced governments around the world to deploy severe rules such as lockdown, temporary shutdown, social distancing, caused disruption in production of raw materials and in turn increased costing of raw materials. Shipments of raw materials, as well as revenue produced have fallen. Furthermore, insufficient raw material supply will limit the rate of transportation sensor, influencing the management of the transportation sensor supply chain. This chain of occurrences is expected to have a negative influence on the growth of the transportation sensor market in the future years.
The image sensors segment dominated the global transportation sensor market share owing increasing image capturing form the traffic control. Furthermore, the images captured by the vehicle's camera can be used to detect a car following it, measure the distance between it and recognize an obstruction, and detect a lane. The 2D sensor segment dominated the global transportation sensor market share owing to rely primarily on 2D sensor in monitoring applications for quality traffic. The traffic monitoring segment dominated the global transportation sensor market share owing to the huge development in traffic infrastructure, in turn, increasing demand for transportation sensors. The growth in the number of vehicles on the road, the increase in population, and the migration of rural areas to metropolitan cities are the main causes of traffic congestion.
North America region is expected to dominate the market share of global transportation sensor market owing to the heavy investments on transportation sensor developments and presence of major manufacturers which are focusing on shifting the concept of IC engines to smart vehicles. For instance, BMW and Audi are building hydrogen fuel-cell passenger vehicle prototypes alongside their fleets of battery cars. However, Asia Pacific is expected to account highest CAGR across the forecast period due to the growing capabilities for the development in infrastructures and expansion of mega cities along with the growing population. For instance, according to the survey in 2020, Korea and Japan are leading the way among Asian countries is investing on transportation sensor projects.
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KEY INDUSTRY DEVELOPMENTS:
August 2020- EFKON AG made an agreement with Varanasi Smart City Limited (VSCL) to focus on development, design, deployment, and maintenance of an advanced surveillance system in Varanasi for at least 5 years.
May 2019- Sensys Networks, Inc merged with TagMaster, will provide greater depth and breadth to leading-edge data solutions for more customers across the globe.
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