DUBLIN--(BUSINESS WIRE )--The "Traffic Management Market by Component, System (Urban Traffic Management, Adaptive Traffic Control, Journey Time Management, Predictive Traffic Modeling, Incident Detection & Location, and Dynamic Traffic Management), & Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global traffic management market size is projected to grow from USD 38.2 billion in 2022 to USD 68.8 billion by 2027, at a compound annual growth rate (CAGR) of 12.5% during the forecast period. As the population grows and moves to urban centers, more people utilize the road and transport network resulting in growing congestion and more frequent accidents. The need for information using traffic management systems to improve the quality and performance of road services and provide accurate real-time data from multiple sources will drive the market.
The increasing migration of people from rural areas to urban areas has increased exponentially in urban households owning cars. Combining this with the existing traffic infrastructures that cannot keep up with rapid growth is the main reason for traffic congestion. Road transport is responsible for about 16% of manmade CO2 emissions.
Road transportation is the biggest emitter of all Green House Gas (GHG) emissions, accounting for more than 70% of total Green House Gas (GHG) emissions since 2014. The total number of cars and commercial vehicles on the road will nearly double by 2040. All these factors are driving government agencies, regulatory bodies, and technology providers to find solutions for better traffic management across cities.
The traffic management system enables users to plan their journey in advance, find the shortest route in a real-time situation, provide help on-demand during the journey, and reduce their carbon footprint. Capital investments by governments in megaprojects, such as smart cities and smart transport infrastructures, have gradually become slow-paced, hindering the development of the transportation sector. The costs involved in the transformation of legacy systems are considerably high. The lack of participation from the private sector has made an impact on the current development projects.
The vehicle detection boards are projected to account for the largest share among display boards during the forecast period.
In the traffic management market, by display board type, the vehicle detection board segment is expected to hold the largest market size. Display boards give clear traffic information messages to the drivers. These messages are easy to read and are important for drivers on fast, busy roads. Vehicle detection boards identify overweight vehicles moving toward overhead obstacles, such as bridges, tunnels, and other structures, and then warn the drivers individually. The need for systems with extensive capabilities, accuracy, and versatility of different detection types, such as speed, vehicle counts, vehicle classification, stopped vehicle detection, wrong-way vehicles, accident detection, and more typical traffic data, such as occupancy, the gap between vehicles, queue detection will drive the segment growth.
The air quality sensors segment is estimated to grow at the highest CAGR during the forecast period.
In the traffic management market, by sensor type, the air quality sensors segment is estimated to record the highest CAGR during the forecast period. The air quality sensors are built into the infrastructure to measure weather data like rain intensity, humidity, air pressure and temperature as well as particulate matters (PM1.0, PM2.5, PM10) and harmful oxides such as carbon monoxide, nitrogen dioxide etc. Air quality sensors provide useful information about air pollution to take appropriate measures to mitigate the negative impact.
6 Traffic Management Market, by Component
7 Traffic Management Market, by System
8 Traffic Management Market, by Region
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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900