San Francisco, 28 February 2024: The Report Billboard And Outdoor Advertising Market Size, Share & Trends Analysis Report By Type (Static Billboards, Digital Billboards), By Application (Buildings, Automobiles), By End-use, By Region, And Segment Forecasts, 2023 - 2030

The global billboard and outdoor advertising market size is anticipated to reach USD 59.24 billion by 2030, registering a CAGR of 7.9% from 2023 to 2030, according to a new report by Grand View Research, Inc. Factors such as the integration benefits of outdoor advertisement with other media and the rising local advertising through billboards are expected to drive market growth. Moreover, the advancement of technology in outdoor advertisement space and the creativity of marketers present significant growth opportunities for the market. According to the Out of Home Advertising Association of America (OAAA) 2023 OOH ad study, among individuals who have seen an outdoor advertisement, there is a 41% increase in the likelihood of learning about the advertised brand. A notable 70% of individuals express a strong likelihood of outdoor advertisements influencing their purchase decisions. A significant 58 percent engage in online searches directly as a consequence of encountering such advertisements. Approximately 55 percent employ mobile devices and social media platforms to share information while interacting with outdoor ads. A substantial 35 percent make purchases subsequent to encountering these advertisements.

The COVID-19 pandemic had a negative impact on the market. The COVID-19 pandemic led to a substantial reduction in advertising expenditures. According to the World Economic Forum, on average, ad spending experienced a 9% decline throughout Europe, with Germany and France witnessing a decrease of 7% and 12%, respectively.

Digital billboards offer various advantages such as enhanced visual impact, flexibility & real-time updates, cost-effectiveness, and high efficiency. Factors such as the integration benefits of outdoor advertisement with other media and the rising local advertising through billboards are expected to drive market growth. Moreover, the advancement of technology in outdoor advertisement space and the creativity of marketers present significant growth opportunities for the market.

The COVID-19 pandemic had a negative impact on the market. During the pandemic, Out of home advertising (OOH) experienced a setback as a result of lockdowns and a shift in consumer focus toward digital channels. The Out of Home Advertising Association of America (OAAA) reported a significant drop in outdoor advertising revenue, with a 30.5% decrease in the fourth quarter of 2020 compared to the previous year.

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Billboard advertising remains a pivotal component of the advertising landscape, with the proliferation of digital billboards and the adoption of programmatic purchasing mechanisms fueling growth within the industry. In an ever-evolving technological landscape, it becomes imperative for the industry to remain flexible and seize novel prospects to maintain its relevance and efficacy. Programmatic digital out-of-home advertising (pDOOH) is experiencing an increasing surge in popularity, driven by the influential factors of data-driven targeting, versatile procurement choices, and the contextual appropriateness of advertising within specific environments. Digital billboards now often incorporate programmatic advertising, allowing advertisers to target specific demographics, adjust campaigns in real-time, and maximize the efficiency of their ad spend.

Billboard And Outdoor Advertising Market Report Highlights

• Based on type, the static billboard segment accounted for the largest revenue share of 37.8% in 2022 and is anticipated to witness significant growth during the forecast period. Static billboards are increasingly incorporating geotargeting capabilities, using data analytics to display different content based on the location of the billboard. This personalized advertisement makes them more relevant to local audiences. QR codes are often included on static billboards to bridge the gap between the physical and digital worlds. Passersby can scan the code with their smartphones, instantly accessing additional content, promotions, or contact information
• Based on application, the highways segment accounted for the largest revenue share in 2022 and is estimated to grow at the fastest CAGR of 9.6% over the forecast period. Findings from a recent survey conducted by OAAA-Harris Poll indicate that a substantial segment of the American population has grown fatigued with mobile device advertising. Consequently, 75% of survey respondents show a preference for outdoor environments, where they actively engage with and are influenced by billboard advertising on highways
• Based on end-use, the retail segment held the largest revenue share of 25.0% in 2022. According to the Outdoor Media Association (OMA), the retail industry ranked number one in terms of ad spending through various forms of outdoor advertisements. Similarly, according to the OAAA, in the U.S., the retail industry holds the second position in January to March quarter of 2022, in terms of ad spending through out of home advertisement formats
• Asia Pacific dominated the market with a share of 42.7% in 2022 and is anticipated to dominate the market over the forecast period.This can be attributed to the high penetration of billboards and other outdoor advertisement channels in China and Japan. Also, the increasing adoption in emerging economies such as India and Malaysia contributes to market growth

New rotating digital billboards are becoming popular. In May 2023, Outdoor Network introduced its first rotating digital billboard in the East London locality. This 3x6 rotating display represents a pioneering addition to the regional advertising landscape, prominently positioned along the Old Transkei Road, a high-traffic volume zone. Given its strategic location, this rotator offers an ideal opportunity for advertisers seeking to engage with specific target audiences.

The digital billboards segment is anticipated to grow at the fastest CAGR of 10.1% during the forecast period. The latest trend related to digital billboards is the emergence of three-dimensional (3D) billboards. Over the past year, a diverse array of 3D billboards has become increasingly prominent in various regions across the globe, including Japan, China, Taiwan, South Korea, India, and the United Kingdom. For instance, in March 2022, Nike unveiled a three-dimensional (3D) billboard in the Shinjuku district of Tokyo, Japan, as part of its promotional efforts leading up to Air Max Day, featuring a striking 3D activation that garnered the notice of local residents and social media participants.

Billboard And Outdoor Advertising Market Report Scope

The market has a fragmented competitive landscape as it features numerous regional and global market players. Industry players are undertaking strategies such as new developments related to digital billboards, partnerships, mergers & acquisitions, and collaborations to survive the highly competitive environment and expand their business footprints. For instance, in January 2023, Lamar Advertising Company, an outdoor advertising company, announced acquisition of Burkhart Advertising Inc. This acquisition encompasses an extensive portfolio, including over 1,500 billboard structures and 3,200 billboard faces, among which are 23 digital displays. These assets are strategically positioned across 38 counties in northern Indiana. Burkhart stands as the preeminent provider of out-of-home advertising within communities of considerable significance, including Elkhart, South Bend, Muncie, Lafayette, and Fort Wayne.

Key Billboard And Outdoor Advertising Companies:

• JCDecaux SE
• Clear Channel Outdoor
• OUTFRONT Media Inc.
• Lamar Advertising Company
• ADAMS OUTDOOR ADVERTISING
• Capitol Outdoor, LLC.
• Focus Media
• Intersection.
• Ströer
• Global