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

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

Billboard And Outdoor Advertising Market Growth & Trends

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.

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

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