The global outdoor advertising market will be segmented based on type, application, and geography. based on type, the global outdoor advertising market can be segmented into painted billboards, digital billboards, multi-purpose billboards, mobile billboards, and others. supported the application, the global billboard, and outdoor advertising market can be segmented into highways, railway stations, buildings, automobiles, and others. By geography, the global outdoor advertising market can be segmented into North America, Latin America, Europe, geographical area & continent (MEA), and Asia-Pacific.
The global market size of the industry “Outdoor Advertising” is estimated at USD 42.2 billion in the year 2020. While the global market size of this industry is around USD 38.4 billion in 2019. It is also predicted that this industry continues to grow and reached up to USD 53.3 billion in the year 2020 growing at a CAGR of 3.4% over the period 2020 – 2027. The evaluation of these statistics is that this industry has a moderate growth rate from 2020 to 2027.
The market of the “Outdoor Advertising” industry in the U.S. is estimated at USD 6.3 Billion in the year 2020. The country currently accounts for a 26.99% share in the global market. China, the world’s second-largest economy, is forecast to reach an estimated market size of US$11.2 Billion in the year 2027 trailing a CAGR of 6.2% through 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 1% and 2.5% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 1.7% CAGR while the Rest of the European market (as defined in the study) will reach US$11.2 Billion by the year 2027.
American market size and trend:
The market size, measured by revenue, of the Billboard & Outdoor Advertising industry, is $6.3bn in 2020. The market size of the Billboard & Outdoor Advertising industry is expected to decline by -22.5% in 2020. The market size of the Billboard & Outdoor Advertising industry in the US has declined 5.8% per year on average between 2015 and 2020. The major decline in this industry is observed due to the coronavirus outbreak and lockdown to suppress the virus reached. During economic contractions or periods of low growth, marketing budgets are often one of the first areas companies cut to remain profitable. Conversely, as corporate profit improves, companies seek to expand advertising efforts. Corporate profit is expected to decrease in 2020, but strong expected growth in the outlook period represents a potential opportunity for the industry. The primary negative factors affecting this industry are low industry assistance and high competition. It is predicted that this industry starts again to grow with an average CAGR of 3-4% from 2020 to 2026 and may be reached up to USD 8 – 9 billion in 2026.
Americans pay a mean of 17,600 minutes within their cars each year. That’s over 293 hours annually. The typical person drives between 31.5 and 26.2 miles per day, reckoning on the season. And adults 30-49 log the foremost miles behind the wheel, at 13,506 per year. according to a survey, a simple fraction of respondents rumored seeing an advertisement in the past month. 80% of billboard viewers checked out the advertising message a number of the time, and half did it all the time. Even those on public transportation noted the billboards around them, with 66% of bus and taxi riders saying they had seen one within the previous month. this is often notably notable as result it negates the claim that folks are simply observing their phones once they are passengers. This answer proves they still look out the windows. There are 3 main reasons why people notice billboards:
• Relevancy: Billboards Deliver Pertinent Content
• Creativity: individuals notice Billboards Amusing
• Captive Audience: there are no ways to escaping the billboards.
Relevancy: Billboards Deliver Pertinent Content: Some people claim they don’t care about advertising. However, advertising informs them, and that they act thereon information. That’s very true for billboards. Another Arbitron study, this one concerning individuals’ in-car habits, found that over half of people had learned a couple of edifices they wished to erode or an occurrence they wanted to attend through a billboard.
Main road advertising can even be extremely targeted to the audience. Travelers have an interest in 3 things—food, gas, and lodging. That’s why you see such a large number of billboards for all three on major (and even minor) highways. A recent Nielsen survey found that twenty-three % of respondents have gone online to seek out info about an adman they saw on a billboard. And sixteen % have visited the advertisers’ website when an advertisement piqued their interest.
Creativity: individuals notice Billboards Amusing: Imagination has continually shone on billboards. whether or not they deliver a funny image, an imaginative flip of phrase, or an ingenious subversion of ancient billboard creativity, billboards offer a canvas for inventiveness. several agencies and advertisers are over up to the task of filling it. alternative people and folks take notice. Arbitron in-car study found that fifty-six percent of respondents have mentioned a funny billboard in an exceeding conversation. That’s actually outstanding when put next with other media.
Captive Audience: there are no ways to escaping the billboards: Billboards are in contrast to the other media therein there’s no way to flip them off. You have got no selection however to note them. You’ll block popups on a digital device. You’ll skip commercials on your DVR. You’ll procure ad-free music channels on satellite radio. And you can flip right past the ads in an exceeding magazine. However, there’s no way to escape most OOH advertising, billboards most distinguished among them. that very same Arbitron survey found that billboards are the most noticed sort of OOH advertising.
Digital Billboards/ Mobile Billboard
Of course, currently, digital billboards also are a part of the equation. There are projected to be 7,800 digital billboards within the united states in 2018, up 22% since 2016. Digital billboards modification every few seconds. Very little marvel they catch the eye. Their vivacious colors and sharp imaging draw attention. These billboards are a lot of noticeable than alternative media, too. Nearly three-quarters of respondents to the Nielsen survey aforesaid digital billboards “stand out” over online ads. 46 % said they stand out more than tv commercials. However, regardless of what kind of billboard is employed, it still attracts heaps of attention. Individuals will still notice outside billboards for Years to Come
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