Press release
Billboard and Outdoor Advertising Market - Size, Share, Growth, Trends and Forecast 2023
A billboard is a large outdoor advertising structure generally found in high-traffic areas such as alongside busy roads or highways. It presents huge advertisements to passing drivers and pedestrians. Billboards are highly visible in the top designated market areas showing large distinctive visuals with ostensibly witty slogans. These advertisements are designed to catch a person’s attention very quickly and create a memorable impression in the reader’s mind. These advertisements usually consist of few words, in large print, and an arresting or humorous image in a brilliant color so that they can be read easily by the people driving at a high speed on highways.Billboard and outdoor advertising market is segmented on the basis of its types, applications and geography. Based on its type, the market is segmented into painted billboards, digital; billboards, mobile billboards, multi-purpose billboards and other types of billboards. In painted billboards, the image is projected on the series of paper panels. Digital billboards are created from computer programs and software. They are designed to display moving text, different displays from the same company.
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The continuously running text ensures wide exposure and maximum impact to target audiences. Mobile billboards can be placed wherever there is heavy foot traffic due to an event such as railway stations, airports, sport arenas and convention centers among others. Multi-purpose billboards can integrate its advertising purpose with its public lighting and telecommunications antenna support. Other types of billboards include the billboard bicycle attached to the back of a mobile billboard or bicycle or a special advertising trailer to lift huge banners. Mechanical billboards and 3-D billboards are also included in the category with some extra nice features. Based on its applications, the market is segmented into highways, railway stations, big name advertising and tobacco advertising. They are also used for non-commercial purpose which includes the government agencies and non-profit organizations to communicate with the public. Geographically, North America is expected to lead the market due to growing digitization in the existing technologies during the forecast period. Asia Pacific is expected to have a steady growth in the market during the forecast period due to rising infrastructure development and advertisement trends.
The major factors driving the global billboard and outdoor advertising market include rising urbanization, digital outdoor advertising and global economic development. In addition, additional factors such as low-cost advertising medium, improved audience measurement and commuting trends, are further bolstering the global market. However, the market growth is limited by various regulatory norms and standards enforced by governments worldwide. Furthermore, digital displays are not a suitable choice for most outdoor billboards advertisings and thus it hinders market growth. In addition, stringent government restriction on LCD advertising screens pertaining to limiting light/color intensity to ensure drivers safety or reduce annoyance for residential homes at night is restricting market growth.
The major opportunity for the market lies in large area display technologies which can be an effective substitute for the existing screen printed electroluminescent (EL) displays. Some of the major players in the global billboard and outdoor advertising market include Capitol Outdoor, LLC, Outdoor Advertising Association of America, Inc., Formetco Incorporated, Daktronics Dr., and Watchfire Signs., among others.
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