Dublin, July 22, 2024 (GLOBE NEWSWIRE) -- The "Global LED Billboard Market Size, Share & Trends Analysis; 2024 to 2031" report has been added to ResearchAndMarkets.com's offering.
The Global LED Billboard Market is expected to reach $7.3 billion by 2031, rising at a market growth of 10.3% CAGR during the forecast period.
The growing use of data analytics in DOOH advertising leads to the integration of LED billboards with sophisticated tracking and measurement tools. Thus, the Outdoor segment acquired $2.46 billion revenue in 2023. This integration allows advertisers to gather real-time data on audience engagement, impression counts, and campaign effectiveness, facilitating more targeted and efficient advertising strategies.
Dynamic content, such as animations, videos, and interactive elements, captivates viewers' attention more effectively than static imagery. LED billboards equipped with dynamic content can create eye-catching visuals that stand out in busy urban environments, increasing the likelihood of audience engagement and brand recall. Thus, rising demand for dynamic content is driving the market's growth.
Additionally, as the media and entertainment industry expand, there is a corresponding increase in advertising spending by media companies, entertainment studios, and content creators. LED billboards provide an effective platform for promoting movies, TV shows, music releases, and other entertainment content to a wide audience, driving demand for digital advertising solutions. Thus, the expansion of the media and entertainment industry is driving the market's growth.
However, the primary component of LED billboards is the LED display panel, which accounts for a significant portion of the initial investment. LED panels use advanced technology and high-quality materials to ensure durability, brightness, and color accuracy, leading to higher production costs. Installing LED billboards requires specialized equipment, skilled labor, and adherence to safety regulations, all contributing to installation expenses. Therefore, high initial investment costs are impeding the growth of the market.
Market Dynamics
- Drivers
- Growing demand for digital out-of-home advertising
- Rising demand for dynamic content
- Expansion of media and entertainment industry
- Restraints
- High initial investment costs
- Technical issues and reliability
- Opportunities
- Expansion of smart cities
- Integration with cultural and artistic expression
- Challenges
- Increasing competition from digital advertising channels
- Limited viewing time
Type Outlook
Based on type, the market is divided into monochrome and full color. In 2023, the full color segment garnered a 76% revenue share in the market. Full-color LED billboards offer vibrant and eye-catching displays that attract attention effectively. This versatility enables engaging and memorable advertising campaigns, resulting in better brand recall and retention.
End User Outlook
By end user, the market is classified into advertising & media, government, sports & entertainment, and others. The sports and entertainment segment procured a 29% revenue share in the market in 2023. Arenas, entertainment venues, and sports stadiums use LED billboards to improve the audience experience. These partnerships generate additional revenue streams for sports teams, event organizers, and venue owners, helping to offset operational costs and increase profitability.
Application Outlook
On the basis of application, the market is segmented into indoor and outdoor. The outdoor segment recorded a 74.4% revenue share in the market in 2023. This 24/7 advertising capability maximizes brand visibility and ensures that marketing messages are consistently delivered to target audiences, enhancing brand recall and awareness.
Regional Outlook
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific region witnessed a 38.4% revenue share in the market in 2023. Due to the region's increasing urbanization and infrastructure development, sports stadiums, entertainment venues, transit hubs, and commercial complexes are being built there. LED billboards are in high demand in these urban centers as they provide an effective means of outdoor advertising and communication to large and diverse populations.
List of Key Companies Profiled in the Report
- Daktronics, Inc.
- Barco N.V.
- Shenzhen Absen Optoelectronic Co. Ltd.
- Unilumin Group Co. Ltd.
- Lighthouse Worldwide Solutions, Inc.
- Watchfire (H.I.G. Capital)
- Liantronics
- Leyard Optoelectronic Co. Ltd.
- Shanghai Sansi Electronic Engineering Co. Ltd.
- Ledman Optoelectronic Co.
For more information about this report visit https://www.researchandmarkets.com/r/qj796g
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