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Out-of-Home Advertising Global Market Report 2022

Out-of-Home Advertising Global Market Report 2022

  • December 2021
  • 175 pages
  • ID: 6193701
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the out-of-home advertising market are Daktronics Inc., JCDecaux SA, Lamar Advertising Co., OUTFRONT Media, Inc., Ströer SE & Co. KGaA, Clear Channel Outdoor Holdings Inc., Exterion Media, oOh!media Limited, Intersection and Watchfire Signs.

The global ooh (out-of-home advertising) market is expected to grow from $25.61 billion in 2021 to $28.48 billion in 2022 at a compound annual growth rate (CAGR) of 11.2%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $40.42 billion in 2026 at a CAGR of 9.1%.

The OOH (Out-of-home) advertising market consists of the sales of advertising services and related goods by entities (organizations, sole traders and partnerships) that plan, develop, create and manage advertisement and promotional activities at out-of-home advertisement facilities. Only goods and services traded between entities or sold to end consumers are included.

The main types of out-of-home advertising are billboard, transport, street furniture, transit displays, and others.A billboard is a huge outdoor advertising structure (a billing board) that is commonly found in high-traffic areas, such as along major roads.

The different platforms include static and digital and are used by food and beverage industry, vehicle industry, health and medical industry, commercial and personal services, consumer goods, and others.

Asia Pacific was the largest region in the ooh (out-of-home advertising) market in 2021.North America was the second largest region in ooh (out-of-home advertising) market.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The rising urban population contributed to the growth of the out of home (OOH) advertising market.The increase in population in urban cities increases traffic congestion and waiting time.

According to INRIX 2019 Global Traffic Scorecard, Boston is ranked as the most congested city in the US losing 149 hours per year to congestion, followed by Chicago (145 hours), Philadelphia (142 hours), New York City (140 hours), and Washington D.C. (124 hours). With people spending more time outside their home in traffic and other areas, OOH advertising holds the utmost importance in advertising. According to the UN World Urbanization Prospects revision, the urban population is expected to increase to 68% across the world by 2050. Over a third of expected urban growth will occur in just three countries - India, China and Nigeria, and by 2050, the expected urban dwellers in India could be 416 million, China 255 million, and Nigeria 189 million. The rise in the urban population in developed and developing countries, which is contributing to the increasing traffic congestion, is driving the OOH advertising market.

Companies are increasingly using artificial intelligence to advertise their product.The major applications and benefits of artificial intelligence for digital out of home advertisement are agile and trigger data-driven campaigns.

For instance, McDonald’s used data like weather and time of day to remind the consumers to promote ice creams sundaes on a hot day, and on the other hand Coca-Cola promoted smart water when the temperature exceeded 21 degrees.Virgin trains also used real-time traffic data to show motorists how much quicker their journey could have been by using trains.

Therefore, AI and automation can optimize ads and update them creatively according to the data.

The volatile cost of advertising is expected to limit the out of home advertising (OOH) market’s growth.The billboard advertising costs are volatile and are affected by several factors such as circulation (total volume of traffic that passes the billboard), demographics, and impressions.

Additionally, the cost of designing an ad and the cost of building the physical one also influences the overall cost.According to Fit Small Business, a digital resource company, Physical billboards cost $750 to $1,500 per month on average in rural areas, $1,500 to $2,000 per month in small to midsize towns, and $14,000 or more in major markets.

Depending on the area, digital billboards might cost more than $15,000.For instance, physical billboard cost in Cedar Rapids is $550 - $4,000 per month for a population of 209,658, and in Los Angeles is $1,000 - $10,000 for a population of 10 million.

These costs include only the rent, while the cost of designing an ad varies. Therefore, the volatility of the cost of advertising harms the out of home advertising market.

In October 2021, American Outdoor, an outdoor advertising firm based in the US, acquired assets from Juggernaut Billboards for an undisclosed amount.The acquisition expands American Outdoor Advertising’s portfolio, which already covers major markets in Arizona, Nevada and California.

Juggernaut Billboard is a US-based company that provides billboard and mobile billboard advertising services in Puerto Rico, Arizona, Texas and Mexico .

The countries covered in the out-of-home advertising market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.

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