Surge in digital advertisements, enhanced power efficiency, and increase in number of digital sponsorships drive the growth of the global outdoor LED display market. Asia-Pacific held the highest share, contributing to more than one-third of the total market share in 2019, and is estimated to maintain the highest share by 2027. Due to lockdown, the utilization of outdoor LED displays has reduced considerably as marketing will prove to be futile.
According to the report published by Allied Market Research, the global outdoor LED display market garnered $7.42 billion in 2019, and is expected to reach $17.41 billion by 2027, registering a CAGR of 11.4% from 2020 to 2027. The report provides an extensive analysis of changing market dynamics, key winning strategies, top investment pockets, business performance, and competitive landscape.
Surge in digital advertisements, enhanced power efficiency, and increase in number of digital sponsorships drive the growth of the global outdoor LED display market. However, high investments and installation costs restrain the market growth. On the other hand, alternate LED advertisement designs to present new opportunities in the coming years.
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- Due to lockdown, the utilization of outdoor LED displays has reduced considerably as marketing will prove to be futile.
- Production facilities have stopped operations to reduce prevalence of coronavirus. Moreover, the supply chain has been disrupted.
- As lockdown restrictions are loosened, these displays have been utilized by governments to spread awareness regarding measures to be taken for prevention of coronavirus infection.
The report offers detailed segmentation of the global outdoor LED display market based on type, application, and region. Based on type, the individually mounted segment held the highest share in 2019, accounting for nearly three-fifths of the total share, and is estimated to maintain its dominant position during the forecast period. However, the surface mounted segment is projected to register the highest CAGR of 11.9% from 2020 to 2027.
Based on application, the billboards segment accounted for the largest share in 2019, contributing to more than one-third of the total share, and is projected to continue the largest share throughout the forecast period. However, the traffic lights segment is estimated to portray the fastest CAGR of 13.5% during the forecast period.
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Based on region, Asia-Pacific held the highest share, contributing to more than one-third of the total market share in 2019, and is estimated to maintain the highest share during the forecast period. Moreover, this region is estimated to register at the highest CAGR of 12.6% from 2020 to 2027. North America accounted for the second-highest market share in 2019 and will maintain its position by 2027.
Leading players of the global outdoor LED display market analyzed in the research include Barco, Electronic Displays Inc., Daktronics, Inc., Leyard, Galaxia Electronics, Lighthouse Technologies Limited, LG Electronics, Sony Corporation, Panasonic Corporation, and Toshiba Tec Corporation.
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