Outdoor LED display Market Analysis and Global Forecast 2023-2033

Outdoor LED display Market Overview

The Outdoor LED display Market Size is expected to reach USD 21.63 Billion by 2033. The Outdoor LED display Market industry size accounted for USD 9.41 Billion in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 9.87% from 2023 to 2033. The Outdoor LED Display Market refers to the industry involved in the design, production, and sale of LED (Light Emitting Diode) displays that are specifically intended for outdoor use. These displays are widely used for advertising, information dissemination, entertainment, and other applications in public spaces.

The market is dynamic, driven by technological innovations, and influenced by economic and regulatory factors. Increasing demand for digital advertising. Rising popularity of large-scale events and Expansion of exhibitions, sports events, and other gatherings.

Global Outdoor LED display Market Synopsis

COVID-19 Impact Analysis

The COVID-19 pandemic had a significant impact on the Outdoor LED Display Market. Many businesses cut down on advertising expenses due to economic uncertainty and decreased revenue, leading to lower demand for outdoor LED displays. Manufacturing facilities faced closures and reduced operations due to lockdowns and social distancing measures, causing delays in production and delivery of LED displays. With more people staying at home, businesses shifted their focus to online and digital advertising, reducing investment in outdoor advertising. There was a shift towards localized and community-focused advertising as people spent more time in their local areas rather than traveling. Increased use of LED displays for public health information, updates on COVID-19 guidelines, and other critical communications. The crisis accelerated the adoption of new technologies, such as touchless and interactive displays, to enhance engagement while maintaining safety protocols.

Outdoor LED display Market Dynamics

The major factors that have impacted the growth of Outdoor LED display Market are as follows:

Drivers:

Ø  Technological Advancements

Improvements in LED technology, such as higher resolution, better energy efficiency, and longer lifespan, are making outdoor LED displays more attractive and cost-effective. Rapid urbanization and the development of smart cities are driving the demand for outdoor LED displays for advertising, information dissemination, and public communication. The shift from traditional to digital out-of-home advertising is boosting the demand for dynamic and interactive LED displays. The ability to create eye-catching and interactive content on LED displays is attracting advertisers looking for innovative ways to engage their audience. LED displays are more energy-efficient compared to traditional advertising mediums, aligning with the growing focus on sustainability and reducing carbon footprints.

Restraint:

• Perception of High Initial Costs

The installation and setup of outdoor LED displays require significant capital investment. This includes costs for the displays themselves, mounting structures, electrical work, and other installation expenses, which can be a barrier for small and medium-sized enterprises. Regular maintenance and operational costs, such as cleaning, repair, and power consumption, can be substantial, especially for large-scale installations. These ongoing expenses can deter potential buyers.

Opportunity:

⮚      Smart City Initiatives and Emerging Markets

The global push towards smart cities presents a significant opportunity for outdoor LED displays. These cities require advanced display technologies for information dissemination, traffic management, public safety alerts, and interactive kiosks. Developing regions in Asia-Pacific, Latin America, and Africa are experiencing rapid urbanization and infrastructure development. These areas offer substantial growth potential for outdoor LED display installations in advertising, transportation, and public communication. As sustainability becomes a priority, there is an opportunity to develop and market eco-friendly, energy-efficient LED displays. Innovations such as solar-powered displays can cater to environmentally conscious consumers and businesses.

Outdoor LED display Market Segment Overview

By Type

Based on Type, the market is segmented based on Surface Mounted and Individually Mounted. The individually mounted segment dominant the market. The surge in demand for displays with a longer lifespan and high durability is driving the growth of the individually mounted segment. The lamp pins of individually mounted displays are joined with welding, which provides higher durability and is suitable for both mild and harsh outdoor LED displays currently on the market.

By Application

Based on Application, the market segment has been divided into the Billboards, Mobile LED Displays, Perimeter Boards and Others. The billboards segment is the highest contributor to the market. With numerous designs for displaying billboards, billboard advertising is becoming one of the most prominent market trends. Billboards can show multiple advertisements simultaneously, whereas their print counterparts can only show one at a time, leading to market expansion. Due to their low cost and capacity to display information twenty-four hours a day, seven days a week, billboards are also used by businesses to advertise and announce the launch of new products.

Global Outdoor LED display Market Regional Analysis

Based on region, the global Outdoor LED display Market has been divided into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. North America is projected to dominate the use of the Outdoor LED display Market followed by the Asia-Pacific and Europe regions.

Outdoor LED display North America Market

North America holds a dominant position in the Outdoor LED display Market. North America, particularly the U.S. and Canada, has a mature market with widespread adoption of outdoor LED displays. High demand for advanced technologies such as high-resolution displays, interactive screens, and energy-efficient solutions and Continued demand for digital advertising in prominent locations.

Outdoor LED display Asia-Pacific Market

The Asia-Pacific region has indeed emerged as the fastest-growing market for the Outdoor LED display Market industry. Asia-Pacific region is fastest-growing market due to rapid urbanization and economic development. Increasing disposable income leading to a rise in out-of-home advertising spending and Growing demand for large-scale events and sporting activities.

Competitive Landscape

The global Outdoor LED display Market is highly competitive, with numerous players offering a wide range of software solutions. The competitive landscape is characterized by the presence of established companies, as well as emerging startups and niche players. To increase their market position and attract a wide consumer base, the businesses are employing various strategies, such as product launches, and strategic alliances.

Prominent Players:

• Barco
• Daktronics
• Electronic Displays Inc
• Galaxia Electronics
• Leyard
• LG Electronics
• Lighthouse Technologies Limited
• Panasonic Corporation
• Sony Corporation
• Toshiba Tec Corporation

Key Development

In March 2023, Shenzhen Absen, a renowned supplier of LED display solutions, has introduced the new MicroLED KLCOB series. The introduction of new technology will result in a paradigm shift in the LED display industry in the next years.

In May 2022, Daktronics Hit Homerun with Arkansas Travelers’ Outfield Video Display. Daktronics (NASDAQ-DAKT), of Brookings, South Dakota, has collaborated with the Arkansas Travelers to provide more than 2,100 square feet of digital television display space.

Scope of the Report

Global Outdoor LED display Market, by Type

• Surface Mounted
• Individually Mounted

Global Outdoor LED display Market, by Application

• Billboards
• Mobile LED Displays
• Perimeter Boards
• Others

Global Outdoor LED display Market, by Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Benelux
  • Nordic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • South Korea
  • Indonesia
  • Austalia
  • Malaysia
  • India
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of Middle East & Africa

 

Parameters	Indicators
Market Size	2033: $21.63 Billion
CAGR	9.87% CAGR (2023-2033)
Base year	2022
Forecast Period	2023-2033
Historical Data	2021
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Key Segmentations	Type, Application
Geographies Covered	North America, Europe, Asia-Pacific, Latin America, Middle East, Africa
Key Vendors	Barco, Daktronics, Electronic Displays Inc, Galaxia Electronics, Leyard, LG Electronics, Lighthouse Technologies Limited, Panasonic Corporation, Sony Corporation and Toshiba Tec Corporation
Key Market Opportunities	• Smart City Initiatives and Emerging Markets • Green and Energy-Efficient Solutions
Key Market Drivers	• Technological Advancements • Urbanization and Infrastructure Development

 

REPORT CONTENT BRIEF:

• High-level analysis of the current and future Outdoor LED display Market trends and opportunities
• Detailed analysis of current market drivers, restraining factors, and opportunities in the future
• Outdoor LED display Market historical market size for the year 2021, and forecast from 2023 to 2033
• Outdoor LED display Market share analysis at each product level
• Competitor analysis with detailed insight into its product segment, Government & Defense strength, and strategies adopted.
• Identifies key strategies adopted including product launches and developments, mergers and acquisitions, joint ventures, collaborations, and partnerships as well as funding taken and investment done, among others.
• To identify and understand the various factors involved in the global Outdoor LED display Market affected by the pandemic
• To provide a detailed insight into the major companies operating in the market. The profiling will include the Government & Defense health of the company’s past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.