LED Billboard Market to Reach $9,795.2 million, Globally, by 2032 at 10.8% CAGR: Allied Market Research

Shift toward digital advertising, demand for real-time content, and rapid urbanization are the factors that drive the growth of the LED billboard market.

WILMINGTON, Del., April 16, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "LED Billboard Market by Type (Monochrome and Full Color), Application (Indoor and Outdoor), End User (Advertising & Media, Government, Sports & Entertainment, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the "LED billboard market" was valued at $3,554.2 million in 2022, and is estimated to reach $9,795.2 million by 2032, growing at a CAGR of 10.8% from 2023 to 2032.

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Prime determinants of growth

The growth of the global LED billboard market is driven by factors such as shift toward digital advertising and surge in demand for real-time content. However, high costs and availability of alternatives restrict market growth. On the contrary, expansion opportunities in emerging markets and integration of smart technologies are expected to offer new opportunities in the coming years.

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The full color segment to maintain its leadership status throughout the forecast period.

By type, the full color segment dominated the market in 2022, accounting for more than two-thirds of the market share and is expected to dominate the market during the forecast period owing to their capacity to provide bright and compelling visual experiences. With improvements in LED lighting technology, full-color screens now provide rich, dynamic material with a high level of resolution, assuring vividness and precision even at a considerable distance.

The indoor segment to maintain its leadership status throughout the forecast period.

By application, the outdoor segment dominated the market in 2022, accounting for nearly three-fourths of the market share and is expected to dominate the market during the forecast period. Outdoor LED billboards are utilized extensively for marketing, promotion, and informative displays in high-traffic locations including motorways, city centers, stadiums, and shopping malls. Their capacity to survive a variety of climates while displaying bright, eye-catching material makes them essential for outdoor marketing campaigns.

The government segment is expected to maintain its lead position during the forecast period.

On the basis of the end user, the advertising and media segment dominated the market in 2022, accounting for nearly half of the market share and is expected to maintain its dominance during the forecast period. LED billboards provide unrivaled adaptability and exposure, which makes them the top choice for advertisers looking to engage viewers with innovative and visually appealing content. Their capacity to display bright pictures, videos, and animations in excellent resolution, along with configurable planning and remote management of content, allows advertisers to adapt messages and campaigns more successfully.

Latin America to maintain its lead position during the forecast period.

Region wise, Asia-Pacific dominated the market in 2022, accounting for more than one-third of the market share and is expected to maintain its dominance during the forecast period. Rapid urbanization and economic expansion in China, India, and Japan have resulted in greater growth in infrastructure including a rise in outdoor advertising spending. As a result, there is a huge need for LED billboards to meet the expanding advertising demands of businesses and organizations.

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Leading Market Players: -

• Daktronics
• Barco
• Absen
• Unilumin
• Watchfire
• Liantronics
• Leyard
• Sansitech
• Lighthouse
• Ledman

The report provides a detailed analysis of these key players in the LED billboard market. These players have adopted different strategies such as acquisition, partnerships, and new product launches to increase their market share and maintain dominant shares in the market. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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