The Business Research Company’s Out-Of-Home Advertising Global Market Report 2021: COVID-19 Impact And Recovery To 2030
LONDON, GREATER LONDON, UK, June 23, 2021 /EINPresswire.com/ — 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 2018 revision, 55.71% of the world’s population live in urban areas and is expected to increase to 68% 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.
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.
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The global out of home advertising market size is expected to grow from $23.36 billion in 2020 to $25.78 billion in 2021 at a compound annual growth rate (CAGR) of 10.4%. 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 OOH market is expected to reach $33.54 billion in 2025 at a CAGR of 6.8%.
The major players covered in the out of home advertising industry 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, Watchfire Signs, Formentco Incroporated, Outdoor Advertising Association of America, Capitol Outdoor LLC, Affichage Holding, CBS Outdoor, EPAMEDIA, Captive Network, Adam Outdoor Advertising, Fairway Outdoor Advertising, News Outdoor, Focus Media Holding Limited, Air Media, CEMUSA, Bell Media, APG, SGA SA, Burkhart Advertising Inc., DDI Media, Fairway Outdoor Advertising.
TBRC’s out of home advertising market report is segmented by type into billboard, transport, street furniture, transit displays, others, by platform into static, digital, by application into food and beverage industry, vehicle industry, health and medical industry, commercial and personal services, consumer goods, others.
Out-Of-Home Advertising Global Market Report 2021: COVID 19 Impact And Recovery To 2030 is one of a series of new reports from The Business Research Company that provides out-of-home advertising market overview, forecast out-of-home advertising market size and growth for the whole market, out-of-home advertising market segments, and geographies, out-of-home advertising market trends, out-of-home advertising market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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Source: EIN Presswire