Global OOH advertising market to reach $39.2bln by 2030
By Joseph Ekeng
The global market for outdoor advertising is projected to experience substantial growth in the coming years, with estimates suggesting it will reach a value of $39.2 billion by 2030. In 2022, the market was valued at $28.2 billion, indicating a compound annual growth rate (CAGR) of 4.2% over the analysis period from 2022 to 2030.
The report highlights the traditional segment as one of the key areas of analysis. This segment is expected to record a CAGR of 4% and reach a value of $28.3 billion by the end of the analysis period. Additionally, considering the ongoing post-pandemic recovery, the digital segment is projected to experience a revised CAGR of 4.7% over the next eight years.
The United States market is estimated to be valued at $6.6 billion in 2022. Meanwhile, China, the world’s second-largest economy, is forecasted to reach a market size of $7.2 billion by 2030, exhibiting a CAGR of 5.7% from 2022 to 2030.
Apart from the U.S. and China, other notable geographic markets include Japan and Canada. Japan is anticipated to grow at a rate of 2.5% during the 2022-2030 period, while Canada is expected to experience a growth rate of 3.9%. In Europe, Germany is forecasted to achieve a CAGR of approximately 3.4%.
Looking ahead to 2023, several challenges loom on the horizon. Higher retail inflation is likely to impact consumer confidence and spending, leading to slower economic growth. Governments may respond to inflation by raising interest rates, which could hinder new job creation and further constrain economic activity. Consequently, companies may reduce their capital expenditure due to inflation concerns and weaker demand.
These factors suggest that developed markets are poised to enter a potential recession, marked by volatile financial markets, escalating trade tensions, stricter regulatory environments, and the need to incorporate climate change into economic decision-making.
As a result, the year 2023 is expected to be challenging for various markets, investors, and consumers. However, despite the difficulties, businesses and their leaders can still find opportunities by demonstrating resilience and adaptability in charting a path forward.
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