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Global outdoor advertising market to reach $39.2 billion by 2030, report
The global market for Outdoor Advertising estimated at US$28.2 Billion in the year 2022, is projected to reach a revised size of US$39.2 Billion by 2030, growing at a Compound annual growth rate, CAGR, of 4.2% over the analysis period 2022-2030. This is according to a report by Research and Markets.
Traditional, one of the segments analyzed in the report, is projected to record 4% CAGR and reach US$28.3 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Digital segment is readjusted to a revised 4.7% CAGR for the next 8-year period.
The U.S. Market is estimated at $6.6 Billion, While China is Forecast to Grow at 5.7% CAGR
The Outdoor Advertising market in the U.S. is estimated at US$6.6 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$7.2 Billion by the year 2030 trailing a CAGR of 5.7% over the analysis period 2022 to 2030.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.5% and 3.9% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 3.4% CAGR.
Higher retail inflation will impact consumer confidence and spending. As governments combat inflation by raising interest rates, new job creation will slowdown and impact economic activity and growth. Lower capital expenditure is in the offing as companies go slow on investments, held back by inflation worries and weaker demand.
With slower growth and high inflation, developed markets seem primed to enter into a recession. Volatile financial markets, growing trade tensions, stricter regulatory environment and pressure to mainstream climate change into economic decisions will compound the complexity of challenges faced.
Year 2023 is expected to be tough year for most markets, investors and consumers. Nevertheless, there is always opportunity for businesses and their leaders who can chart a path forward with resilience and adaptability.
