Out-Of-Home Advertising Global Market Report 2021: COVID 19 Impact And Recovery To 2030
The Business Research Company’s Out-of-Home Advertising Global Market Report 2021: COVID-19 Impact and Recovery to 2030
LONDON, GREATER LONDON, UK, February 5, 2021 /EINPresswire.com/ — New year, new updates! Our reports have been revised for market size, forecasts, and strategies to take on 2021 after the COVID-19 impact: https://www.thebusinessresearchcompany.com/global-market-reports
The rising urban population globally contributed to the growth of the general and digital out of home 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 lives in urban areas and this 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. 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 out of home advertising industry.
The global OOH (out-of-home) advertising market 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 out of home advertising market size is expected to reach $33.54 billion in 2025 at a CAGR of 6.8%.
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