The global Outdoor LED Display Market is estimated to be valued at US$ 18.98 Bn in 2023 and is expected to exhibit a CAGR of 15. % over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Outdoor LED display products are used for outdoor advertising, information and entertainment purposes. They offer advantages over traditional displays such as high brightness, wide viewing angle, flexibility in design and content management. These are increasingly being used for outdoor media applications such as sports arenas, commercial complexes and public spaces.
Market key trends:
One of the key trends driving the growth of outdoor LED display market is integration of augmented reality (AR) and virtual reality (VR) technologies. AR and VR enable creation of interactive and immersive viewing experiences for audiences. Various outdoor media brands are leveraging these technologies to enhance viewer engagement at events, tourist attractions and public venues. For instance, AR content displayed on LED boards allows viewers to experience additional interactive layers of information or virtual objects over real world environment.
Segment Analysis
The global outdoor LED display market is segmented by application into commercial and infrastructural. The commercial segment held the largest market share in 2022, as outdoor LED displays are majorly used for digital signage, billboards, scoreboards, and information boards at public places. Commercial applications like menus, promotions, information display, and broadcasting events necessitate the use of outdoor LED displays for their ability to display vibrant content outdoors during day and night.
Key Takeaways
The global outdoor LED display market is expected to witness high growth, exhibiting a CAGR of 15% over the forecast period, due to increasing demand for digitization and energy efficiency.
Regional analysis: North America dominated the market in 2022, accounting for over 30% of the global revenue. This is owing to high presence of key players and early adoption of advanced technologies in the region. Asia Pacific market is expected to grow at the fastest rate during the forecast period due to increasing commercial construction activities and branding applications across countries like China and India.
Market size: The global outdoor LED display market size was valued at US$ 18.98 Bn in 2023 and is expected to reach US$ 48.32 Bn by 2030, expanding at a CAGR of 15% during the forecast period.
Key players: Key players operating in the outdoor LED display market are LG Electronics Inc., Barco N.V., Galaxia Electronics, Daktronics Inc., Toshiba Corporation, Data Display Co. Ltd., Sony Corporation, EKTA Ltd., Electronic Displays Inc., Panasonic Corporation, Leyard Opto-Electronic Company Ltd., Lighthouse Technologies Ltd., Shenzhen Dicolor Optoelectronics Co. Ltd. LG Electronics dominates the market owing to its vast product portfolio and widespread geographical presence.