Description
The outdoor LED display market size was valued at USD 7,426.9 million in 2020 and is projected to reach USD 11,863.5 million by 2027, growing at a CAGR of 9.2% from 2020 to 2027. Outdoor LED displays are large billboards that show live ads, photos, promotional films, and other content. It's typically seen in open-air and central locations like avenues, malls, parks, and parking lots. A light-emitting diode (LED), a semiconductor chip that generates light of various colors with wavelengths in the visible range, is also used in the displays.

These displays use high brightness LEDs and are extensively used in outdoor applications such as live advertisements, billboards, videos walls, etc. Additionally, outdoor LED displays are designed using dual in-line package (DIP) technology, making them suitable for any weather. The content on the displays is visible from a far-off distance, even during day and night.

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Increased preference of LED display advertising over paper or poster-based advertising due to rapid use by sponsors in sports events, entertainment shows, and exhibitions. A rise in sports events & exhibitions, seminars, ceremonies, and other such events using outdoor LED displays drives the market growth. Also, a surge in energy consumption concerns prompts the use of these displays, as it ensures high cost & power saving, making it highly energy efficient.

This fuels market growth. Though, high initial investments and unstable demand are the major factors limiting the market growth. Conversely, alternative advertisement designs and increases in events such as event management, transport, sports, and others are some factors that provide growth opportunities for the market in the upcoming years.

COVID-19 Impact on the Global Outdoor LED Display Market
COVID-19 pandemic has adversely impacted the outdoor LED display market as a huge workforce of enterprises across the globe are working from home. This has led to a decline in advertising expenditure, which, in turn, reduced demand for outdoor LED displays. Although the COVID-19 pandemic has forced fieldwork of several major projects to pause temporarily, the market is expected to remain robust, with a cumulative number of shipments being marginally unaffected in the next three-year period from 2020.

The COVID-19 outbreak has impacted the global outdoor LED display market. New projects have been halted throughout the world, affecting demand in various industries, including manufacturing, industrial, and retail. Although market participants had no difficulty obtaining raw materials, time and transportation costs remained a key problem.

Global Outdoor LED Display Market Dynamics
Drivers: Increased digital advertisements
Companies are switching toward various outdoor media advertising platforms such as billboards, video walls, and other various combinations of unique display designs in the market as outdoor LED display provides unique display designs & customized solutions such as enhancing customer engagement with advanced pixel displays, mobile integration by using QR codes and others. This is a major growth factor for digital advertisers to adopt and implement outdoor LED displays. Moreover, outdoor LED displays offer impact resistance, energy efficiency, and durability in digital advertising due to the rise in interactive media, which is environmentally friendly. This, in turn, fuels the market growth.

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Restraints: High installation & initial cost
High cost for manufacturing & procurement of raw materials, which is the initial prerequisite for outdoor LED display, results in an expensive rate for installation & initial cost in the market. In addition, the initial capital cost basis is higher than conventional lighting technologies, thereby limiting the outdoor LED display market growth. Furthermore, even though their operational costs are low, surpassing conventional displays counterparts with a huge difference, the initial high cost of manufacturing and installing outdoor LED displays restrain the market growth.

Opportunities: Alternate LED advertisement designs
The advertising sector requires alternative designs for display, which are effective in terms of both energy and cost. In addition, advertisers can display more than one interactive advertisement, consumer information, and an event’s statistics at a time even with fluctuating data, thus providing enormous opportunities in the fields of sports, event management, transport, and others. As a result, these factors are expected to provide an opportunity to develop and expand the outdoor LED displays market in the upcoming years.

Scope of the Report
The study categorizes the outdoor LED display market based on type and application at the regional and global levels.

By Type Outlook (Revenue, USD Million, 2017-2027)
Surface Mounted
Individually Mounted
By Application Outlook (Revenue, USD Million, 2017-2027)
Billboards
Mobile LED Displays
Perimeter Boards
Traffic Lights
Video Walls
Others
By Region Outlook (Revenue, USD Million, 2017-2027)
North America (US, Canada, Mexico)
South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
The individually mounted segment is projected to account for the largest market share by type
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The outdoor LED display market is bifurcated into surface mounted and individually mounted by type. In 2020, the individually mounted segment accounted for the largest market share of 55.6% in the global outdoor LED display market. Surface-mounted is a type of LED module, which uses surface mounting technology (SMT) to mount LED chips on printed circuit boards (PCB).

An increase in demand for commercial displays and features such as high denser packaging & high production rate with improved brightness are some of the major trends in the market. In addition, the surface-mounted components can be attached on both sides of the PCB, thus favoring the market growth. Furthermore, with lower power consumption, surface-mounted LEDs are widely used in domestic & industrial lighting systems, in personal electronic devices such as LED screens, televisions, projectors, vehicles, and others.

Asia Pacific accounts for the highest CAGR during the forecast period

The global outdoor LED display market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa based on the regions. Globally, Asia Pacific is projected to hold the highest CAGR of 10.5% in the global outdoor LED display market during the forecast period. The Asia-Pacific outdoor LED display market is analyzed across China, Japan, India, Southeast Countries, and the Rest of Asia-Pacific. Countries such as China, Japan, Taiwan, and South Korea are leading nations for the production and consumption of outdoor LED displays & semiconductors. They are largely investing in the advertisement fields globally.

After the Asia Pacific, Europe is the fastest-growing region with a CAGR of 8.7% in the market of outdoor LED displays. Increased adoption of smart LED displays and their control systems in sports event displays, traffic management systems, and commercial advertisements fuel the market growth. In addition, the rise in usage of video walls in events & fests held outside, which need to withstand the polluted outdoor environment, are some other factors that fuel the market's growth.

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Key Market Players
The outdoor LED display market is mildly concentrated in nature with few numbers global players operating in the market such as Electronic Displays Inc., Galaxia Electronics, Barco, Daktronics, Inc., Leyard, LG Electronics, Lighthouse Technologies Limited., Shenzhen Dicolor Optoelectronics Co., Ltd., Panasonic Corporation, and Toshiba Corporation. These players have been adopting various strategies to gain higher shares or retain leading positions in the market. A comprehensive analysis of various companies' recent developments and growth curves helps understand the growth strategies and their potential effect on the market.