The global electronic shelf label market is anticipated to expand at a CAGR of 18.3% from 2022 to 2032 and will be worth US$ 980 Mn by the end of 2022. Smart retail gadgets are anticipated to reach a value of USD 980 million in 2022. Supermarket and hypermarket developments have had a significant impact on the retail sector, driving increased demand for retail tools and equipment including electronic shelf labels.
Additionally, the market is anticipated to be driven by trends in retail automation under digitalization, pricing optimization for retail outlets, real-time product positioning, and improved operational efficiency.
The Internet of Things (IoT) and expanding retail sector digitization continue to have an impact on market expansion. Supermarkets and hypermarkets have been quickly expanding across key markets worldwide as a result of rising retail sales, particularly in established and emerging economies.
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Self-checking robots, self-checkout terminals, and other technology have allowed retailers to increase their profit margins. The direct correlation between a number of macroeconomic factors, including urbanization, GDP per capita, economic growth, and overall sales, will ultimately drive demand for electronic shelf labels.
The International Labour Organisation (ILO) predicts that the trillion-dollar retail industry will continue to grow quickly in the years to come. Over the course of the assessment period, it is predicted that this feature will present growth opportunities to makers of electronic shelf labels, supporting the market’s overall expansion.
Key Takeaways:
- The market for smart retail devices is anticipated to reach USD 23 billion by 2022.
- The North American electronic shelf label market, with a growth rate of 18.8%, is anticipated to reach a worth of USD 1.2 billion by 2032, with a revenue share of 22%.
- ZigBee technology is anticipated to expand at a CAGR of 20.4% throughout the projection period.
- With a projected market value of USD 162 million in 2022, the United States is predicted to hold the greatest market share for electronic shelf labels in North America.
- Italy is projected to grow at a CAGR of 19.4% during the predicted period.
- Supermarkets and hypermarkets are anticipated to have a market share of 42% and a value of USD 2.3 by the end of 2032.
- The LCD displays market is expected to grow at a CAGR of 17.3% between 2022 and 2032.
Growth Drivers:
- In the retail sector, where competition is increasing, price variations are required to complement commodity sales. There has been an increase in the demand for convenient, less complicated, and cost-effective solutions such as electronic shelf label in the merchandise space, and this has fueled demand for electronic shelf labels.
- Promotional offers are easily communicated to customers through electronic shelf labels and other display solutions, which influences their purchase decisions. On account of the efficient customer service they provide, these devices have fueled the demand for such devices, making them vital sales funnels for retailers worldwide.
Key Restraints:
- Market growth is restrained by high installation and infrastructure costs. The electronic shelf label market growth is expected to be hindered by low returns on investment as well.
Competitive Landscape
In recent years, players in the electronic shelf label market have been involved in partnerships in order to gain a significant position. As a result, the focus of manufacturers in the electronic shelf label market is shifting toward strengthening distribution channels and preparing active marketing strategies. Examples include:
- E Ink Holdings Inc. partnered with DATA MODUL AG in April 2021 to become a reseller, focusing on the U.S. and European industrial, IoT, medical, and retail fields.
- E Ink Holdings Inc. announced in November 2020 a partnership with Yes Optoelectronics (Group) Co. Ltd. to develop ELSs. The partnership focuses on product manufacturing, R&D in E-paper-related components, key materials, and marketing.
The need for electronic shelf labels in supermarkets and hypermarkets is anticipated to grow significantly as a result of these retail establishments’ increased preference for automation tools and technology. In this application, electronic shelf labels across the board provide greater ease. Over the past ten years, the number of these establishments has dramatically increased as a result of the global retail industry’s meteoric growth. By 2022, this translates to holding a 42% market share, and by the end of 2032, it is predicted to be worth USD 2.3 billion.
Key Companies Profiled by Fact.MR
- Pricer AB
- Altierre Corporation
- SES-imagotag
- DisplayData Ltd.
- Solum Co. Ltd
- Teraoka Seiko Co., Ltd.
- M2Communication Hosting
- Hanshow Technology Co. Ltd
- LG Innotek Co., Ltd
- Diebold Nixdorf
- Opticon Sensors Europe B.V.
- MariElla Group
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More valuable Insights on Electronic Shelf Label Market
Fact.MR, in its report, offers a market analysis of the Global Electronic Shelf Label Market analyzing forecast period through 2022 and beyond. This survey reveals the growth of technology in the Electronic Shelf Label Market with detailed segmentation as follows: –
By Product Type
- LCD
- E-Ink
- Others
By Technology
- ZigBee
- BLE
- Wi-Fi
- Others
By Application
- Supermarket and Hypermarket
- Convenience Store
- Departmental Store
- Specialty Store
- Pharmacies
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Key Questions covered in the Electronic Shelf Label Market Report
- What is the global Electronic Shelf Label Market scenario?
- How far is the global demand expected to reach over the forecasted period?
- What was the last 5-year CAGR for the demand in the Electronic Shelf Label Market?
- Who are the prominent players in the global Electronic Shelf Label Market?
- Which is the most leading region in the Electronic Shelf Label Market?
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