- The US market to account the largest revenue of US$ 162 Mn during 2022-2032
- Fact.MR's latest report on the Electronic Shelf Label Market offers a 10-year forecast through 2022 & beyond. The report explicates vital dynamics of the Electronic Shelf Label, such as drivers, restraints and emerging opportunities shaping the market dynamics for the Electronic Shelf Label. To present the information in a more vivid manner, the report has been segmented in terms of product type, by capacity, by power type and region.
NEW YORK, Feb. 25, 2022 /PRNewswire/ -- The global electronic shelf label market to grow at a CAGR of 18.3% during the forecast period 2022-2032 and is estimated to reach a market valuation of US$ 980 Mn by the end of 2022.
In 2022, smart retail devices are expected to reach a value of USD 980 Mn. The retail industry has been largely influenced by expansions of supermarkets and hypermarkets, pushing the demand for retail equipment and devices such as electronic shelf labels.
Furthermore, retail automation trends under digitalization, price optimization for retail stores, real-time product positioning, and increased operational efficiency are all expected to drive the market.
The Internet of Things (IoT) and growing digitization in the retail sector continue to influence market growth. As a result of growing retail sales, supermarkets and hypermarkets have been rapidly expanding across key markets around the world, particularly in developed and emerging economies.
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With the help of self-checking robots, self-checkout terminals, and various other technologies, retailers have been able to increase their profit margins. There is a direct correlation between several macroeconomic factors, including urbanization, GDP per capita and economic growth, as well as overall sales, which will ultimately fuel the demand for electronic shelf labels.
The International Labour Organization (ILO) forecasts that the trillion dollar retail industry will continue to grow strongly in the coming years. Throughout the assessment period, this factor is expected to provide opportunities for growth for manufacturers of electronic shelf labels, contributing to the overall growth of the market.
Report Attributes | Details |
Base Year Value, 2021 | US$ 855 Mn |
Estimated Year Value, 2022 | US$ 980 Mn |
Projected Year Value,2032 | US$ 5.2 Bn
|
Global Growth Rate (2022-2032) | 18.3% |
Key Takeaways:
- In 2022, the global market for smart retail devices is expected to reach USD 23 Billion
- With a growth rate of 18.8%, the North America based electronic shelf label market is likely to reach a valuation of USD 1.2 Billion by 2032 with a revenue share of 22%.
- Over the forecast period, ZigBee technology is expected to grow at a CAGR of 20.4%.
- In 2022, the United States is expected to hold the largest market share for electronic shelf labels in North America with a valuation of USD 162 Million.
- A CAGR of 19.4% is expected for Italy over the forecast period.
- By the end of 2032, supermarkets and hypermarkets are expected to have a market share of 42% and a valuation of USD 2.3 Billion.
- The electronic shelf label market is expected to reach USD 3.3 billion by 2032 based on e-ink technology.
- 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.
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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.
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
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
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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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