Dublin, Aug. 18, 2023 (GLOBE NEWSWIRE) -- The "Electronic Weighing Machines Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
Leading companies including A&D Company Limited, Shimadzu Corporation, and more are propelling significant expansion in the electronic weighing machine market.
The global electronic weighing machine market has surged from $3.66 billion in 2022 to $3.91 billion in 2023, showcasing an impressive compound annual growth rate (CAGR) of 6.8%.
Despite these positive trends, the impact of the Russia-Ukraine war has introduced uncertainty into the global economic recovery from the COVID-19 pandemic, especially in the short term. This conflict has prompted economic sanctions, price volatility in commodities, and disruptions in supply chains, contributing to inflation across numerous sectors and regions.
However, the electronic weighing machine market remains poised for continued growth, projected to reach a valuation of $4.76 billion by 2027 with a CAGR of 5.0%.
Diverse Range of Electronic Weighing Machines
The electronic weighing machine market encompasses various types, including laboratory scales, gem and jewelry scales, retail scales, health scales, kitchen scales, and more. Laboratory scales measure the weight of samples and are available in different scales such as Table Top, Electronic Crane, and Pocket Electronic, distributed through both online and offline channels.
Global Market Analysis and Trends
Asia-Pacific dominated the electronic weighing machine market in 2022, while North America is anticipated to be the fastest-growing region in the forecast period. The market report covers Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, providing comprehensive insights into global markets.
Rise in Retail Industry Spurs Growth
The growth of the retail industry is expected to drive the electronic weighing machine market. Electronic weighing machines play a crucial role in measuring product weights in retail settings. For instance, the United States Census Bureau's 2020 Annual Retail Trade Survey reported a 3.1% increase in US retail sales from $5,402.3 billion in 2019 to $5,570.4 billion in 2020. This surge in retail sales is fueling the expansion of the electronic weighing machine market.
Innovations Shape Market Landscape
Product innovation is a prominent trend in the electronic weighing machine market. Leading companies are introducing innovative products to meet customer demands. For example, Mettler-Toledo, a US-based manufacturer of scales and analytical instruments, launched the BPA121 Portable Scale in November 2021. This portable scale is designed for the food processing industry and is suitable for damp environments, offering exceptional protection against water penetration and humidity.
Strategic Acquisitions Drive Growth
Collaborations and acquisitions are shaping the market landscape. In October 2020, US-based Cardinal Scale, a manufacturer of scales and weighing equipment, acquired Belt-Way Scales, a company specializing in in-motion weighing products. This acquisition expands Cardinal Scale's product line and offerings.
Comprehensive Market Insights
The countries covered in the electronic weighing machine market report include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. This comprehensive market research equips stakeholders with in-depth analysis, statistics, regional shares, trends, and opportunities necessary to excel in the electronic weighing machine industry.
Unlocking Electronic Weighing Machine Market Potential
The electronic weighing machine market holds significant promise for stakeholders seeking growth opportunities. "Electronic Weighing Machines Global Market Report 2023" is a strategic tool empowering decision-makers with vital information to navigate the market's trends and challenges over the next decade and beyond.
Reasons to Choose "Electronic Weighing Machines Global Market Report 2023"
- Gain insights into global market trends across 50+ geographies
- Understand the market's COVID-19 impact and response
- Assess how the Russia-Ukraine conflict affects commodity supply and market dynamics
- Measure the impact of global inflation on market growth
- Develop regional and country strategies based on local data and analysis
- Identify high-potential growth segments for strategic investment
- Outperform competitors with informed decision-making backed by forecast data
- Benchmark performance against key competitors
- Leverage reliable, high-quality data and analysis for internal and external presentations.
A selection of companies mentioned in this report includes
- A&D Company Limited
- Shimadzu Corporation
- BONSO Electronics International Inc.
- Doran Scales Inc.
- Essae-Teraoka Pvt. Ltd.
- Fairbanks Scales Inc.
- Kern & Sohn GmbH
- Mettler-Toledo International Inc.
- Sartorius AG
- Rice Lake Weighing Systems
- Cardinal Scale Manufacturing Company
- Contech Instruments Ltd
- Tanita Corporation
For more information about this report visit https://www.researchandmarkets.com/r/f5hwds
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