Pune, Sept. 11, 2024 (GLOBE NEWSWIRE) -- Growing Demand for Efficient Retail Solutions Fuels Market Expansion
The Electronic Shelf Label Market was valued at USD 1.49 Billion in 2023 and is projected to reach USD 5.12 Billion by 2032, growing at a robust CAGR of 14.75% during 2024-2032.
The electronic shelf label market has rapidly expanded owing to an increased demand for automation, improved retail experiences, and the need for precise pricing. Apart from showing promotions, ESLs can display product information and stock availability, thereby improving both operational efficiency and customer experience. Further, the infusion of ESLs and the Internet of Things has catalyzed the market’s upsurge. In the U.S. approximately, 30% of the major retail chains had implemented ESL systems in their facility in 2023. The number of IoT-enabled ESLs in the retail sector has expanded significantly during the same duration as more retailers will see the value of real-time price updates and good inventory management. The application of IoT-enabled electronic shelf labels in the retail units enhances instant communication between the digital price tags and the store’s central system. This in turn optimizes stock control and guarantees that the customers always have access to up-to-date product information thereby enhancing their shopping experience.
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Leading Players Included in this Research Report are:
- Advantech Inc
- Altierre Corporation
- Displaydata Limited
- E Ink Holdings Inc
- Herbert Retail Limited
- M2COMM
- Opticon Sensors Europe B.V
- Diebold Nixdorf Incorporated
- Teraoka Seiko Co Ltd
- SoluM
- SES-imagotag
- Samsung Electronics Co. Ltd
Electronic Shelf Label Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 1.49 Billion |
| Market Size by 2032 | USD 5.12 Billion |
| CAGR | CAGR of 14.75% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Opportunities | • Challenges and constraints delaying the adoption of ESL technology in emerging markets. |
| Key Growth Drivers | • The growing role of electonic shelf labels (ELS) in a digitalized shopping era. |
In-Depth Segment Analysis Unveils Key Drivers Shaping the Market's Growth Trajectory
By Component
The displays segment held a 32% market share in 2023 and dominated the market. These screens, often utilizing e-ink or LCD technologies, provide easy-to-read, eco-friendly, and customizable pricing labels that cut down on manual work and errors for retailers. As more retailers opt for dynamic pricing, the demand for specialized displays has risen. To increase visibility and performance, SES-image tag and Pricer use high-resolution, low-power e-ink displays in large retail chains.
By Type
LCDs had a 60% market share in 2023, making them the market’s dominant display type. LCDs provide excellent visibility, clarity, and the potential to display a wealth of pricing, product, and promotion information. There are also color options with this display, which may be used to engage the customers by visibly displaying discounts or sales. Carrefour, for instance, uses LCD ESLs in shops to display pricing information as well as item information. Manually reported pricing errors are minimized, making it functional for the company as well.
By Display Size
The ≤ 3 Inches segment held a 45% market share in 2023 and, with an increase in the number of small-format retailers, particularly in the grocery, supermarket, and convenience store sectors, had the greatest application market share. Due to their small size, these products can readily be integrated into existing retail designs without taking up much room. To aid retail establishments in assigning value to and altering the price of goods in real-time, businesses such as SES-image tag and Pricer utilize small ESLs.
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Key Market Segmentation
By Component
- Displays
- Batteries
- Transceivers
- Microprocessors
- Others
By Type
- LCDs
- E-paper Displays
- Graphic E-paper Displays
By Technology
By Display Size
- ≤ 3 Inches
- 3 to 7 Inches
- 7 to 10 Inches
- ≥ 10 Inches
By Application
- Retail
- Industrial
Comprehensive Regional Analysis Highlights Emerging Opportunities in the Market
Europe dominated the market in 2023 with a market share of 38% due to rapid adoption of automation in retail. Large retailers such as Carrefour, Metro AG, and Tesco have opted for ESL systems to improve the accuracy of prices and operational efficiency. The market growth is attributed to the region’s focus on upgrading the retail infrastructure and integrating digital solutions. The ESLs are further promoted by the European governments in supermarkets, hypermarkets, and specialty stores. The leading participants such as SES-imagotag and Pricer AB have adopted the environment by providing advanced ESLs with real-time updates and data integration.
The APAC region is expected to grow rapidly in the ESL market share during the forecast period as the retail industry expands in countries like India, China, Japan, and South Korea. The retailers are willing to enhance the shopping experience to target customers in highly urbanized areas. Moreover, the growing popularity of online shopping and the growth of organized retailing drive the demand for ESL solutions. In this case, Samsung Electro-Mechanics and Displaydata are at the forefront of providing the service in the APAC region.
Recent Developments:
- March 2024: SES-image tag launched a new ESL solution with improved connectivity and display qualities aiming to ensure easy integration into existing retail systems.
- June 2024: Pricer AB launched a new range of ESLs boasting advanced e-paper display technology, promising improved energy efficiency and legibility, particularly for large-scale retail settings.
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Key Takeaways:
- The ESL market is growing rapidly as a result of technological advancements in the industry and the growing demand for efficient retail solutions.
- The fastest-growing category is the e-paper display, while retail continues to dominate in terms of applications.
- The market is being led by North America in terms of adoption, with major advancements in technology taking place by some of the major players in the region, while the Asia Pacific region is growing at the fastest rate as a large number of retail stores are being established there.
- The pace of adoption of the ESL technology is likely to see further acceleration as more and more product innovations and developments having been increasing the capabilities of the ESL systems.
TABLE OF CONTENTS – Key Points Analysis
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
5.1 Wafer Production Volumes, by Region (2023)
5.2 Chip Design Trends (Historic and Future)
5.3 Fab Capacity Utilization (2023)
5.4 Supply Chain Metrics
6. Competitive Landscape
7. Electronic Shelf Label Market Segmentation, By Component
8. Electronic Shelf Label Market Segmentation, By Type
9. Electronic Shelf Label Market Segmentation, By Technology
10. Electronic Shelf Label Market Segmentation, By Display Size
11. Electronic Shelf Label Market Segmentation, By Application
12. Regional Analysis
13. Company Profiles
14. Use Cases and Best Practices
15. Conclusion
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