Report ID:
SQMIG20A2272 |
Region:
Global |
Published Date: November, 2024
Pages:
174
|Tables:
0
|Figures:
0
Global Electronic Shelf Label Market size was valued at USD 1485.10 Million in 2022 and is poised to grow from USD 1719.75 Million in 2023 to USD 4802.02 Million by 2031, growing at a CAGR of 15.8% in the forecast period (2024-2031).
Since customers are shifting towards the e-commerce platforms according to the adaptation trend, retailers have been forced to add innovative and cost-effective solutions to the in-store shopping experience, such as ESLs. Since ESLs can offer customized information and offers according to the consumer's choice, most cherish the personal experience that ESLs deliver. One of the reasons the electronic shelf label industry has grown is because their marketing strategies can be deployed in real-time across the enterprise and pricing changed in real time. In addition, high adoption of digital technologies within the retail industry is substituting the newer electronic labels for the older paper-based labels, which is another factor contributing to the electronic shelf label market growth. Automation is an increasingly important trend in the US retail industry. As businesses move toward improving operational efficiency and attaining customer satisfaction, their focus on automation enhances the overall purchase experience and the streamlined process of managing inventory. One notable instance is the installation of a full automation system at Walmart's Fulfillment Centers (FCs) and Distribution Centers (DCs), particularly in its facility located in Cleburne, Texas, in March 2021. The program demonstrates enhanced performance in processes and engages customers through growing importance in the retail operations of technology and positions merchants to meet changing consumer needs.
Global Market Size
Largest Segment
Fastest Growth
Growth Rate
CAGR
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The global electronic shelf label industry is segmented into component, type, communication technology, application, and region. By component, the market is classified into displays, batteries, transceivers, microprocessors, and others. Depending on type, it is categorized into LCDs, e-paper displays, and graphic e-paper displays. According to communication technology, the market is divided into radio frequency, infrared, near-field communications, and others. As per the application, it is bifurcated into retail and industrial. Regionally, the market is analyzed across North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.
Analysis by Type
In 2023, e-paper displays had more than 62.0% in revenue share and dominated the electronic shelf label industry. Energy efficiency is one very notable characteristic of e-paper displays. Unlike typical backlit LCDs, e-paper displays only consume electricity when changing the content. This results in longer battery lives because no power is necessary to be maintained for the picture once the information has been displayed. The category is also predicted to grow at the fastest rate during the 2024-2030 period. Even in well-lit environments, e-paper displays offer outstanding contrast and readability. E-paper's reflective capabilities enable it to closely resemble regular paper, offering reduced glare, and ensure that customers can conveniently read price and product information, which also favors market expansion.
Due to their specific advantages, LCDs form a considerable portion of the electronic shelf label industry and thus are in great favor of the stores. Bright colors are the most important feature LCDs have to offer-the color visuals enhance the visual appeal of brand presence, marketing campaigns, and product details. Due to this technology, shopkeepers can display information in a much more engaging and interactive manner to capture the shoppers' attention and better educate them. Among other strengths of LCDs is flexibility. This can be used for anything from promotional offers to complicate product details. Retailers will continue using LCD-based electronic shelf labels as they strive to enhance the shopping experience and maximize promotions within the four walls of the store. It only leads to more innovation and market adoption.
Analysis By Application
In 2023, the retail application segment registered a revenue share of more than 83.0% and remained the market leader. Retail applications have been using ESLs increasingly due to the increasing demand from the retail industry for better customer experience, process optimization, and improved accuracy in prices. Large retail companies are adopting ESLs to curb their high operating costs since they are now focusing on automation of their businesses. The electronic shelf labels eliminate the necessity of updating paper label prices manually and make the management of pricing procedures easy as well as efficient. Retailers have been able to centrally control and change the pricing at many shelves and locations without losing time and labor used in changing paper label prices.
However, the electronic shelf label market will be dominated by the industrial sector during the forecast period due to increased requirements for improved operations management and proper inventory management. Several industries including manufacturing, logistics, and warehousing are opting for electronic shelf labels while striving for efficient monitoring and updated data accuracy in real-time and improving on faster processes with minimal chances of mistakes. Industrial is one of those markets where the electronic shelf label's ability to display real-time dynamic pricing and product information is critical since prompt decisions are usually required. Business calls to focus on supply chain streamlining are going to be a massive growth driver in the demand for electronic shelf labels in the industrial category, marking an important driver in the electronic shelf label market forecast.
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As per the electronic shelf label market forecast, North America gained the most market share in ESL in 2023. This is primarily due to growing applications of store automation and relentless changes in the supply of paper caused by a rise in demand for packaging materials. Real-time pricing and product information updates are among the prime advantages that have prompted the North American merchants to gradually change from traditional paper labels to ESLs. There is also increasing pressure from the retailers to cut the labor cost to unreasonably elevated levels, yet they continue to elevate customers' experience and convenience. Two regional ESL implementations are the recent rollout of SmartTAG Color ESLs by Associated Grocers-one of the western Canada's largest grocery wholesalers-which have teamed up with JRTech Solutions as of 2023-10.
The largest share in the European market in 2023 was taken by electronic shelf labels at around 37.0%. The competitive nature of the retail market in Europe promotes innovation and the adoption of innovative technologies. Retailers are predicted to buy ESLs for a competitive advantage in improving business processes and service delivery to the customers. European supermarket chains are installing self-checkout kiosks in large numbers, and ESLs may be needed based on this trend. A large European supermarket group and Sweden-headquartered ITAB Shop Concept AB agreed in January 2024 to deploy 7,200 self-checkout kiosks in stores in Germany, Belgium, Slovakia, Slovenia, Switzerland, Austria, the Czech Republic, the Netherlands, and Spain. The ESLs may therefore become more in demand as clients will want to be sufficiently well-informed.
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Drivers
Increasing Demand for ESL-Assisted Intelligent Inventory Management
Retailers Increasing Efforts Toward Better Customer Experience in Store
Restraints
High Implementation Costs Upfront
Incompatibility Issues with Technical Issues
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The electronic shelf label market boasts fragmentation and consolidation characteristics. On one hand, the great presence is significant globally. Furthermore, local players exist with specific country or regional focus. Most of these companies typically have a strong customer base, market share, and scope of products. The development of new products, and cooperation with end consumers, are the principal activities carried out by market participants.
Top Player’s Company Profile
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the electronic shelf label market share is expected to experience exponential growth, as the need arises for better control of the inventory and more dynamic customers' experiences and retail automation. Due to rising labor costs and a shift away from paper-based to more electronic solutions, North America is now at the top. High first-time installation costs and issues with compatibility in technology are among other reasons that will continue to prevent wider use. Improvements in technology combined with the realization of other advantages by stores will see the solution continue to expand. With all these things in view, the market for electronic shelf labels is bright and has more room to grow regarding its popularity and acceptance in different forms of retail industries.
Report Metric | Details |
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Market size value in 2022 | USD 1485.10 Million |
Market size value in 2031 | USD 4802.02 Million |
Growth Rate | 15.8% |
Base year | 2023 |
Forecast period | (2024-2031) |
Forecast Unit (Value) | USD Million |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Electronic Shelf Label Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Electronic Shelf Label Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Electronic Shelf Label Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Electronic Shelf Label Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG20A2272
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