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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 million by the end of 2022.
Smart retail devices are anticipated to reach a value of USD 980 million in 2022. Supermarket and hypermarket expansions have had a significant impact on the retail sector, driving up demand for retail tools and equipment like electronic shelf labels.
Additionally, the market is anticipated to be driven by trends in retail automation under digitalization, price optimization for retail stores, 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 rapidly expanding across key markets worldwide as a result of rising retail sales, particularly in developed and emerging economies.
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Retailers have been able to raise their profit margins thanks to self-checking robots, self-checkout terminals, and various other technologies. The demand for electronic shelf labels will ultimately be fueled by the direct correlation between a number of macroeconomic factors, such as urbanisation, GDP per capita, economic growth, and overall sales.
The trillion-dollar retail sector is expected to continue expanding rapidly in the years to come, according to the International Labour Organization (ILO). This factor is anticipated to offer manufacturers of electronic shelf labels expansion opportunities over the course of the assessment period, boosting the market's overall growth.
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Report Attributes |
Details |
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Base Year Value, 2021 |
US$ 855 Mn |
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Estimated Year Value, 2022 |
US$ 980 Mn |
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Projected Year Value,2032 |
US$ 5.2 Bn |
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Global Growth Rate (2022-2032) |
18.3% |
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 valuation 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 percent during the forecast period.
· With a projected market value of USD 162 million in 2022, the United States is predicted to hold the largest market share for electronic shelf labels in North America.
· Italy is projected to grow at a CAGR of 19.4% during the forecast period.
· Supermarkets and hypermarkets are anticipated to have a market share of 42% and a USD 2.3 billion valuation by the end of 2032.
· Based on e-ink technology, the electronic shelf label market is anticipated to reach USD 3.3 billion by 2032.
· Between 2022 and 2032, the LCD display market is anticipated to expand at a CAGR of 17.3%.
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Growth Drivers:
· Price variations are necessary in the retail industry, where the level of competition is rising, to support commodity sales. The need for convenient, less complicated, and cost-effective solutions, like electronic shelf labels, has grown in the market for goods, which has increased demand for them.
· Electronic shelf labels and other display options make it simple for customers to communicate promotional offers, which affects their decision to buy. Due to the effective customer service they offer, these devices have increased demand for them, making them crucial sales channels for retailers around the world.
Competitive Landscape
Players in the electronic shelf label market have formed alliances recently in an effort to take a commanding position. As a result, manufacturers in the electronic shelf label market are putting more effort into developing active marketing plans and strengthening distribution networks.
Examples comprise:
· In April 2021, E Ink Holdings Inc. joined forces with DATA MODUL AG to become a reseller, specialising in the industrial, IoT, medical, and retail sectors in the United States and Europe.
· A partnership between E Ink Holdings Inc. and Yes Optoelectronics (Group) Co. Ltd. to create ELSs was announced in November 2020. The partnership's primary areas of focus are marketing, key materials research and development, and product manufacturing.
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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Key Segments Covered
- 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
Tags:
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English (US) ·