The global electronic shelf label industry is estimated at USD 980 Million in 2022 and is forecast to reach USD 5.2 Billion by 2032, growing with a CAGR of 18.3% from 2022 to 2032.
Fact.MR- a market research and competitive intelligence provider, foresee a thriving growth in electronic shelf label demand. The global electronic shelf label market is expected to grow at 18.3% CAGR during 2022-2032 and surpass the value of USD 5 Billion by the end of 2032. The global smart retail devices market is expected to be valued at USD 23 Billion by the end of 2022, however electronic shelf label market is likely to reach a valuation of USD 980 Million in 2022.
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How is the market demonstrating phenomenal demand growth as a result of enhanced price management?
When prices vary dynamically, electronic shelf labels, a revolutionary technology in the retail sector, provide effective interoperability when compared to paper labels. While promotions play a significant role in improving sales and brand value, organisations need to carry out adjustments in the prices of commodities and goods at a dynamic pace.
Electronic shelf labels make it simple to upgrade prices quickly while maintaining seamless control over pricing administration. Electronic shelf labels also lessen retail pricing mistakes. It is essential to implement pricing changes to support the sales of commodities as retail competition in the industry increases.
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.
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
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