Electronic shelf labels (ESLs) are revolutionizing the retail landscape by enhancing customer experience and operational efficiency. With dynamic pricing capabilities, ESLs enable real-time price updates, personalized offers, and product information, providing shoppers with accurate and relevant data. This boosts customer satisfaction and loyalty. Moreover, ESLs streamline pricing management, reducing manual errors and labor costs, thereby improving store productivity. The seamless integration of ESLs into retail operations ensures a more engaging and efficient shopping environment, benefiting both retailers and consumers.
According to Data Bridge Market Research, the Global Electronic Shelf Label Market accounted for USD 826 .00 million in 2021 and is expected to reach USD 3580.16 million by 2029. The market is expected to grow with a CAGR of 20.12% in the forecast period of 2022 to 2029.
“Surge in digitalization and automation in retail stores boosts the market’s growth
The electronic shelf label (ESL) market is experiencing significant growth due to the surge in digitalization and automation in retail stores. Retailers are increasingly adopting ESLs to replace traditional paper labels with dynamic, digitally connected displays. ESLs enable real-time price updates, product information, and promotional offers, enhancing operational efficiency and customer experience. The automation of price management reduces manual labor and pricing errors. This growing trend of digitalization and automation in stores drives the demand for ESLs, making them a key driver in the market's expansion.
What restraints the growth of the global electronic shelf label market?
“High installation and overall costs restraints the market’s growth”
The electronic shelf label (ESL) market faces constraints due to high installation and overall costs. Implementing an ESL system involves upfront expenses for the hardware, software, and infrastructure setup. Additionally, ongoing maintenance and software updates add to the overall costs. The initial investment and ongoing expenses may deter some retailers from adopting ESLs, impacting market drivers. However, as technology advances and economies of scale improve, the costs are expected to reduce, potentially alleviating this restraint over time.
Segmentation: Global Electronic Shelf Label Market
The global Electronic shelf label market is segmented on the basis of component, product type, technology, display size, store type, and communication technology.
- On the basis of component, the electronic shelf label market is segmented into displays, batteries, transceivers, microprocessors, and others.
- On the basis of technology, the electronic shelf label market is segmented into LCD ESL, Segmented E-Paper ESL, and full-graphic E-Paper ESL.
- On the basis of technology, the market is segmented into zigbee, BLE, and Wi-Fi.
- On the basis of display size, the market is segmented into less than 3 inches, 3 to 7 inches, 7 to 10 inches, and more than 10 inches.
- On the basis of store type, the market is segmented into hypermarkets, supermarkets, non-food retail stores, specialty stores, and other store types.
- On the basis of communication technology, the market is segmented into radio frequency, infrared, near field communication, and other communication technologies.
Regional Insights: Europe dominates the Global Electronic Shelf Label Market
Europe dominates the global electronic shelf label market during the forecast period due to the increasing popularity of full graphic e-paper displays, which offer enhanced visual capabilities. Additionally, the presence of a majority of electronics manufacturers in the region further fosters the adoption of electronic shelf label (ESL) systems, driving market expansion and innovation in the ESL industry.
Asia-Pacific is expected to grow during the forecast period due to the prevalence of low-cost labor, which makes ESL adoption more economically viable, and the increased presence of retail giants with a strong focus on customer engagement. These factors create a conducive environment for the widespread adoption of electronic shelf label systems, contributing to market expansion.
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Recent Developments
- In July 2020, Under a Master Framework Agreement between Pricer AB and the Canadian Tire Dealer Association (CTDA), Pricer has been designated as the exclusive provider of electronic shelf label (ESL) systems. As part of the initial delivery under this agreement, Pricer will install ESL equipment in 38 locations nationwide, solidifying their role as the chosen supplier for the CTDA's ESL needs.
- In February 2020, Bison Schweiz AG, a Switzerland-based company, and Hanshow Technology have entered into a distribution contract to jointly develop the German and Swiss markets. Under this agreement, the two companies will collaborate to combine Bison's top-tier electronic shelf label (ESL) systems with Hanshow's world-class ESL solutions. The aim of this partnership is to promote digitization trends in the European retail sector, leveraging their expertise to drive innovation and enhanced customer experiences in the region.
The Prominent Key Players Operating in the Global Electronic Shelf Label Market Include:
- SES-imagotag (France)
- Pricer AB (Sweden)
- E Ink Holdings Inc., (Taiwan)
- Displaydata Limited (U.K.)
- M2COMM (Taiwan)
- SAMSUNG (South Korea)
- Diebold Nixdorf, Incorporated (U.S.)
- Opticon Sensors Europe B.V. (Netherlands)
- Teraoka Seiko Co., Ltd., (Japan)
- NZ Electronic Shelf Labelling (New Zealand)
- Advantech Co., Ltd (Taiwan)
- FORBIX SEMICON (India)
- LANCOM Systems GmbH (Germany)
- SOLUM Group HQ (Germany)
- Cicor Management AG (Switzerland)
- CSY Retail Systems Ltd (U.K.)
Above are the key players covered in the report, to know about more and exhaustive list of global electronic shelf label market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Electronic Shelf Label Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
