Electronic Shelf Label (ESL) Market Detailed Analysis By Top Key Players: Wincor Nixdorf, SES-imagotag, Samsung Electro-Mechanics, Pricer AB, LG Electronics, E Ink Corporation
Electronic Shelf Label (ESL) Market size was over USD 450 million in 2017, and is set to exceed USD 1 billion by 2024; according to a new research report by Global Market Insights, Inc. The global shipments are set to grow at over 16% CAGR between 2018 and 2024. The electronic shelf label market is expected to witness a significant growth due to the increasing adoption by the retail industry. These components offer benefits such as better price visibility, reduction in pricing errors, and promotional capabilities. These advantages allow users to increase the accountability of the products and increase profit margins. The increasing competition in the retail sector is encouraging players to adopt differentiation strategies such as implementation of automation in the stores to attract the consumers.
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High initial investments required to set up these products in stores is one of the major restraining factors in the electronic shelf label market. Small retailers, particularly in Asia Pacific and Africa, cannot afford the high investments required to set up infrastructure for these products. Also, these systems require additional costs such as electricity, internet connection, maintenance of hardware, and software upgrades. Small retailers prefer to employ daily labor as a cost-effective alternative to the ESL products. However, increasing awareness regarding the long-term benefits of these products is changing the perspective of the retailers, encouraging them to adopt these products.
Commercial applications dominated the electronic shelf label market with over 80% of the overall revenue in 2017. The products are witnessing high penetration in the retail facilities, such as supermarket and hypermarket, to sell a wide range of products under one roof. Kaufland Group, a Germany-based hypermarket chain has entered a joint venture with the UK-based Displaydata to provide ESLs in stores, such as Lidl, across the country.
(RF) radio frequency-enabled electronic shelf label market will grow significantly to reach the revenue share of over 35% by 2024 due to the increasing adoption of the technology for communication across different technology platforms such as IoT. The technology is cost-effective as it does not require additional high-cost infrastructure. It is also immune to blockages and does not require additional security, thus propelling the electronic shelf label market.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Wincor Nixdorf
3. Samsung Electro-Mechanics
4. Pricer AB
5. LG Electronics
6. E Ink Corporation
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Electronic Shelf Label (ESL) Market, By Application
o Non-Food Retail
Electronic Shelf Label (ESL) Market, By Technology
Asia Pacific electronic shelf label market is expected to reach over USD 340 million, due to the rapidly expanding retail sector in the region. Foreign players, such as Walmart and Seven-Eleven, are expanding their businesses in the region, particularly in the countries including Japan and India. These players are bringing technologically-advanced products, such as electronic shelf labels, in the region to gain a competitive edge over the local players and attract customers.
Japan electronic shelf label market is expected to grow significantly due to the adoption of advanced technologies, such as IoT and checkout-free stores, in the retail sector in the country. The retail sector in Japan is highly competitive and fragmented in nature with many small retail chains and very few dominant retail brands. The retailers are adopting these solutions to make frequent changes in the prices of products allowing the retailers to add promotional offers to attract customers. To satisfy the increasing requirements of the retailers, the manufacturers are developing advanced products.
Some of the key vendors in the electronic shelf label market comprise Pricer AB, E Ink Holdings, SES-imagotag, Store Electronic Systems SA, Displaydata, M2 Communication, LG Corporation, and Samsung Electro-Mechanics Co., Ltd. The companies are undertaking several strategies, such as product development, to gain market share.
Browse key industry insights spread across 300 pages with 496 market data tables & 23 figures & charts from the report, Electronic Shelf Label (ESL) Market in detail along with the table of contents:
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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