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Electronic Weighing Machines Market Key Trends And Forecast Report 2024-2033
Electronic Weighing Machines Market Key Trends
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According to The Business Research Company's, The electronic weighing machines market size has grown strongly in recent years. It will grow from $3.86 billion in 2023 to $4.09 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to industrial automation, quality control standards, market expansion in retail, global trade and logistics, efficiency in production processes.
The electronic weighing machines market size is expected to see strong growth in the next few years. It will grow to $5.17 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to e-commerce and retail innovation, sustainability and eco-friendly solutions, regulatory compliance, customization for specific industries, data analytics and reporting features. Major trends in the forecast period include integration with industry 4.0, advancements in sensor technology, technological advancements, connectivity and data logging, compact and portable solutions.
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Market Drivers and Trends:
Significant growth in the retail industry is expected to propel the growth of the electronic weighing machine market going forward. The retail industry is in the business of selling goods and services to customers. Electronic weighing machines are used to measure the weight of any product in the retail industry. For instance, in December 2023, according to the U.S. Census Bureau, a US-based government agency, retail trade sales increased by 0.1% compared to October 2023 and demonstrated a 3.1% rise from the figures recorded in 2022. Therefore, the significant rise in retail sales is driving the growth of the electronic weighing machine market.
Product innovations are a key trend gaining popularity in the electronic weighing machine market. Major companies operating in the electronic weighing machine market are introducing new innovative products to meet customer demand. For instance, in November 2021, Mettler-Toledo, a US-based manufacturer of scales and analytical instruments, launched an electronic weighing machine named the BPA121 Portable Scale. It is a portable scale created exclusively for the food processing industries and is uniquely suitable for extremely moist environments. This product is designed to survive damp and severe situations and offers exceptional protection against water penetration and humidity.
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Major Key Players of the Market:
Kubota Corporation, Sartorius AG, Setra Systems Inc., Shimadzu Corporation, Mettler-Toledo International Inc., Avery Weigh-Tronix LLC., Fairbanks Scales Inc., Cardinal Scale Manufacturing Company, Flintec Group AB, Toledo Weighing Machines Pvt. Ltd., Precia Molen, Rice Lake Weighing Systems Inc., Essae-Teraoka Pvt. Ltd., Tanita Corporation, Contech Instruments Ltd., Minebea Intec, Rinstrum Pty Ltd, Dini Argeo S.r.l., A&D Company Limited, Bonso Electronics International Inc., Kern & Sohn GmbH, Adam Equipment Inc., Ohaus Corporation, Marsden Weighing Group, Brash & Sons Ltd., ATRAX Group NZ Ltd., Doran Scales Inc., Easiweigh Ltd., Truweigh LLC, Aczet Pvt. Ltd., Hottinger Baldwin Messtechnik GmbH
Electronic Weighing Machines Market 2024 Key Insights:
• The electronic weighing machines market size is expected to see strong growth in the next few years. It will grow to $5.17 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%.
• The Retail Industry Boom Flourishes The Electronic Weighing Machine Market Growth
• Product Innovations Spark A New Era In Electronic Weighing Machines Market
• Asia-Pacific was the largest region in the electronic weighing machine market in 2023
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