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Strong Growth Ahead: Electronic Shelf Label Market Size To Grow At Arecord 17.2% Cagr By 2029
Electronic Shelf Label
What Is the Projected Growth of the Electronic Shelf Label Market?
In the last few years, the market size of electronic shelf labels has seen a robust increase. The projected growth will surge from $1.31 billion in 2024 to $1.53 billion in 2025, with a compound annual growth rate (CAGR) of 16.3%. The substantial growth during the historic period can be credited to factors such as improved retail efficiency, effective inventory management, better consumer experience, cut in costs, and competitive market forces.
Anticipated to see significant growth in the impending years, the electronic shelf label market is projected to escalate to $2.87 billion by 2029, witnessing a compound annual growth rate (CAGR) of 17.2%. This predicted growth during the forecasted period is due to several factors such as the digital transformation in the retail sector, needs for up-to-the-minute pricing, commitment to sustainability, amalgamation with retail technologies, and the expansion of global retail. The forecast period is also projected to see notable trends like the adoption of ESLS in non-food retail sectors, the inclusion of touch-free shopping features, the use of cloud-based ELS platforms, a concentration on improving battery life and energy efficiency, and creating custom-made and personalized ELS solutions.
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What Are the Emerging Segments Within the Electronic Shelf Label Market?
The electronic shelf label market covered in this report is segmented -
1) By Component: Displays, Batteries, Transceivers, Microprocessors
2) By Product Type: LCDs (Liquid-Crystal Display), Segmented E-paper Displays, Fully Graphic E-paper Displays
3) By Display Size: Less Than 3 Inches, 3 To 7 Inches, 7 To 10 Inches, More Than 10 Inches
4) By Communications Technology: Radio Frequency, Infrared, Near-Field Communication, Other Technologies
5) By Application: Super market, Convenience Store, Departmental Store, Specialty Store, Pharmacies
Subsegments:
1) By Displays: E-ink Displays, LCD Displays, LED Displays
2) By Batteries: Rechargeable Batteries, Non-rechargeable Batteries
3) By Transceivers: RF Transceivers, Infrared Transceivers
4) By Microprocessors: Low-Power Microcontrollers, High-Performance Microprocessors
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What Long-Term Drivers Are Shaping Electronic Shelf Label Market Trends?
The electronic shelf-label market is predicted to expand due to the increasing implementation of automation in the retail industry. Retail automation involves the use of technology and devices to enhance procedures and guarantee operational efficiency. It finds applications in areas like inventory management, customer service, self-checkout, and supply chain management. Electronic shelf labels (ESLs) serve as an effective tool for this automation, enabling retailers to better regulate prices, promotions, and inventory, as well as improving the shopping experience for customers. For example, the World Economic Forum, a Switzerland-based international non-governmental and lobbying institution, reported in January 2023 that AI services in the retail automation sector would increase from $5 billion to over $31 billion by 2028. Thus, the escalating use of automation in the retail industry is fuelling the growth of the electronic shelf-label market.
Who Are the Top Competitors in Key Electronic Shelf Label Market Segments?
Major companies operating in the electronic shelf label market include SES-imagotag, Pricer AB, E Ink Holdings Inc., Displaydata Limited, Solum ESL, Opticon Sensors Europe B.V., Teraoka Seiko Co Ltd., MinewTag, Panasonic Holdings Corporation, NCR Corporation, LG Innotek Co. Ltd., CLEARink Displays Inc., Shanghai SUNMI Technology Co. Ltd., troniTAG GmbH, Samsung Electro-Mechanics Co. Ltd., Altierre Corporation, AdvanTech Inc., Display Solutions AG, Hanshow Technology, Pervasive Displays Inc., SoluM Co. Ltd.
What Electronic Shelf Label Market Trends Are Gaining Traction Across Different Segments?
Product innovation is emerging as a significant trend in the electronic shelf label market. To maintain their competitive edge, firms in this market are turning to pioneering solutions such as large format displays. For example, Ynvisible Interactive Inc., a printed e-paper display manufacturer based in Canada, introduced the Large Format Electronic Shelf Label Display in January 2023. This new product, mainly aimed at grocery store retailers, provides a clear and easy-to-understand method for presenting basic product details and prices. Thanks to its larger format, this Electronic Shelf Label Display offers a straightforward and engaging way for customers to obtain crucial product information. The Large Format Electronic Shelf Label Display also has various distinctive selling features, including up to 80% cost savings compared to rival reflective display technologies, highly customizable options with no minimum order requirement, extremely low power consumption, and a robust design that can endure the demands of everyday activity in a grocery store setting.
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Which Regions Are Becoming Hubs for Electronic Shelf Label Market Innovation?
Europe was the largest region in the electronic shelf label market in 2024. The regions covered in the electronic shelf label market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Electronic Shelf Label Market?
2. What is the CAGR expected in the Electronic Shelf Label Market?
3. What Are the Key Innovations Transforming the Electronic Shelf Label Industry?
4. Which Region Is Leading the Electronic Shelf Label Market?
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