Electronic Shelf Label (ESL) Market was over USD 450 million in 2017, and to reach 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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Growing affordability of the retailers due to reduced prices of these products and low power consumption is fueling the ESL market growth. Furthermore, the features of these products including scalability, robustness, enhanced security, and high speed of operations are attracting the consumer focus. The leading retailers, such as Metro, Tesco, Carrefour, and Walmart, are increasingly expanding operations to geographies to acquire more industry share. For instance, in 2013, Carrefour announced a joint venture with CFAO to gain exclusive distribution rights in countries including Congo, the Democratic Republic of Congo, Côte d’Ivoire, Cameroon, Ghana, Nigeria, Senegal, and Gabon. Seven Eleven is expanding its presence in the U.S. by increasing the number of stores across the country. The increasing number of retail stores will fuel the ESL market growth.
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.
(RF) radio frequency-enabled ESL 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.
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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.
Asia Pacific ESL 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.
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. For instance, in January 2017, M2 Communications introduced ESL fresher packs to enable cost-effective, reliable, and faster shelving signage. These products are highly efficient and convenient in the IoT-enabled retail stores. In March 2017, the company also launched the most compact ESL solutions, Electronic Labelling System Application (ELSA).
Browse key industry insights spread across 300 pages with 496 market data tables & 23 figures & charts from the report, “Electronic Shelf Label (ESL) Market Size By Product (LCD ESL, Segmented E-Paper ESL, Full Graphic E-Paper ESL), By Technology (RF, IR, NFC), By Application (Industrial, Commercial [Hypermarket, Supermarket, Non-Food Retail]), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Russia, Spain, China, Japan, South Korea, India, Singapore, Malaysia, Australia, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Growth Potential, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:
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