The global Electronic Shelf Labels Market is estimated to be valued at US$ 97.92 Mn in 2023 and is expected to exhibit a CAGR of 10%
Electronic shelf labels or ESLs are wireless digital displays placed on or near retail shelves to display product information and pricing. ESLs eliminate the need for printing paper tags and manually changing labels during price changes. This saves significant time for retailers in labeling activities and ensures accurate, up-to-date product pricing throughout the store at all times. ESLs also allow retailers to offer flexible pricing strategies and make it easy to clear out inventory through automated price modifications.
The global Electronic Shelf Labels Market is estimated to be valued at US$ 97.92 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Automation has been a key driver boosting growth of the global electronic shelf labels market. Automated ESL systems allow retailers to change prices remotely without needing to manually print and replace paper labels throughout the store. This results in significant time and cost savings for retailers. Automated ESL solutions also enable flexible price adjustments based on factors like inventory levels, product sales, regional demand patterns and competitor prices. Full automation of pricing with ESLs has therefore accelerated their adoption among retailers aiming to streamline operations and maximize profitability through data-driven pricing strategies. Increased focus on automation technologies is expected to further fuel demand for ESLs over the forecast period.
Segment Analysis
The global electronic shelf labels market is segmented by component, display type, product type, end use and geography. By component type, the hardware segment dominates the market owing to the need for manual update of prices and product details. The hardware segment includes displays, batteries, transceivers, and microprocessors. By display type, the LCD ESLs segment holds the highest share as these are highly preferred owing to benefits such as easy visibility and reuse. By product type, the LCD ESLs segment holds the highest share as they provide benefits such as lesser power consumption and durability compared to other offerings. By end use, retail segment holds the major share of the electronic shelf labels market as it helps retailers to lower operational costs and enhance customer satisfaction.
Key Takeaways
The global Electronic Shelf Labels Market Demand is expected to witness high growth owing to modernization of retail stores. The global Electronic Shelf Labels Market is estimated to be valued at US$ 97.92 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.
Regional analysis: North America dominates the electronic shelf labels market holding around 30% share. This is attributed to early adoption of modern technology in the retail sector across the region. Asia Pacific is expected to grow at the fastest pace during the forecast period due to the emergence of supermarkets and hypermarkets in countries such as India and China coupled with rising retail automation.
Key players: Key players operating in the electronic shelf labels market are Pricer AB, SES-imagotag, Samsung Electro-Mechanics, E Ink Holdings, Displaydata, M2COMM, Diebold Nixdorf and others. Pricer AB dominates the market owing to its wide geographical presence and strong product portfolio. SES-imagotag follows Pricer AB in terms of market share and offers extensive range of ESL solutions for retail stores.
Explore more related article on this topic: https://www.ukwebwire.com/electronic-shelf-labels-market-is-driven-by-growing-need-for-real-time/
Comments
0 comment