The electronic shelf label market size is projected to reach US$ 8.37 billion by 2030 from US$ 2.20 billion in 2022. The market is expected to register a CAGR of 18.2% during 2022–2030. The demand for automation solutions in the retail industry is likely to remain a key trend in the market.
Electronic Shelf Label Market Analysis
Factors such as an increasing number of supermarkets, malls, and stores, reduced labor availability, and trending retail automation demands are influencing the electronic shelf label market growth. However, the high installation charges and supporting infrastructure needed for the system are key challenges restraining the electronic shelf label market growth. Moreover, the world is moving ahead toward digitalization. As the ESL system has a low maintenance cost, the retail industry is widely adopting the system, owing to its benefits for retailers. This creates a big opportunity for the market players operating in the electronic shelf-label system market. Also, the Industry 4.0 integration and the emergence of advanced technologies for ESL, such as ePaper with multicolor and battery-free solutions, are anticipated to influence the electronic shelf label market positively.
Electronic Shelf Label Market Overview
Retailers use the electronic shelf label system for displaying product pricing on shelves. This system is gaining immense popularity as it has benefits such as product pricing being updated automatically whenever a price is changed from a central control server. The rising number of supermarkets, specialty stores, and hypermarkets are raising demand for the electronic shelf label market. The US, China, France, Germany, and Japan are the five leading countries contributing to the highest revenue share in the electronic shelf label market.
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Electronic Shelf Label Market: Strategic Insights
Market Size Value in US$ 2.20 Billion in 2022 Market Size Value by US$ 8.37 Billion by 2030 Growth rate CAGR of 18.2% from 2022 to 2030 Forecast Period 2023-2030 Historic Period 2020-2021
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Electronic Shelf Label Market: Strategic Insights
| Market Size Value in | US$ 2.20 Billion in 2022 |
| Market Size Value by | US$ 8.37 Billion by 2030 |
| Growth rate | CAGR of 18.2% from 2022 to 2030 |
| Forecast Period | 2023-2030 |
| Historic Period | 2020-2021 |
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Electronic Shelf Label Market Drivers and Opportunities
Rise in Strategic Initiatives by Market Stakeholders to Favor the Market
Automation in the retail industry has benefitted retailers on a large scale by reducing human errors. In addition, the retail sector across the world is continuously growing. For example, according to the US government, retail sales in the US increased by 3.1% from US$ 5,402.3 billion in 2019 to US$ 5,570.4 billion in 2020. According to the India Brand Equity Foundation, the Indian retail sector is anticipated to reach US$ 2 trillion in value by 2032. The retail industry is increasingly emphasizing reducing total operational costs by removing manual operations in stores associated with stock, changing prices, and more. Therefore, the demand for automation solutions throughout the retail industry is rising. Furthermore, the concept of automation also includes the utilization of ESLS in retail stores to eliminate the maximum manual tasks, which will help in lowering overheads.
The market players in the electronic shelf label (ESL) market are launching ESL to cater to the growing demand for retail products. A few of the growth strategies are mentioned below.
- In January 2023, Ynvisible Interactive Inc. launched a large-format electronic shelf label display for grocery store retailers.
- In May 2023, Pricer & StrongPoint unveiled electronic shelf labels that can display graphics in yellow, red, black, and white. The use of high-resolution graphics and vibrant colors attracts more customers and increases store sales.
Thus, such strategic initiatives by market players drive the electronic shelf label market growth.
Demand for Real-Time Inventory Management
The need for real-time inventory management solutions increases the demand for electronic shelf labels among businesses. Traditional paper labels do not give businesses accurate and timely information about stock levels. This might result in difficulties such as out-of-stock products being incorrectly shown as available, which further causes customer dissatisfaction and reduces business sales. Electronic shelf labels can be incorporated into a retailer's inventory management system to provide real-time stock-level updates. This enables store personnel to quickly and readily detect when products need to be refilled, ensuring that customers are not disappointed due to unavailability.
Electronic Shelf Label Market Report Segmentation Analysis
Key segments that contributed to the derivation of the electronic shelf label market analysis are component, hardware, product type, store type, and communication technology.
- Based on components, the electronic shelf label market is divided into hardware, software, and services. The hardware segment held a larger market share in 2022.
- By hardware, the market is segmented into displays, batteries, transceivers, microprocessors, and others. The display segment is expected to grow during the forecast period.
- In terms of product type, the electronic shelf label market is segregated into LCD ESL and E-Paper-based ESL. The e-paper-based ESL segment is expected to grow during the forecast period.
- Based on store type, the market is divided into hypermarkets, supermarkets, non-food retail stores, specialty stores, and others. The hypermarkets segment is expected to grow during the forecast period.
- based on communication technology, the market is divided into radio frequency, infrared, near-field communication, and others. The radio frequency segment held a larger market share in 2022.
Electronic Shelf Label Market Share Analysis by Geography
The geographic scope of the electronic shelf label market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
The North American industrial refrigeration equipment market is segmented into the US, Canada, and Mexico. The North American electronic shelf label market is propelled by the huge presence of retail stores and significant development in the retail sector. This region is home to most of the world's largest retailers. Canada and Mexico have their own largest retail chains, and both countries have retail companies that conduct business operations worldwide. The retail industry is responsible for almost two-thirds of the US GDP. The major US retail chains include Walmart, Albertsons Companies, CVS Health, Amazon, Walgreens Boots Alliance, Costco, Kroger Co., and Target.
Electronic Shelf Label Market Report Scope
Electronic Shelf Label Market News and Recent Developments
The electronic shelf label market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the electronic shelf label market are listed below:
- Hanshow held its "Revitalization and Excellence" new product launch at the Chongqing International Expo Center in China, where they officially unveiled the four-color Nebular Pro series of Electronic Shelf Labels (ESLs). (Source: Hanshow, Company Website, April 2023)
Electronic Shelf Label Market Report Coverage and Deliverables
The “Electronic Shelf Label Market Size and Forecast (2020–2030)” report provides a detailed analysis of the market covering below areas:
- Electronic shelf label market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Electronic shelf label market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Electronic shelf label market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the electronic shelf label market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
The key players holding majority shares in the global electronic shelf label market are LabelNest, Displaydata Ltd, Panasonic Holdings Corp, M2C Communication DOO, Hanshow Technology, Opticon Sensors Europe BV, Ses Imagotag SA, Samsung Electro-Mechanics Co Ltd, Diebold Nixdorf, Incorporated, and Pricer AB.
The global electronic shelf label market is estimated to register a CAGR of 18.2% during the forecast period 2022–2030.
The global electronic shelf label market is expected to reach US$ 8.37 billion by 2030.
North America dominated the electronic shelf label market in 2022.
The rise in strategic initiatives by market stakeholders is the major factors that propel the global electronic shelf label market.
The demand for automation solutions in the retail industry to play a significant role in the global electronic shelf label market in the coming years.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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