Electronic Shelf Label Market Outlook
According to a new report by Expert Market Research titled, “Electronic Shelf Label Market Size, Share, Analysis, Report and Forecast 2023-2028″, the electronic shelf label market is projected to grow at a CAGR of 21.40% between 2023 and 2028. Aided by the rising need for real-time product positioning and increasing applications of electronic shelf labels across various sectors, the market is expected to grow significantly by 2028.
Electronic shelf labels (ESLs) are digital systems used by retailers for displaying product pricing on shelves. These systems digitally communicate price changes to the displays from a central control server, making them a valuable component in retail, hospitality, healthcare, and logistics industries. They play a pivotal role in improving pricing accuracy, enabling real-time product positioning, and enhancing customer experience. Alongside these operational advantages, ESLs also provide significant cost and time efficiencies, making them a must-have tool in the modern retail landscape.
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The growing need for efficient and real-time product positioning in retail stores is propelling the global electronic shelf label market growth. With the rising awareness of the benefits offered by digital transformation in retail, there has been a significant shift towards the adoption of smart retail solutions like ESLs. Moreover, the escalating trend of omnichannel retailing and customer experience personalisation has further boosted the demand for electronic shelf labels.
The expanding applications of ESLs in diverse sectors are also boosting the electronic shelf label market development. In the healthcare sector, ESLs help in tracking medical equipment and managing drug inventory effectively. In the hospitality industry, these labels assist in real-time menu updating and managing food inventory, while the logistics sector leverages ESLs for efficient warehouse management and inventory control.
Electronic shelf labels’ captivating displays let firms run more effective marketing campaigns and establish connections with informed customers. It also plays a crucial part in enhancing the user experience by presenting product reviews, online prices, and stock levels, as well as facilitating ordering with QR codes. Additionally, electronic shelf labels consume a lot less raw materials than traditional ones do, for example, by using digital technology instead of paper, thus aiding the electronic shelf label market growth. This makes it a sustainable choice, which is encouraging its greater acceptance as environmental awareness grows.
Moreover, the technological advancements in ESLs, such as the integration of IoT and AI, are set to further stimulate the market growth. With the rise of digital retailing and the increasing adoption of advanced technologies, next-generation ESLs have emerged as a key trend in the market, thereby enhancing the electronic shelf label market expansion.
Electronic Shelf Label Market Segmentation
The market can be divided based on component, product, display size, communication technology, end use, and region.
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Market Breakup by Component
- Displays
- Batteries
- Transceivers
- Microprocessors
- Others
Market Breakup by Product
- Liquid Crystal Displays
- E-Paper
- Graphic E-Paper
- Segment E-Paper
Market Breakup by Display Size
- Less than 3 Inches
- 3 to 7 Inches
- 7 to 10 Inches
- More than 10 Inches
Market Breakup by Communication Technology
- Radio Frequency
- Infrared
- Near-field Communication
- Others
Market Breakup by End Use
- Hypermarkets
- Supermarkets
- Non-food Retail Stores
- Speciality Stores
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global electronic shelf label companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- E Ink Holdings Inc.
- Pricer AB
- Displaydata Limited
- troniTAG GmbH
- SES-imagotag Group
- Others
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