In a world where consumers have myriad choices when online shopping is concerned, electronic shelf label market is also establishing its mark to connect with the changing consumer preferences. These digital tags are helping the retailers to provide an ultra-efficient store experience and real time product positioning for the consumers. Thus, the development of interactive in-store environments has in turn, driven electronic shelf label industry to record a revenue worth USD 270 million in 2015.
A forecast by Global Market Insights, Inc., stated that “Electronic shelf label market is anticipated to witness a CAGR of 18% over the period of 2016-2024.” Rising deployment of automation in retail sector and the growing reach of internet and smartphones is one of the major factor driving the industry growth. In addition, regulatory norms regarding consumer rights for transparency in product pricing will further provide a boost to this market.
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Asia Pacific electronic shelf label industry is likely to be a lucrative ground for this market with cost-effective operations, growing potential for startups, and huge development opportunities in the region. These factors have contributed significantly toward APAC being the region exhibiting the highest growth. U.S. ESL industry is foreseen to grow at an annual rate of 18%, owing to significant expansion of the retail industry in the region.
Paper labels are currently being replaced by the digital tags for the efficient management of frequent price changes. These conventional labels can be replaced with full graphic e-paper, segmented e-paper, or LCDs. Full graphic e-paper ESL market is projected to be the dominating segment and is expected to grow at an annual rate of 19% over the period of 2016-2024. LCD product segment having had 40% of overall ELS industry share, is gaining heavy momentum in MEA and APAC, as these regions are quite price sensitive.
These advanced labels are incorporated with real time bi-directional responsive systems, flash capability, merchandising accessories, indoor mapping, and navigation systems. Radio frequency (RF) and Infrared are the two-technological bifurcations in electronic shelf label market. RF communication occupied over 50% of the overall market, while IR communication accounted for more than 40% of ESL industry in 2015.
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Factors associated with electronic shelf labels such as better price visibility, optimized pricing errors, and promotional capabilities have greatly influenced the penetration of ESL systems in supermarkets and hypermarkets. Electronic shelf label market from non-food retail store applications (including footwear, jewelry, cosmetics, electronics appliances, and others) is anticipated to surpass USD 200 million by 2024. Hypermarkets & supermarkets also exhibit high growth prospects in the future. Supermarkets are foreseen to capture over 30% of overall electronic shelf label market share by 2024.
Major players are adopting mergers & acquisitions and product innovations as their key strategies. Notable industry participants include E Ink Corporation, Altierre, Wincor Nixdorf, Pricer AB, Displaydata, and SES Imagotag.
Browse key industry insights spread across 90 pages with 93 market data tables & 68 figures & charts from this 2017 report Electronic Shelf Label (ESL) Market in detail along with the table of contents:
Electronic shelf label (ESL) market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD billion from 2012 to 2024, for the following segments:
ESL market by product
- LCD ESL
- Segmented e-paper ESL
- Full graphic e-paper ESL
ESL market by technology
- Radio frequency (RF)
- Infrared (IR)
ESL market by application
- Non-food retail stores
The above information is provided on a regional and country basis for the following:
- North America
- Asia Pacific
- Latin AmericaMEA
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