Electronic Shelf Label Market (ESL Market) - Global Outlook and Forecast 2019-2024
The electronic shelf label market (ESL Market) is expected to reach more than $2 billion by 2024, growing at an impressive CAGR of around 27% during 2018–2024.
The rise in the retail environment is one of the prominent factors driving the global ESL market. The growing trend of retail stores to reduce the number of paper sheets to label price tags is driving the global electronic shelf label market. The introduction of dynamic pricing in-store through ESL has led retailers to provide a holistic experience to consumers, thereby driving the demand in the global market. Also, the replacement demand from retailers in developed economies is a major growth factor in the market.
The declining cost of semiconductor chips, micro-displays, and sensors, the rise in consumer expenditure in emerging economies, increase in minimum labor wages, and SKU proliferation warranting smart inventory management are expected to drive the global ESL market during the forecast period.
The emergence of omnichannel and retail reality, increase in dynamic pricing, are some of the prominent factors expected to drive the electronic shelf label market (ESL Market) during the forecast period.
The use of e-ink technology in EPDs increases the efficiency of EPD shelf labels, thereby influencing their adoption. In addition, the increase in the ‘click and collect’ trend, where customers make the purchase online and collect the purchase from the store is increasing the growth of the global market.
This market research report on the electronic shelf label market (ESL market) covers market sizing and forecast, market share, industry trends, growth drivers, and vendor analysis. The market study includes insights on segmentation by display (LCD(TN LCD, TFT), EPD, and OLED), technology (vendor facing (RF and IR) and customer facing (BLE, NFC, others), end-users (supermarkets and hypermarkets, departmental stores, convenience stores, drugstores, others), and geography (North America (US, Canada), APAC (China, Japan, and Singapore), Europe (UK, Germany, France), MEA (UAE, Saudi Arabia, South Africa), and Latin America (Brazil and Mexico).
The study considers the present scenario of the global ESL market and its market dynamics for the period 2018−2024. The study covers a detailed overview of several market growth enablers, restraints, and trends. The study covers both the demand and supply sides of the market. The study profiles and examines leading companies and other prominent companies operating in the electronic shelf label market (ESL Market).
Electronic Shelf Label Market (ESL Market): Segmentation
This market research report includes a detailed segmentation of the market by display type, technology, end-user, and geography.
The vendor facing segment held the largest share of the electronic shelf label market (ESL market) in 2018. Europe was the largest market for vendor facing technology, which was followed by the APAC region. Radiofrequency, which is a subset of vendor facing technology, has universal application and is regulated through agencies such as the Federal Communications Commission (FCC) in the US and the Conference of Postal and Telecommunications Administrations (CEPT) in Europe.
In terms of value, Europe was the leader in the customer-facing ESL market in 2018. The expanding retail market coupled with increasing labor costs is driving retailers to adopt a centralized labeling system, which is driving the demand for customer-facing shelf labels in the region. However, Latin America is likely to be the fastest growing market during the forecast period. The increased automation in the retail industry, along with expanding organized retail, is driving the demand for customer-facing ESL in Latin America.
The electronic shelf label market (ESL Market) by end-users is segmented into supermarkets and hypermarkets, departmental stores, convenience stores, drugstores, and others. The adoption of ESL is currently driven by hypermarkets, supermarkets, and convenience stores, which are looking for better leverage technology to capitalize on evolving consumer preferences and tackle the growing threat from the e-commerce sector. The high presence of stock keeping units and high distribution stores across locations makes the implementation of the shelf labels more favorable than other retail store formats.
LCD, EPD (E-Paper or Electrophoretic Displays), and OLED are the three major display technologies in the electronic shelf label market (ESL Market). Currently, the LCD segment is dominating the market in terms of volume. However, the adoption of EPDs has been growing, and they are expected to grow faster than other display technologies during the forecast period. Manufacturers have started to adopt EPD displays due to low-power consumption, high visibility, and paper-like display.
Market Segmentation by Technology
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