Overview and Scope
An electronic shelf label (ESL) is a digital display used in retail stores to display product information such as price, promotions, and product details. Electronic shelf labels (ESLs) are primarily used to display pricing and product information.
Sizing and Forecast
The electronic shelf label market size has grown rapidly in recent years. It will grow from $1.14 billion in 2023 to $1.34 billion in 2024 at a compound annual growth rate (CAGR) of 17.8%. The growth in the historic period can be attributed to retail efficiency, inventory management, enhanced customer experience, cost reduction, competitive market dynamics..
The electronic shelf label market size is expected to see rapid growth in the next few years. It will grow to $2.43 billion in 2028 at a compound annual growth rate (CAGR) of 16.1%. The growth in the forecast period can be attributed to digital transformation in retail, demand for real-time pricing, focus on sustainability, integration with retail technologies, global retail expansion.. Major trends in the forecast period include adoption of esls in non-food retail sectors, incorporation of touchless shopping features, implementation of cloud-based esl platforms, focus on enhanced battery life and energy efficiency, customization and personalization in esl solutions..
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Segmentation & Regional Insights
The electronic shelf label market covered in this report is segmented –
1) By Component: Displays, Batteries, Transceivers, Microprocessors
2) By Product Type: LCDs (Liquid-Crystal Display), Segmented E-peper Displays, Fully Graphic E-paper Displays
3) By Display Size: Less than 3 Inches, 3 to 7 Inches, 7 to 10 Inches, More than 10 Inches
4) By Communications Technology: Radio Frequency, Infrared, Near-field Communication, Other Technologies
5) By Application: Supermarket, Convenience Store, Departmental Store, Specialty Store, Pharmacies
Europe was the largest region in the electronic shelf label market in 2023. The regions covered in the electronic shelf label market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The rising adoption of automation in the retail sector is expected to propel the growth of the electronic shelf-label market going forward. Automation in the retail industry refers to the use of technology and machines to improve processes and ensure operational efficiency. It is used for a variety of purposes, including inventory management, customer service, self-checkout, and supply chain management. Electronic shelf labels (ESLs) are a useful tool for retail automation, assisting retailers in more efficiently managing prices, promotions, and inventory, as well as providing customers with a better shopping experience. For instance, in January 2023, according to the World Economic Forum, a Switzerland-based international non-governmental and lobbying organization, artificial intelligence services in the retail automation sector are expected to grow from $5 billion to more than $31 billion by 2028. Therefore, the rising adoption of automation in the retail sector is driving the growth of the electronic shelf-label market.
Key Industry Players
Major companies operating in the electronic shelf label market are concentrating their efforts towards integrating advanced technologies such as high-density low-power cellular network (HiLPC) technology to manufacture electronic shelf label and strengthen their position in the market. High-Density Low-Power Cellular Network (HiLPC) technology refers to an advanced wireless communication system designed to support densely populated areas with efficient connectivity by minimizing power consumption and maximizing network capacity. For instance, in January 2023, Hanshow Technology, a China-based company operating in electronic shelf labels (ESL), unveiled its latest new generation protocol high-density low-power cellular network (HiLPC) and four-color Electronic Shelf Label (ESL). The HiLPC innovative system architecture significantly enhances ESL communication speed, achieving update speeds of over 60,000 pieces per hour per ESL controller. This makes installation and binding quicker and more efficient. The HiLPC’s super-high system throughput allows updating tens of millions of devices in just minutes, enhancing clients’ ability to manage globally distributed stores effectively.
The electronic shelf label market report table of contents includes:
1. Executive Summary
2. Electronic Shelf Label Market Characteristics
3. Electronic Shelf Label Market Trends And Strategies
4. Electronic Shelf Label Market – Macro Economic Scenario
5. Global Electronic Shelf Label Market Size and Growth
…
31. Global Electronic Shelf Label Market Competitive Benchmarking
32. Global Electronic Shelf Label Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Electronic Shelf Label Market
34.Electronic Shelf Label Market Future Outlook and Potential Analysis
35. Appendix
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