Electronic shelf labels (ESLs) are digital displays attached to retail shelves that display product and pricing information. ESLs enable retailers to update pricing remotely in real-time instead of sending staff to manually swap out paper price tags. ESLs help streamline operations, reduce costs, and improve pricing accuracy.
The global Electronic Shelf Labels Market is estimated to be valued at Us$ 97.92 Mn in 2023 and is expected to exhibit a CAGR Of 10% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing adoption of IoT and connected devices is expected to boost the growth of the electronic shelf labels market over the forecast period. IoT technologies enable retailers to remotely manage and update content on ESL displays using centralized software platforms. IoT connectivity allows retailers to leverage real-time data insights from ESLs to optimize pricing, product placement, and inventory based on sales analytics. IoT also facilitates over-the-air software updates to ESLs and two-way communication to ensure accurate and synchronized pricing across retail locations. The growing digitization of retail operations and deployment of IoT solutions will continue driving the demand for connected ESLs in the coming years.
Segment Analysis
The global Electronic Shelf Labels market is dominated by the hypermarket and supermarket sub-segment. Electronic shelf labels are increasingly being adopted in these retail formats globally due to the savings on operational and labor costs from utilizing ESLs. Hypermarkets and supermarkets house thousands of stock keeping units (SKUs) which requires frequent updating of paper labels. ESLs enable easy updates from a central control server with the push of a button, thereby reducing manual efforts involved.
Key Takeaways
The Global Electronic Shelf Labels Market Demand is expected to witness high growth. The global Electronic Shelf Labels Market is estimated to be valued at US$ 97.92 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.
The North American region dominated the market in 2021 and is expected to maintain its dominance over the forecast period. This can be attributed to the presence of major ESL vendors and hypermarket chains in countries like the US and Canada that are early adopters of ESL technologies. Additionally, strict labor laws that mandate minimum wage for retail employees encourage North American retailers to invest in ESLs to reduce operational expenses associated with paper label management.
Key players operating in the Electronic Shelf Labels market are Pricer AB, SES-imagotag, Samsung Electro-Mechanics, E Ink Holdings, Displaydata, M2Communication, Diebold Nixdorf, Opticon Sensors Europe B.V., Teraoka Seiko, and NZ Electronic Shelf Labelling. Pricer dominates the global ESL market with a market share of over 35% in 2021. SES-Imagotag follows as the second largest player with a strong presence across Europe and Asia Pacific.
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