Electronic Shelf Label Market to surge past US$ 1.23 Billion by 2025
Electronic shelf labels are the small display units utilized for the price display, predominantly in retail stores that include food, electronics, do it yourself (DIY), gardening, cosmetics, drugstore, and industrial applications among few others. These products are featured with centrally controlled price upgradation across the store, which helps in reducing considerable amount of effort, waste management and time that can be utilized for enhancing the consumer engagement and satisfaction. High-speed updates of pricing, promotional messaging, increased readability and contrast of distinct ESL products also help in improving the product up-lift and store margins. Growing demands for retail automation across the globe and the convenience offered by these products are expected to be among the prominent factors driving the electronic shelf label market growth.
The global electronic shelf label market was valued at US$ 366.8 million in 2016 and is expected to witness a CAGR at 12.9% during the forecast period (2017 – 2025).
Stringent regulations against the misleading product prices specifically in North America and Europe have led to increased ESL product demands Stringent regulations such as European communities (requirements to indicate product prices) regulations S.I. No. 639 of 2002, are in place to protect the consumer rights against misleading product prices. These directives have defined guidelines for licensed premises, cafes, restaurants, hotels, etc. and state the requirement for marked prices or the display on the shelves to be considered inclusive of all cost factors. Similar regulations are in place in the U.S., Canada, China and other major economies.
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Moreover, in case of false product pricing or misleading product promotions, the offender is liable to be fined on the basis of regional regulations. Requirement to avoid errors in product pricing and compliance to the regulations is estimated to present considerable opportunities for growth over the forecast period. Other associated benefits related to the adoption of these ESLs include ease of product promotion strategies, considerable labor savings, high ROI, which are among the major factors expected to fuel the electronic shelf label market growth.
Europe is expected to dominate the overall electronic shelf label market share owing to the large adoption rates
SES Imagotag and Pricer AB that held the significant industry share are based in Europe. Moreover, relatively high penetration in the regional retail business that specifically include France, Italy, Belgium, Germany and other countries in Central Europe, are expected to garner the industry with around 12.8% CAGR over the forecast period.
As a matter of fact, SES-imagotag registered annual sales of around US$ 80 million in 2016, in France alone, according to their annual financials. In terms, of market size, Europe will be followed by North America, and Asia Pacific, acquiring second largest and third largest electronic shelf label market share respectively. U.S., Canada, Japan, Australia, China are among the major countries that are expected to present potential growth demand over the next few years. According to Coherent Market Insights analysis, Asia Pacific is expected to witness highest growth rates over the forecast period, primarily owing to the large revenue potential and increasing multi-channel retailing operations in the India, China and the ASEAN countries.
Significant decline in the overall ESL pricing has led to delayed investments in the products, is expected to be the major factor hindering the overall industry growth
According to an industry expert interview in 2016, retailers were expecting significant decline in the cost of the ESLs owing to the declining costs of electronic products and displays. However, this has led to considerable delay in the investment plans of the major retail chains across the globe. This was a major factor that led to considerable decline in the product demands, hampering the present growth. However, electronic shelf label market will witness strong growth and value over 5X times the market size in 2016, by 2025.
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