CHICAGO, Feb. 17, 2023 /PRNewswire/ -- The global electronic shelf labels market is expected to reach USD 2.8 billion by 2028 from USD 1.5 billion in 2023, at a CAGR of 13.8% from 2023 to 2028 according to a new report by MarketsandMarkets. Growing trend of retail automation, benefits offered by electronic shelf labels (ESLs), the ability of ESLs to facilitate reduced labor efforts, high demand for price optimization from retailers, and the advent of 5G are the major factors contributing to the market growth globally.
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Fully graphic e-paper displays to dominate the electronic shelf labels market from 2023 to 2028
The growth of fully graphic e-paper displays can be attributed to the increasing demand from tier I and tier II retailers that rely on these ESLs to a large extent, as they facilitate displaying graphic content and information. Moreover, fully graphic e-paper-based ESLs are key to gaining customer attention and enhancing in-store communication. Using graphic displays, retailers can carry out product positioning in real time and enhance the shopping experience of customers. The key benefit of using fully graphic e-paper electronic shelf labels is their ability to project graphical objects, such as logos and callouts.
Retail to account for the largest share of the electronic shelf labels market during forecast period
The growing trend of retail automation is a major factor driving the electronic shelf labels market growth for retail. The growing trend of retail automation has led to a surge in demand for solutions such as AI-driven cameras, ESLs, and self-checkout solutions, which include interactive kiosks. The main reason for the increased adoption of ESLs in retail stores is to automate price display management, which conventionally involves using paper labels to display prices and other product information. Electronic shelf labels make it easy for retailers to dynamically change the prices of products from anywhere in the store.
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Asia Pacific to register the highest CAGR during forecast period
The advent of globalization and the development of an organized retail sector are expected to contribute to the growth of the electronic shelf labels market in Asia Pacific. Additionally, the readiness of retailers in the region to adopt new and advanced technologies is also a major factor contributing to the market growth in the region. Japan is a major market for ESLs in Asia Pacific. The constantly growing number of retail stores in Japan is expected to facilitate the increased adoption of ESLs in the country.
The report profiles key players such as SES-imagotag (France), SoluM Co., Ltd. (South Korea), Pricer AB (Sweden), Displaydata Limited (UK), Teraoka Seiko Co., Ltd. (DIGI Group) (Japan), M2COMM (Taiwan), Opticon Sensors Europe B.V. (Netherlands), RAINUS (South Korea), Shanghai SUNMI Technology Co., Ltd. (China), and Hanshow Technology (China).
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