Electronic Shelf Labels Market worth $4.18 billion by 2029- Exclusive Report by MarketsandMarkets™
DELRAY BEACH, Fla., Dec. 5, 2024 /PRNewswire/ -- The electronic shelf labels market was valued at USD 2.34 billion in 2024 and is projected to reach USD 4.18 billion by 2029; it is expected to register a CAGR of 12.3% during the forecast period according to a new report by MarketsandMarkets™. The driving factors for the electronic shelf labels market are the increasing use of automation in retail shops and stores, and the integration of modern technology solutions for improving the performance of business processes and cutting costs. The use of ESLs in omnichannel retailing and personalization also increases demand because the technology allows pricing and promotions based on customer actions to be adjusted flexibly. Also, developments made in ESL technologies including e-ink displays, NFC, and IoT connectivity drives the demand.
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Electronic Shelf Labels Market Report Scope:
Report Coverage | Details |
Market Revenue in 2024 | $ 2.34 billion |
Estimated Value by 2029 | $ 4.18 billion |
Growth Rate | Poised to grow at a CAGR of 12.3% |
Market Size Available for | 2020–2029 |
Forecast Period | 2024–2029 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By component, product type, communication technology, display size, end-user, region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Growing trend of e-commerce |
Key Market Opportunities | Growth in Omnichannel Retail |
Key Market Drivers | Electronic shelf labels facilitate reduced labor efforts |
By product type: fully graphic e-paper displays segment to account for the largest market share in the forecasted year.
The fully graphic e-paper displays accounted for the largest share of the electronic shelf labels market in 2029. Fully graphic e-paper displays are projected to account for the largest market share by product type in the forecasted year due to their advanced capabilities and diverse applications. These kinds of display have high image quality with full resolution colors and can present dynamic content which is well suited for industries such as retail, health care, transportation and educational institutions. By being energy efficient, having wide viewing angles, and readability in various lighting conditions further enhance their appeal, driving adoption across sectors. In addition, fully graphic e-paper based ESLs are significant for capturing the attention of the customers and improving the store communication. Graphic facilitation can also be used by retailers to conduct product positioning in real-time fashion and in the process improving the shopping experiences of the clients. The primary advantage of fully graphic e- paper electronic shelf labels is the possibility of projecting graphical objects including logos, callouts.
By End-user: Retail segment accounted for a larger market share in the forecasted year.
Retail segment accounted for the larger share of the electronic shelf labels market in 2029. This growth can be attributed to the growing adoption of ESL systems by the retail businesses in their effort to boost efficiency, quality customer service and effective application of the right price changes. Food retailers in supermarkets, hypermarkets and convenience stores are now deploying ESL technology because they eliminate paper-based labeling and use electronic displays instead. Apart from that, it also updates prices in real-time without the necessity to employ employees for changing price alone, and it makes it a worthy investment in the retail industry.
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By Country: US in North America is expected to hold the largest share of the electronic shelf labels market during the forecast period.
US is expected to hold the largest share of the total electronic shelf labels industry in 2029. The growth is driven by its mature retail sector and widespread adoption of advanced technologies. The big giants of the retail stores in the US such as Walmart, Target, and Kroger are using ESL systems to focus on pricing strategies, in store organization and real time updates. As the consumer matures and the trend of one-stop shopping and the need for better promotions, ESLs are beneficial in a rapidly changing retail industry. The relatively high levels of e-commerce adoption within the country also place continued pressure on physical stores to embrace ESL systems as part of their digital First Steps to Embracing E-Commerce transformation.
Key Players
The key companies in electronic shelf labels companies include VusionGroup (France), SOLUM (South Korea), Pricer (Sweden), Displaydata Ltd. (UK), Teraoka Seiko Co., Ltd. (Japan), M2COMM (Taiwan), Opticon (Netherlands), PARTRON ESL (South Korea), Shanghai SUNMI Technology Co., Ltd. (China), Hanshow (China), Dalian Sertag Technology Co., Ltd. (China).
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