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  • Published In : May 2023
  • Code : CMI593
  • Pages :148
  • Formats :
      Excel and PDF
  • Industry : Smart Technologies

Electronic Shelf Labels market is estimated to be valued at US$ 3,376.2 Mn by 2030.

Electronic shelf labels (ESL) are small display units utilized for displaying price, particularly in retail stores that include food, electronics, do it yourself (DIY) kits, gardening equipment, cosmetics, and in drugstores, and industrial applications. Electronic Shelf Labels (ESL) allows retailers to update the content wirelessly on shelving signage quickly and efficiently, without requirement of print paper tags and organize store representatives to change them manually. Promotional messaging, High-speed updates of pricing, increased readability and contrast of different ESL products help in improving product sales and store margins. Growing demands for retail automation across the globe and convenience offered by these products are expected to be the prominent factors driving growth of the electronic shelf label market.

Electronic Shelf Labels Market: Regional Insights

Europe is expected to dominate the overall electronic shelf label market share owing to the large adoption rates of electronic shelf labels

Figure 1: Electronic Shelf Labels Market Share (%), By Region, 2022


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Europe held the largest market share in terms of revenue in 2022 for the global electronic shelf label market and is expected to continue its dominance in the forecast period. The growth in this region is mainly due to the presence of key players such as SES Imagotag, Pricer AB, Cicor, and Opticon Sensors Europe B.V In terms, of market size, Europe will be followed by North America, and Asia Pacific, as the second and third largest electronic shelf label markets. U.S., Canada, Japan, Australia, China are among the major countries that are expected to create high growth opportunities over the next few years. According to Coherent Market Insights analysis, Asia Pacific is expected to witness the highest growth rates over the forecast period, owing to a large revenue potential and increasing multi-channel retailing operations in the India, China and the ASEAN countries.

Electronic Shelf Labels Market - Impact of Coronavirus (Covid-19) Pandemic

The production capacity of electronic shelf label manufacturers was negatively impacted in the first quarter of 2020 due to the outbreak of COVID-19. This was mainly caused by government-imposed measures to curb the spread of the pandemic. Despite this setback, the global market is projected to exhibit consistent growth. Notably, key market players like SESimagotag and E-Ink Holdings experienced a decline in their sales operations primarily during the first quarter of 2020.

The production capacity of electronic shelf label (ESL) manufacturers is expected to be temporarily affected by restrictions on transportation and the closure of manufacturing plants due to workforce shortages. In addition to this, various lockdown measures implemented by governments have resulted in the closure of retail stores. As a consequence, there has been a significant surge in the adoption of e-commerce, leading to a decline in physical sales that is unprecedented.

Electronic Shelf Labels Market- Drivers:

Change in the patterns of retail automation.

Retail automation encompasses several automated procedures for managing different aspects of the retail industry, such as product management, workforce management, inventory management, and store audits, among others. The technological advancements in automation have significantly benefited retailers. Moreover, electronic shelf labels have become a ubiquitous technology in all types of retail establishments, including supermarkets, hypermarkets, specialty shops, and non-food establishments. Furthermore, implementing this system in a retail outlet provides a dynamic pricing solution, which reduces labor costs by eliminating manual tasks.

The increase in consumer buying power and economic growth.

The global adoption of digital transformation across various industries has a positive impact on the nation's economic growth, as it brings revolutionary changes to business operations. Moreover, the automation of retail is expected to play a crucial role in transforming economic growth, owing to factors such as an increase in consumer purchasing power, greater efficiency in the retail supply chain, and smart logistics management. Additionally, the need to enhance customer experience is driving the adoption of technological advancements in the retail industry, all of which contribute to the growth of the electronic shelf label market.

Electronic Shelf Labels Market Report Coverage

Report Coverage Details
Base Year: 2022 Market Size in 2022: US$ 1,025.4 Mn
Historical Data for: 2017 to 2021 Forecast Period: 2023 to 2030
Forecast Period 2023 to 2030 CAGR: 16.06 % 2030 Value Projection: US$ 3,376.2 Mn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East: GCC Countries, Israel, and Rest of Middle East
  • Africa: South Africa, North Africa, and Central Africa
Segments covered:
  • By Technology Type: IR, RF, NFC
  • By Product Type: LCD, Full graphic e-paper ESL, Segmented e-paper
  • By End Use: Supermarket & Hypermarket, Convenience stores & departmental stores, Others
Companies covered:

SES-Imagotag, Pricer AB, Displaydata, Opticon Sensors Europe B.V, Samsung Electro-Mechanics, NZ Electronic Shelf Labelling, M2Communication, Diebold Nixdorf, Altierre, Teraoka Seiko, Advantech US, E Ink, Toshiba Global Commerce Solutions, SESimagotag, E-Ink, Wuxi Wei Feng Technology, and Cicor.

Growth Drivers:
  • Change in the patterns of retail automation.
  • The increase in consumer buying power and economic growth.
Restraints & Challenges:
  • Availability of Cheap Labor 
  • High Installation and Overall Costs

Electronic Shelf Labels Market- Opportunities:               

Increased Consumer Satisfaction

The growing importance of customer satisfaction through efficient customer service is projected to create profitable opportunities for the market and propel the growth of the electronic shelf label market in the future. Enhanced customer experience during in-store shopping significantly impacts the sales of electronic shelf labels. Retail businesses are adopting these advanced technologies to increase customer foot traffic and benefit from error-free pricing and improved workflow efficiency. Moreover, electronic shelf labels and other display solutions enable customers to easily access information about special offers, influencing their purchase decisions.

Growth Potential of E-Paper Technology in Untapped Markets.           

The potential of electronic shelf label technology is immense, and as it matures in development, it has the potential to transform the retail industry. E-Paper technology can be used not only for electronic shelf labels but also in various other applications such as smartwatches, wearable electronics, digital signboards, flexible displays embedded in smart cards, and status display bars on electronic products. It can be used to label a wide range of items, from shelves to office binders and electronic billboards, as well as offering a new way to label food and drugs.

Electronic Shelf Labels Market- Trends:

Increasing adoption of automation in retail stores

Many major retailers such as Walmart, Carrefour, and Tesco have been adopting electronic shelf labels in their stores to automate pricing and inventory management and improve the customer shopping experience.

The COVID-19 pandemic has accelerated the adoption of electronic shelf labels in retail stores as retailers have been seeking ways to minimize human interaction and reduce the risk of spreading the virus.

Electronic shelf labels have been increasingly adopted in the grocery industry, especially for fresh produce, as they enable real-time updates of pricing and product information, reducing waste and improving efficiency in the supply chain

Use of IoT technology is creating new growth opportunities within the market

Integration with other IoT devices: Electronic shelf labels can be integrated with other IoT devices, such as smart shelves and smart carts, to provide a seamless shopping experience for customers. For example, a smart cart equipped with an RFID reader can read the electronic shelf labels and automatically update the customer's shopping list and total bill.

Real-time inventory management: IoT-enabled electronic shelf labels can be used to monitor inventory levels in real-time, reducing the need for manual stock checks and improving inventory accuracy. This can help retailers to reduce overstocking and out-of-stock situations, improving customer satisfaction and reducing costs.

Personalized offers: Electronic shelf labels can be used to display personalized offers to customers based on their purchase history and preferences, which can be gathered through IoT devices such as beacons and sensors. This can improve customer engagement and drive sales.

Electronic Shelf Labels Market- Restraints:

Availability of Cheap Labor

The retail industry's adoption of automation solutions in developing countries such as India, South Korea, China, and South Africa is hindered by the availability of low-cost labor in these regions. As a result, the automation of retail space provides little economic benefit. Additionally, the availability of cheap labor further limits the adoption of automated solutions, which is expected to impede the market's growth.

High Installation and Overall Costs

The installation of ESL technology can be costly for unorganized retailers as they may need to install more electronic shelves to use the ESL tags or to be compatible with them, which can increase the installation costs. Retailers are often hesitant to invest significantly in technology as operational expenses in modern retailing are already high, such as expensive rent, labor, and price competition. Despite the benefits of electronic price tags, their initial purchase costs are high, and not all retailers can install them due to their high costs. Furthermore, upgrading the current infrastructure is necessary to implement retail automation systems like ESLs in retail stores, which can increase the overall installation costs. Therefore, high costs remain a significant challenge for the electronic shelf label market to grow in the forecast period.

 Figure 2: Electronic Shelf Labels Market Share (%), By Segment, 2022


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Electronic Shelf Labels Market- Segmentation:

Electronic Shelf Label Market Report, By Technology Type (IR,RF, and NFC), By Product Type (LCD, Full graphic e-paper ESL, Segmented e-paper ESL), By End Use (Supermarket & Hypermarket, Convenience stores & departmental stores, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa)

Electronic Shelf Labels Market: Key Developments

In February 13, 2023 A new wireless standard has been introduced for the electronic shelf label (ESL) market by the Bluetooth Special Interest Group (SIG), which is responsible for supervising Bluetooth technology. Traditionally, ESL systems have utilized proprietary protocols for wireless communication, making it difficult for them to be adopted globally. To overcome this hurdle, leaders in the ESL industry partnered with the Bluetooth SIG to design a highly secure, scalable, and ultra-low power wireless standard for ESL that is based on Bluetooth technology.

In February 2020, Zhejiang Hanshow Technology Co., Ltd and Bison Schweiz AG have formed a partnership to jointly develop and extend their presence in the German and Swiss markets. The collaboration involves the merging of Hanshow's electronic shelf label with Bison's ESL Manager. The result is a powerful software package that can efficiently manage label and product binding and govern the transfer of product data into the shelf labels. This solution can be utilized in various retail outlets, including supermarkets, hypermarkets, pharmacies, and other types of stores.

In August 2022, TECHNOPOLIS, the top electrical retailer in Bulgaria, has implemented an Electronic Shelf Label (ESL) solution from Pricier, a reliable global provider of ESLs, across its store estate after a successful pilot implementation. The ESLs will automate pricing and promotions digitally to enhance operational efficiencies while providing a better customer experience leading up to peak trading

In July 2020, The Canadian Tire Dealer Association (CTDA) has signed a master framework contract with Pricer AB, making them the sole provider of electronic shelf label (ESL) systems for the association. The objective of deploying ESL systems is to augment competition by enabling dealers to efficiently manage their stores, enhance customer service, and provide shoppers with a seamless omni-channel experience.

Electronic Shelf Labels Market: Key Companies Insights

Electronic Shelf Labelss market is highly competitive, owing to rising launch of new technologies due to ongoing R&D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis. Some of the key players in the Electronic Shelf Labelss market are SES-Imagotag, Pricer AB, Displaydata, Opticon Sensors Europe B.V, Samsung Electro-Mechanics, NZ Electronic Shelf Labelling, M2Communication, Diebold Nixdorf, Altierre, Teraoka Seiko, Advantech US, E Ink, Toshiba Global Commerce Solutions, SESimagotag, E-Ink, Wuxi Wei Feng Technology, and Cicor.

*Definition:  Retailers use electronic shelf labels primarily to display product prices on store shelves. These labels are connected to a central server, and any changes made to product prices are automatically updated. Electronic display modules are typically placed on the front edge of retail shelves and are extensively used in various types of stores, including hypermarkets, supermarkets, specialty stores, non-food retail stores, and others.

Frequently Asked Questions

Electronic Shelf Labels market size is estimated to be valued at US$ 1,025.4 Mn in 2022 and is expected to exhibit a CAGR of 16.06% between 2023 and 2030.

Major factor driving the growth of market during the forecast period is growing demand for mobility and efficiency.

Major factors hampering the growth of the market during the forecast period is inadequate design in the market.

Europe Electronic Shelf Labels market is expected to generate the highest revenue during the forecast period.

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