The global electronic shelf label market was valued at US$ 464.6 Mn in 2018 and is expected to exhibit a CAGR of 12.9% over the forecast period to reach US$ 1,309.3 Mn by 2027. Europe held the largest revenue share in the global electronic shelf label market in 2018, according to 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). Increasing cost of labor in developed economies of Europe and North America has led to significant demand for retail automation products which can reduce cost and time invested in manual shelf labelling. This is expected to be among the prominent factors driving the growth of electronic shelf label market. High overall costs of paper tags and labels, time required for updating labels, large amount of waste generation, high probability of human errors, and increasing requirement of retailers to upgrade prices to attract customers are the major drawbacks of conventional methods of shelf labelling. ESLs can be utilized to address these drawbacks and create an interactive consumer environment in stores, which can enhance the sales. These factors are expected to create strong growth prospects for the electronic shelf label market over the forecast period.
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Electronic shelf labels find significant application in data assessment for implementation of strategies that could facilitate product sales. Moreover, ESLs have several advanced features such as real-time, bi-directional responsive systems, merchandising accessories, long battery life, indoor navigation, and mapping systems. Moreover, enhanced operational scalability, robustness, latency, and security, are expected to fuel the demand for electronic shelf label for retailers. Low labor wages in emerging economies, lack of skilled workforce, and high initial capital requirements are estimated to hamper growth of the electronic shelf label market over the forecast period.
Key takeaways of the Electronic Shelf Label Market: