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Dec 04, 2020 (The Expresswire) —
The global electronic shelf label (ESL) market size is projected to reach USD 2,857.6 million by 2027, exhibiting a CAGR of 20.8% during the forecast period. Increasing deployment of ESL solutions in retail stores is expected to the prime growth driver for this market, shares Fortune Business Insights™ in its report, titled “Electronic Shelf Label Market Size, Share and COVID-19 Impact Analysis, By Type (LCD based and E-paper based), By Technology (Vendor Facing Technology and Consumer Facing Technology), By End-use Industry (Hypermarket/ Supermarket, Non-food Retail Stores, Specialty Stores, and Others), and Regional Forecast, 2020-2027”. Electronic shelf label systems have been proven to elevate the efficiency in retail stores as these systems enable optimized buying and check-out processes, streamlining of e-commerce activities, smart management of stock, and reduction in labor costs. This emerging trend has opened wide opportunities for market players. For example, in 2019, US-based retail company, Kroger, partnered with Microsoft to develop EDGE (Enhanced Display for Grocery Environment) shelf, a proprietary technology that displays from every aisle and shelf in a store using sensors equipped with the Internet of Things (IoT) technology.
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As per the report findings, the global market value stood at USD 630.8 million in 2019. The highlights of the report include:
- Detailed examination of the various market segments and their contribution to market growth;
- Actionable insights into the upcoming trends, drivers, restraints, and opportunities in the market;
- Granular analysis of the regional dynamics influencing the market; and
- In-depth evaluation of the key market players and careful study of their growth strategies.
Reduced Footfalls in Physical Stores amid COVID-19 to Dampen Market Prospects
With governments around the globe imposing strict social distancing measures, fears of contracting the infection mounting, and severe economic downturn caused by the COVID-19 pandemic, physical retail outlets have been forced to grapple with sharp declines in footfall traffic. According to the London-based research initiative, UK in a Changing Europe, footfall in retail stores has slumped by 85%, since the announcement of lockdown in the country. Declining sales and falling demand forced high street retailers such as Oasis and Warehouse to shut down their stores across the UK. In India, retailers such as the Prestige Group reported a staggering drop of in want-based purchases, which drive 80% of sales in the country. These drastic developments have forced companies and retail franchises to delay or cancel their ESL deployment plans, which will inevitably hamper the electronic shelf label market growth.
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Strong Consumer Protection Laws to Propel the Market in Europe
Europe is expected to dominate the electronic shelf label market share during the forecast period owing to the stringent implementation of consumer protection laws in the European Union (EU). In France, for instance, the Consumer Code mandates businesses to clearly display price information of products. Such rules are pushing retail stores to install ESL systems to ensure price transparency. The region’s market size in 2019 stood at USD 304.0 million.
Latin America is expected to emerge as a major hub for this market on account of the large presence of physical retail stores and warehouses, especially in Brazil, Argentina, and Mexico. The market is anticipated to substantial gains in North America, with the growing trend of buy online and pickup in store (BIOPS).
Geographic Expansion via Collaborations to be the Top Growth Strategy for Key Players
The key players in this market are increasingly engaging in collaborations to strategically expand their presence and operations in lucrative, burgeoning regions. These collaborations are also allowing companies to diversify their offerings and cater to a wider set of consumers.
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- July 2020: Pricer AB and the Canadian Tire Dealer Association (CTDA) inked a Master Framework Agreement, under which Pricer will be the exclusive supplier of electronic shelf label systems to the CTDA. Pricer will deliver the first tranche of the agreement, deploying ESL systems across 38 stores in the country.
- February 2020: Hanshow Technology and Switzerland-based Bison Schweiz AG signed a distribution agreement to collaboratively develop the markets in Switzerland and Germany. Under the partnership, the companies will combine Hanshow’s world-class ESL solutions with Bison’s top-grade ESL systems to lead the digitization trends in the European retail industry.
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List of Key Companies Profiled in the Electronic Shelf Label Market Report:
- NZ Electronic Shelf Labelling Ltd. (Kapiti, New Zealand)
- Cest Co., Ltd. (Daegu, South Korea)
- Teraoka Seiko Co., Ltd (Tokyo, Japan)
- Opticon Sensors Europe B.V. (Hoofddorp, Netherlands)
- Displaydata Limited (United Kingdom)
- Pricer AB (Sweden)
- TroniTAG GmbH (Isselburg, Germany)
- Diebold Nixdorf, Inc. (Ohio, United States)
- M2COMM (Hsinchu, Taiwan)
- LG Innotek (South Korea)
- E Ink Holdings Inc. (Hsinchu, Taiwan)
- Altierre Corporation (San Francisco, United States)
- Zhejiang Hanshow Technology Co., Ltd (Jiaxing, China)
- SES-imagotag (France)
- Retail Solutions Pro DBA (Florida, United States)
- Solum ESL (Hesse, Germany)
Detailed Table of Content
- Key Takeaways
- Market Dynamics
- Competition Landscape
- Key Market Insights and Strategic Recommendations
- Profiles of Key Players (Would be provided for 10 players only)
- Primary Interview Responses
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Press Release Distributed by The Express Wire
To view the original version on The Express Wire visit Elecronic Shelf Labels Market 2020 Report Enlightening Development Scope and Business Strategies Developed By Leading Vendors
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