Seattle, WA -- (SBWIRE) -- 09/26/2019 -- Electronic shelf labels (ESL) are small display components that are used for displaying product pricing on shelves. They are majorly used in retail stores to display price of DIY items, food products, drugs, cosmetics, electronics, and other items. Across the whole store, these products are features with centrally controlled price. This helps to reduce significant amount of efforts, improves waste management, and optimum utilization of time, which eventually leads to enhanced customer engagement and satisfaction. These labels offer numerous advantages such as increased reliability, high-speed updates of pricing, promotional messaging, and contrast of distinct ESL products that earn more profit to stores. Increasing demand for retail automation around the world and significant convenience offered by these products is expected to drive growth of the global electronic shelf label market during the forecast period.
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The global electronic shelf label market was valued at US$ 366.8 million in 2016 and is expected to witness a CAGR at 12.9% during the forecast period (2017 – 2025).
Growing implementation of stringent regulations by governmental authorities against misleading product prices, typically in Europe and North America, has boosted demand for ESL products.
Rigorous regulations are implemented by authorities such as European Communities Regulations S.I. No. 639 of 2002, which requires to indicate product prices, in order to protect consumer rights against misleading product prices. Such directive provide guidelines for hotels, restaurants, cafes, etc. and state the requirement for display of marked prices on the shelves. Furthermore, there are similar regulation in China, Canada, U.S. and other major economies. If there is a false or misleading price of the shelf, the offender can be subjected to a fine on the basis of regulations. Increasing requirement to prevent errors in product pricing and acquiescence to regulations are expected to create lucrative growth opportunities in the global electronic shelf label (ESL) market during the forecast period. Moreover, adoption of ESLs offer high ROI, significant labor savings, and product promotions, which is expected to drive growth of the market.
Europe is expected to dominate the overall electronic shelf label market share owing to the large adoption rates
SES Imagotag and Pricer AB that held the significant industry share are based in Europe. Moreover, relatively high penetration in the regional retail business that specifically include France, Italy, Belgium, Germany and other countries in Central Europe, are expected to garner the industry with around 12.8% CAGR over the forecast period. As a matter of fact, SES-imagotag registered annual sales of around US$ 80 million in 2016, in France alone, according to their annual financials. In terms, of market size, Europe will be followed by North America, and Asia Pacific, acquiring second largest and third largest electronic shelf label market share respectively. U.S., Canada, Japan, Australia, China are among the major countries that are expected to present potential growth demand over the next few years. According to Coherent Market Insights analysis, Asia Pacific is expected to witness highest growth rates over the forecast period, primarily owing to the large revenue potential and increasing multi-channel retailing operations in the India, China and the ASEAN countries.
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Significant decline in the overall ESL pricing has led to delayed investments in the products, is expected to be the major factor hindering the overall industry growth
According to an industry expert interview in 2016, retailers were expecting significant decline in the cost of the ESLs owing to the declining costs of electronic products and displays. However, this has led to considerable delay in the investment plans of the major retail chains across the globe. This was a major factor that led to considerable decline in the product demands, hampering the present growth. However, electronic shelf label market will witness strong growth and value over 5X times the market size in 2016, by 2025.
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