Market Size of Electronic Shelf Label Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 1.73 Billion |
| Market Size (2029) | USD 3.33 Billion |
| CAGR (2024 - 2029) | 13.90 % |
| Fastest Growing Market | Europe |
| Largest Market | North America |
Major Players.webp)
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Electronic Shelf Label (ESL) Market Analysis
The Electronic Shelf Label Market size is estimated at USD 1.73 billion in 2024, and is expected to reach USD 3.33 billion by 2029, growing at a CAGR of 13.90% during the forecast period (2024-2029).
The rise of numerous retail locations, including supermarkets and hypermarkets, has significantly impacted the retail business, driving demand for retail technology and gadgets such as digital shelf labels.
- The growing trends in the retail sector are expected to contribute to the adoption of retail automation, including electronic shelf labels. For instance, according to US Census Bureau March 2022, total retail revenues in 2021 were roughly USD 6.6 trillion, an increase of around USD 1 billion from the previous year.
- The rise of the organized retail sector in developing countries is one of the important drivers driving industry growth due to powerful macroeconomic variables and the spread of the internet in India and China. Retailers are implementing automated technologies like ESLs, which can successfully serve the growing middle-class customer base. Combined with cost savings, retail automation increases shorter checkout lines and customer satisfaction and lessens waste. Additionally, it aids in improving client experience, which raises sales. One of the key prospects for the industry for electronic shelf labels is the prospective rise of the retail robotics sector in developing nations.
- With emerging e-commerce sector leaders implementing cutting-edge technology at distribution centers, the industry will expand over the forecast period. Due to the COVID-19 outbreak, several companies upgraded their storefronts by employing automated technology. Due to the employment of ESLs, merchants were allowed to reduce their operational expenses, labor costs, and labor time. Additionally, because of significant developments in automation technologies and the ongoing decline in the cost of electronic goods, the demand for ESLs has increased post COVID-19 and is expected to receive a boost over the forecast period.
- However, emerging countries have a large pool of unemployed people, which lowers labor costs and lessens the need to invest in effective automation methods to decrease workloads. Additionally, the expensive initial expenditure needed to implement the technologies is expected to restrain market growth over the coming years.
