At 19.7% CAGR, Asia Pacific Electronic Shelf Label Market is Projected to be Worth US$ 2,175.43 Million by 2030, says Business Market Insights

According to Business Market Insights research, the Asia Pacific electronic shelf label market was valued at US$ 516.54 million in 2022 and is expected to reach US$ 2,175.43 million by 2030, registering a CAGR of 19.7% from 2022 to 2030. Integration of industry 4.0 for automation and smart management, growth in supermarket/hypermarkets, and rise in strategic initiatives by market stakeholders are among the critical factors attributed to the Asia Pacific electronic shelf label market expansion.

To increase mature technology for smart retailing applications, price labeling and merchandise management in retail stores can depend on ESLs to have real-time updates. In comparison to traditional paper tags, ESLs have reduced the occurrence of pricing errors while supporting stores to get a fast response mechanism for price changes. ESLs can be accessed wirelessly and remotely to achieve access to the massive quantity of data to ensure inventory management. Also, these are configured to send automatic notices when specific products are reaching near their expiration dates. Therefore, as a primary solution for information display and product pricing, ESLs are perfectly aligned with Industry 4.0 for automation and smart management. IoT applications in ESLs are facilitating a user in carrying out real-time updates. Industry 4.0 would assist the retail sector in having predictive analytics and real-time information, which will raise the steps of planning and allocation to the next level. As customer expectations are dynamic, the retail industry is looking forward to using Industry 4.0 to embrace growing business models, digitization, and value chains, which will further fuel the adoption of ESL solutions and propel market growth.

On the contrary, disadvantages of ESL hamper the Asia Pacific electronic shelf label market.

Based on component, the Asia Pacific electronic shelf label market is bifurcated into hardware and software & services. The hardware segment held 75.3% share of Asia Pacific electronic shelf label market in 2022, amassing US$ 389.21 million. It is projected to garner US$ 1,659.83 million by 2030 to expand at 19.9% CAGR during 2022-2030. The hardware segment is further subsegmented into displays, batteries, transceivers, microprocessors, and others.

In terms of product type, the Asia Pacific electronic shelf label market is categorized into E-paper based ESL & LCD ESL. The E-paper segment held 57.2% share of Asia Pacific electronic shelf label market in 2022, amassing US$ 295.64 million. It is projected to garner US$ 1,328.83 million by 2030 to expand at 20.7% CAGR during 2022-2030.

Based on store type, the Asia Pacific electronic shelf label market is segmented into hypermarkets, supermarkets, specialty stores, non-food retail stores, and others. The hypermarkets segment held 37.6% share of Asia Pacific electronic shelf label market in 2022, amassing US$ 194.06 million. It is projected to garner US$ 873.82 million by 2030 to expand at 20.7% CAGR during 2022-2030.

In terms of communication technology, the Asia Pacific electronic shelf label market is categorized into radio frequency, near field communication, infrared, and others. The radio frequency segment held 49.5% share of Asia Pacific electronic shelf label market in 2022, amassing US$ 255.79 million. It is projected to garner US$ 1,158.68 million by 2030 to expand at 20.8% CAGR during 2022-2030.

By country, the Asia Pacific electronic shelf label market has been categorized into China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific. Our regional analysis states that China captured 34.0% share of Asia Pacific electronic shelf label market in 2022. It was assessed at US$ 175.68 million in 2022 and is likely to hit US$ 808.87 million by 2030, exhibiting a CAGR of 21.0% during 2022-2030.

Key players operating in the Asia Pacific electronic shelf label market are LabelNest; Panasonic Holdings Corp; M2C Communication DOO; Hanshow Technology; Opticon Sensors Europe BV; Ses Imagotag SA; Samsung Electro-Mechanics Co Ltd; Diebold Nixdorf, Incorporated; and Pricer AB, among others.

• In September-2021, Panasonic in India announced the expansion of its Electronic Shelf Labelling (ESL) and Digital Sign Edge 2.0 solutions. These innovative, tech-enabled display solutions have been designed to increase operational efficiencies for retailers and enterprises while driving the sustainability agenda. The advanced, upgraded ESL Solution will offer retailers more control over real-time pricing while bringing significant service improvement and store operation efficiency. Using ESL, retailers would be able to achieve higher efficiencies with automated operation modules and reduce significant raw material and service costs by replacing paper with digital technology, making it an environmentally friendly and sustainable practice.
  
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