Latin America to emerge as the Fastest Growing Region in the Global ESL Market
Arizton’s recent research report on the global ESL market provides comprehensive industry analysis, trend forecasts, and competitive analysis. The research study segments the market by display (LCD(TN LCD, TFT), EPD, and OLED), technology (vendor facing (RF and IR) and customer facing (BLE, NFC, and others), end-users (supermarkets and hypermarkets, departmental stores, convenience stores, drugstores, and others), and geography (North America (US, Canada), APAC (China, Japan, and Singapore), Europe (UK, Germany, France), MEA (UAE, Saudi Arabia, South Africa), and Latin America (Brazil and Mexico).
The global ESL Market is expected to reach over $2 billion by 2024 and is expected to grow at an impressive CAGR of around 27%, during 2018-2024.
The declining cost of semiconductor chips, micro-displays, and sensors, the rise in consumer expenditure in emerging economies, increase in minimum labor wages, and SKU proliferation warranting smart inventory management are expected to drive the global ESL market during the forecast period significantly.
The global ESL market is divided into four major segments-display, technology, end-user, and geography.
The increased automation in the retail industry is driving the demand for customer facing ESL in Latin America
The ESL market by vendor facing is expected to grow at a promising CAGR during the forecast period. Europe was the largest market, followed by the APAC region. However, Latin America is expected to emerge as the fastest growing region during the forecast period. The increased automation in the retail industry and the expanding organized retail sector are driving the demand for customer-facing ESL in Latin America.
Electrophoretic Displays (EPD) are Gaining Traction in the ESL Market
E-Paper or Electrophoretic Displays (EPD) are growing tremendously and are emerging as the largest end-user in the global ESL market. Low power consumption, high visibility, and paper-like display are some of the prominent factors contributing to the growth of the EPD segment. SmartTag HD labels, SES-Imagotag G1 retail tags are examples of the EPD based ESL Tags. The OLED ESL market was estimated more than $90 million in 2018. The segment is expected to grow at an impressive CAGR during the forecast period. Latin America is expected to post the fastest growth during the forecast period.
Supermarkets and hypermarkets have the highest adoption of ESLs and captured around half of the market
The retail sector is a major end-user of ESL technology. Supermarkets and hypermarkets have the highest adoption of ESLs and have captured around half of the global ESL market. The higher adoption rate can be attributed to the high average SKUs and the presence of high number of distribution stores. Supermarkets and hypermarkets make the introduction of ESLs more favorable than other retail formats. Walmart, Carrefour, SPAR, Kaufland, E-leclerc, Intermarché, and Metro are a few leading hypermarkets and supermarkets that have adopted ESL.
SES-imagotag, Pricer, Displaydata Ltd., Altierre Corp., and DIGI are identified as the prominent vendors in the global ESL market.
The complete overview of the latest market research report on the global electronic shelf label market by Arizton is now available.
The report offers a detailed study of major trends, drivers, challenges, and provides market sizing and forecast for major geographical regions and key countries.
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