March 17, 2020
As per the report titled ‘Asia Pacific Electronic Shelf Label (ESL) Market By Product, Technology, Application - Industry Size, Share, Growth Trends & Forecast, 2018 – 2024’, available with Market Study Report LLC, Asia Pacific electronics shelf label (ESL) market is projected to cross USD 340 million by the year 2024.
Growing adoption of digitalized pricing solutions for retail and consumers goods is fueling the growth of electronic shelf label market in Asia Pacific. Highly reliable and time-efficient electronic price management facilities associated with the ESL infrastructure are encouraging the technology adoption. Furthermore, government initiatives and reforms including the digitization and automation of small and high-end retail stores to combat frauds and misleading products are enhancing the market outlook.
Elaborating on the technology, RF platforms segment is anticipated to gain a significant market share by the end of the forecast period. Uninterrupted signals and flash capacities are encouraging the implementation of RF technology in advanced labels. Reduced latency, and enhanced operational stability, security, and speed are the key benefits encouraging the use of RF platform for developing ESL products.
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Speaking of the application, Asia Pacific electronic shelf label market from hypermarkets segment is projected to grow modestly through 2024, due to rapid development of retail networks in emerging economies such as India and China. Hypermarkets sell a wide array of products ranging from grocery to electronic devices which is bolstering the demand for ESL to effectively display and update product pricing on shelves.
As per the regional analysis, electronic shelf label market in Asia Pacific is divided into China, India, Japan, South Korea, Malaysia, Singapore, and Australia. China electronic shelf label market is slated to witness a significant growth during 2018-2024, owing to the expansion of retail sector in the country. Dense presence of major electronic product manufacturers coupled with low-cost product benefit on account of easy availability of raw materials are augmenting the demand for ESL products across the nation. Innovations such smart ESL solutions by Hanshow which allow retail owners to optimize the store management processes and reduce price error complaints, will further expand the business landscape.
Major players of Asia Pacific electronic shelf label (ESL) market are Pricer, Hanshow Technology, SES-imagotag, Wuxi Vision Peak Technology Co., Ltd., Altierre Corporation, M2Communication, Inc., and E-Ink Holdings, Inc.
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