LCD Shelf Label Market to Reach $1.5 Billion, Globally, by 2032 at 14.5% CAGR: Allied Market Research

The LCD shelf label market is driven by factors including enhanced pricing accuracy, operational efficiency, and data-driven insights.

PORTLAND, Ore., Aug. 2, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "LCD shelf label Market, by Component (Displays, Batteries, Transceivers, Microprocessors, and Others), Display Size (Less than 3-inch, 3-inch to 7-inch, 7-inch to 10-inch, and More than 10-inch), Communication Technology (Radio Frequency, Infrared, Near Field Communication, and Others), Store Type (Hypermarkets, Supermarkets, Non-food Retail Stores, Specialty Stores, and Others): Global Opportunity Analysis and Industry Forecast, 2023–2032". According to the report, the global LCD shelf label industry generated $387.87 million in 2022, and is projected to reach $1,495.12 million by 2032, registering a CAGR of 14.54% from 2023 to 2032.

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Prime determinants of growth

The LCD shelf label market is anticipated to expand significantly during the forecast period owing to enhanced pricing accuracy and operational efficiency. Additionally, the market is expected to benefit from data-driven insights. However, initial investment costs pose a restraint to the growth of the LCD shelf label market during the forecast period.

Report coverage & details:

Report Coverage

Details

Forecast Period

2022–2032

Base Year

2022

Market Size in 2021

$387.87 million

Market Size in 2031

$1,495.12 million

CAGR

14.54 %

No. of Pages in Report

423

Segments covered

Component, Display Size, Communication Technology, Store Type, and Region.

Drivers

Enhanced pricing accuracy

Operational efficiency

Opportunities

Data-driven Insights

Restraints

Initial investment costs

Covid-19 Scenario

At the beginning of the COVID-19 outbreak, the LCD shelf label market faced disruptions in the supply chain due to lockdowns and restrictions, affecting production and distribution. Retail activities also slowed down as many physical stores were forced to close temporarily, leading to reduced demand for various retail technologies, including LCD shelf labels. These challenges created uncertainties and delays in the adoption of the technology during the initial phase of the pandemic.

However, the COVID-19 pandemic highlighted the importance of contactless shopping, leading to a higher demand for LCD shelf labels. These labels enable retailers to update prices without physical contact, providing a safer shopping experience for customers during the outbreak. As retailers adapted to changing market conditions, the flexibility of LCD shelf labels in quickly adjusting prices became even more valuable, supporting the need for contactless interactions in the retail environment.

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The displays segment is anticipated to dominate in terms of revenue during the forecast period-

Based on component, the displays segment accounted for around one-third of the total revenue in the global LCD shelf label market in 2022, and it is expected to continue its dominant position throughout the forecast period. The primary factors contributing to its dominance and growth include the increasing adoption of LCD shelf labels for their wide viewing angle, low power requirements, and interactive graphics capabilities, which enhance the customer experience and improve operational efficiency for retailers. Moreover, advancements in display technology and rising consumer demand for real-time information further contribute to the segment's rapid growth and continued success in the market. Additionally, the batteries segment is projected to experience the highest CAGR of 16.55% from 2023 to 2032.

The less than 3-inch segment is projected to retain the lion's share by 2032-

Based on display size, the less than 3-inch segment emerged as the market leader in the global LCD shelf label market in 2022, holding the highest market share of more than two-fifths of the revenue. This remarkable growth is driven by increased demand for compact displays in limited retail spaces and advancements in display technology. However, the 3-inch to 7-inch segment is projected to witness the fastest CAGR of 15.17% from 2023 to 2032. This is due to its versatility, space efficiency, and adoption by retailers seeking operational efficiency and real-time updates contribute to its strong market potential.

The radio frequency segment garnered the major share in 2022-

By communication technology, the radio frequency segment accounted for more than one-third of the global LCD shelf label market share in 2022 and is expected to rule the roost by the end of 2032. This is due to its bidirectional communication capabilities, efficient data transfer in electronic shelf labels, and integration with other technologies like ZigBee, Z-Wave, and Bluetooth Low Energy (BLE), driving its demand. Moreover, the near field communication segment would cite the fastest CAGR of 15.98% throughout the forecast period. This rapid growth can be attributed to the seamless data exchange and secure payment capabilities, along with its ability to facilitate quick connections between devices, make it a preferred choice for customers and retailers, enhancing the overall shopping experience in the retail industry.

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North America to maintain its dominance by 2032-

Based on region, North America dominated the LCD shelf label market revenue in 2022, representing over one-third of the global market share. This was driven by its extensive retail presence, rapid adoption of digital technologies and e-commerce, and role as a major contributor to technology-driven markets. The region's diverse retail landscape, including supermarkets, specialty stores, and hypermarkets, further contributed to its market leadership. However, the Asia-Pacific region is projected to witness the fastest CAGR of 15.75% from 2023 to 2032 due to its booming retail industry, rising number of supermarkets and specialty stores, significant investments, and the integration of IoT technology, all driving the demand for LCD shelf labels and contributing to its market dominance.

Leading Market Players: -

RECHI Retail System Solutions Limited

SES-imagotag

Zkong

Hanshow Technology

ZhSunyco

Highlight

ACLAS

Diebold Nixdorf, Incorporated.

Samsung Electro-Mechanics Co Ltd.

Displaydata Limited

The report provides a detailed analysis of these key players of the global LCD shelf label market. These players have adopted different strategies such as innovations, product launches, partnerships, and contracts to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.

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Related Regional Reports:

North America LCD shelf label Market: Opportunity Analysis and Industry Forecast, 2022-2032

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