USD 3.43 billion
Electronic Weighing Machines Market Size, Share, Growth Analysis, By Distribution Channels(Online, Offline), By Type(Laboratory Scale, Gem, Jewelry Scale, Retail Scale), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35A2846 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|Tables:
66
|Figures:
75
Electronic Weighing Machines Market Insights
Electronic Weighing Machines Market size was valued at USD 3.43 billion in 2019 and is poised to grow from USD 3.66 billion in 2023 to USD 6.62 billion by 2031, growing at a CAGR of 6.8% in the forecast period (2024-2031).
Due to rising economic activity, technological developments in laboratory balances and scales, and the growing requirement to maintain process precision, electronic weighing devices are becoming more and more in demand in the commercial and residential sectors. Electric weighing machine usage and penetration are expanding as a result of reasons including dependability, precision, durability, portability, ease of calibration, and other functionality. These weighing devices also include numerous units of measurement, allowing for the measurement and conversion of units into others like grammes and ounces. The aforementioned factor is causing consumers to prefer digital/electronic weighing devices over traditional ones.
Growing commercial activity is another factor driving the market's expansion over the forecast period. The National Institute of Standards and Technology (NIST), the National Conference on Weights and Measures (NCWM), and the National Type Evaluation Program are just a few of the certificates that consumers appreciate when buying products (NTEP).
To increase their market share, businesses are increasingly concentrating on the release of small, portable products. To attain more precision, businesses are putting a lot of effort into integrating cutting-edge technologies. For instance, Truweigh LLC introduced a water-resistant digital pocket scale in April 2019. Additionally, the item has an IP65 classification, which makes it dust-proof. The pocket scale has a platform made of black titanium chrome and a white backlit LCD. Due to its space-saving features, portability, and comparable accuracy, portable weighing machines are primarily used by home-based business owners.
The need for power to operate the product, which makes it impossible to use electronic weighing machines without it, is one of the main issues limiting the market growth for electronic weighing scales. Customers are choosing a manual or spring weighing machine as a result of this factor. Therefore, it's possible that developing nations with a lack of electricity won't see a higher rate of product uptake. Major obstacles for the market in developing nations include expensive prices, electricity expenses, and maintenance costs when compared to traditional and manual weighing machines.
US Electronic Weighing Machines Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Offline
Fastest Growth
Offline
Growth Rate
6.8% CAGR
Global Electronic Weighing Machines Market, 2021-2028 ($ Bn)
Country Share for Asia Pacific Region- 2021 (%)
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Electronic Weighing Machines Market Segmental Analysis
The global Electronic Weighing Machines Market has been segmented based on type, distribution channels, and region. Based on type, the Electronic Weighing Machines Market is segmented into laboratory scale, gem and jewelry scale, retail scale, health scale, kitchen scale, and others. Based on the distribution channel, the Electronic Weighing Machines Market is segmented offline and online. Based on region, the electronic weighing machines market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Electronic Weighing Machines Market Analysis by Distribution Channel
The offline sector held a 94.5 percent market share, dominating the industry. The most popular distribution methods are brick and mortar retail establishments, such as distributors, specialty shops, hypermarkets, and supermarkets. The majority of customers prefer purchasing an electronic weighing machine from physical stores since they can examine the goods' operation and build quality before making a purchase. Additionally, physical retailers provide post-sale assistance for problems relating to products. Additionally, communicating with these stores to request guarantees or warranties is simpler. Thus, the aforementioned elements encourage customers to buy goods from physical retail stores.
Online sales are anticipated to grow at the fastest CAGR of 3.8 percent between 2022 and 2028 in terms of revenue. Businesses who engage in e-commerce as well as manufacturers that have recognized the potential of these channels and have set up their websites to better serve the needs of the customer host online channels. The segment is expected to be driven by the availability of a large selection of items with the ability to compare them based on features and costs, as well as quick product delivery and simple return procedures. To save time, customers choose multi-brand online merchants.
Global Electronic Weighing Machines Market By Distritbution Channel , 2021(%)
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Electronic Weighing Machines Market Regional Insights
Asia Pacific with a market share of 35.7% dominated the global electronic weighing machines market. The strong regional player presence is a key driver of market expansion. The demand for electronic weighing equipment in the region is being driven by a large concentration of retail stores and laboratories and rising consumer health consciousness. The two largest investors and contributors to the expansion of the regional market are China and India. Higher penetration and the strong dominance of regional companies in the region are mostly due to the low cost of the product in the area as a result of the existence of regional businesses.
From 2022 to 2028, North America is projected to grow at a CAGR of 3.2%. The demand for electronic weighing devices is rising as automation spreads throughout the area. Due to its sizable pharmaceutical industry, robust retail sector, and increasing household demand for health monitoring, the U.S. dominates the region. The market in the area is being significantly fueled by the aforementioned aspect.
Global Electronic Weighing Machines Market By Geography, 2021 - 2028
- Largest
- Fastest
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Electronic Weighing Machines Market Dynamics
Electronic Weighing Machines Market Driver
- Reliability, accuracy, durability, portability, and ease of calibration all contribute to the growth of the electronic weighing scale market. The acceptance and penetration of electric weighing machines are expanding as a result of these features.
- Due to rising economic activity, technological developments in laboratory balances and scales, and the growing requirement to maintain process precision, electronic weighing devices are becoming more and more in demand in the commercial and residential sectors. These are some additional important variables that are anticipated to fuel market expansion over the course of the projection period. Additionally, these scales contain a variety of units of measurement so that weights may be measured and translated into other units like grams and ounces. The aforementioned factor is causing consumers to prefer digital/electronic weighing devices over traditional ones.
- One of the key elements predicted to accelerate the expansion of the electronic weighing scale market throughout the forecasted period is an increase in business activity. The National Institute of Standards and Technology (NIST), the National Conference on Weights and Measures (NCWM), and the National Type Evaluation Program are just a few of the certificates that consumers appreciate when buying products (NTEP).
Electronic Weighing Machines Market Restraint
- One of the key factors that are anticipated to restrain the growth of the electronic weighing scale market during the projected period is the necessity of power for the product's functioning, as using the electronic weighing machines is impossible without it. Customers are choosing a manual or spring weighing machine as a result of this factor. Therefore, it's possible that developing nations with a lack of electricity won't see a higher rate of product uptake.
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Electronic Weighing Machines Market Competitive Landscape
In order to give the best-in-class electronic weighing scale equipment for boosting the global arena, several well-known market players are operating together in the electronic weighing scale market. However, there are a lot of international start-ups in the market for electronic weighing scales that are advancing in order to meet the needs of the Electronic Weighing Scale domain.
Top Players in the Electronic Weighing Machines Market
- A&D Company Limited
- Fairbanks Scales Inc.
- Adam Equipment
- Mettler-Toledo International Inc.
- Avery Weigh-Tronix LLC
- Essae-Teraoka Pvt. Ltd.
- Shinko Denshi Co., Ltd.
- Ishida Co., Ltd.
- Bizerba SE & Co. KG
- Dibal S.A.
- Rice Lake Weighing Systems
- Kern & Sohn GmbH
- Yamato Scale Co., Ltd.
- PCE Instruments
- Precia SA
- RADWAG Balances and Scales
- Cardinal Scale Manufacturing Company
- Flintec Group AB
- CAS Corporation
- Ohaus Corporation
Electronic Weighing Machines Market Recent Development
- In Jun 2020, Mettler-Toledo launched a new series of washdown resistant check weighers for precision weighing applications. The new Washdown Checkweighers series feature sloped surfaces to discourage liquid and debris collection, avoiding bacterial contamination risks, while conveyor belts can be removed quickly and easily for efficient cleaning. The series also features an open frame design with only four feet on the floor, which provides easy access for washdown purposes.
- In Feb 2020, Mettler-Toledo acquired D.C. Martin & Sons Scales Inc., the industrial scales and weighing systems supplier. The acquisition broadened Mettler’s portfolio of scales and strengthened its business.
Electronic Weighing Machines Key Market Trends
- The adoption of automated electronic measuring equipment for material testing and measurement in businesses is a result of increasing automation across several industry verticals. The electronic weighing scale market in the region is expanding in terms of revenue thanks to this cause. For better industry uses including shipping and recycling, significant progress in weighing machine technology.
Electronic Weighing Machines Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, by distribution channel, the offline segment dominated the global electronic weighing machines market in 2021 and is anticipated to maintain its dominance throughout the forecast period. In 2021, Asia Pacific dominated the global electronic weighing machines market owing to the region's large concentration of retail stores and laboratories and rising consumer health consciousness.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 3.43 billion |
| Market size value in 2031 | USD 6.62 billion |
| Growth Rate | 6.8% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Electronic Weighing Machines Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Electronic Weighing Machines Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Electronic Weighing Machines Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Electronic Weighing Machines Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Electronic Weighing Machines Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Electronic Weighing Machines Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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