USD 4.80 billion
Report ID: SQSG35A2032 | Region: Global | Published Date: November, 2022 | Pages: 165 | Tables: 66 | Figures: 67
Global electronic weighing machines market size was valued at USD 4.80 billion in 2021, and it is expected to reach a value of USD 6.81 billion by 2028, at a CAGR of 5.1 % over the forecast period (2022-2028).
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.
Global Market Size
USD 4.80 billion
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The global electronic weighing machines market has been segmented based on type, distribution channels, and region. Based on type, the market is segmented into laboratory scale, gem and jewelry scale, retail scale, health scale, kitchen scale, and others. Based on the distribution channel, the 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.
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.
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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.
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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 Global Electronic Weighing Machines Market
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.
|Market size value in 2021||USD 4.80 billion|
|Market size value in 2028||USD 6.81 billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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Parent Market Analysis
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For the Global 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 Global 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.
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