Electronic Weighing Machines Market Growth & Trends
The global electronic weighing machines market size is anticipated to reach USD 4.8 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 3.1% from 2020 to 2027. Reliability, accuracy, durability, portability, ease of calibration, and extra features are acting as major factors for increasing adoption and penetration of the product. The growing retail sector, laboratory activities, and increasing awareness about obesity among population have increased the frequency of weight measurement at home, which is driving the demand for electronic weighing machines.
In order to gain market share, companies are introducing new products in order to meet the growing demand. In April 2019, Truweigh LLC launched a water resistance digital pocket scale. The product also comes with an IP65 rating, making it dust-proof. The pocket weighing scale comes with a white backlit LCD and black titanium chrome platform. Home-based business owners are the major consumers of portable weighing machines owing to the space-saving option, ease of portability, and high accuracy. Similarly, in 2018, Kern & Sohn GmbH launched a premium analytical balance with single-cell generation for rapid and stable weighing results. The device also comprises a bright OLED display with a large viewing angle and USB interfaces for the transfer of weighing data to external devices.
In terms of type, the retail scale segment held the largest share of 33.1% in 2019. The growing retail sector and rising number of small retail shops are acting as major factors for the segment growth. According to Census Bureau data, 2018 saw a net increase in retail stores in the United States. There were almost 3,100 more stores during the 4th quarter of 2018 compared to the 4th quarter of 2017. Similarly, stores with fewer than five employees witnessed an increase of 4,569 stores as of the 1st quarter of 2018 compared with the 1st quarter of 2017.
The offline distribution channel segment dominated the electronic weighing scale market with a revenue-based share of 94.5% in 2019. Majority of the offline sales are driven by the commercial segment. Shop owners and small retailers prefer purchasing from the salesperson of the company. Moreover, ease in the understanding of after-sales support pertaining to issues related to products with the executive is propelling the customers to purchase from brick and mortar retail stores, including distributors, specialty stores, hypermarkets, and supermarkets.
Asia Pacific dominated the market with a revenue-based share of 35.7% in 2019. The high adoption rate of the product, coupled with the presence of regional companies, is acting as a major factor for the regional market growth. Moreover, the strong presence of small retail stores, growing pharmaceutical industry, and increasing awareness regarding health maintenance are driving demand in the region.
Electronic Weighing Machines Market Report Highlights
- By type, the retail scale segment held the largest share of 33.1% in 2019
- The online distribution channel segment is expected to witness the fastest growth from 2020 to 2027
- Asia Pacific is expected to witness the fastest growth over the forecast period.