The Global Electronic Weighing Machine Market size is anticipated to expand at a CAGR of 3.3% during the forecast period, 2021 to 2028. The growth of the market is attributed to rapid improvements in the standardization technique of products.
An electronic weighing scale is an equipment that is utilized to measure the mass of any object ranging from feather to a loaded tractor trailer. The electronic weighing scale measures the weight and translates it into electrical form. These measurements in the electric form are then displayed on the LCD screen in a decipherable format.
Electronic weighing machines are widely used in laboratory activities, retail sectors, and also by individuals to check the body weight at home. Portable weighing machines are widely used by home-based business owners. These machines have high accuracy and consumes less space.
Global Electronic Weighing Machine Market Segment Insights:
On the basis of types, the market is segregated into laboratory scale and retail scale. The retail scale segment accounted for around 35% of the market share in 2020 and is expected to exhibit a high CAGR during the forecast period. This is due to the increasing number of retail stores in the emerging economies across the globe.
Based on the distribution channels, the market is divided into online and offline. The offline segment dominated the electronic weighing scale market with a revenue-based share of around 95% in 2020. Majority of the offline sales are driven by the commercial segment. Consumers prefer buying the machines from offline retailers, as they provide in detail information about the configuration of the product. Online channels are mainly hosted by e-commerce businesses as well as the manufacturers. After-sales support pertaining issues related to the products is persuading the customers to purchase from brick-and-mortar stores, which include distributors, speciality stores, hypermarkets, and supermarkets. The wide range of products available and easy of return is propelling the growth of the offline segment.
In terms of regions, the market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East Asia. Asia Pacific dominated the market with a revenue market share of around 35% in 2020. The high adoption rate of the product coupled with the presence of major players is driving the growth of the market in the region.
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Market Trends, Drivers, Restraints and Opportunities
- Reliability, accuracy, durability, portability, and ease of calibration of the product are increasing the adoption and penetration of the product in several regions.
- Strong presence of product in small retail stores and increasing awareness regarding the obesity are driving the growth of the market.
- Rising trade activities and increasing need to retain precisions in process are stimulating the market growth.
- Technological advancements is expected to increase the demand for electronic weighing machines increasing in both commercial and residential sectors.
- High cost of electronic weighing machines can act as a restraint for the market growth.
- The Covid-19 pandemic is impacting the market growth as supply chain is majorly disrupted across the globe.
- The uninterrupted supply of electricity can act as a restraint for the market growth.
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