Global Elecronic Weighing Machine Market: Demand from commericial & residential sector aided by increase in economic activities is anticipated the growth of market in forecast period.

Published Date: 05/05/2021

The global electronic weighing machines market size was valued at USD 3.7 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 3.1% from 2020 to 2027. Demand for electronic weighing machines is increasing in the commercial and residential sectors owing to increasing economic activities, technological advancements in laboratory balances and scales, and growing need to maintain precisions in process. Reliability, accuracy, durability, portability, ease of calibration, and extra features are acting as major factors for increasing adoption and penetration of electric weighing machine. Moreover, these weighing machines have multiple units of measure so that units can be measured and converted into different units, such as grams and ounces. This aforementioned factor is shifting consumers’ preference from traditional to digital/electronic weighing machines.

Increasing commercial activities is also fuelling the growth of the market over the forecast period. While purchasing products, consumers prefer products with various certificates, such as the National Institute of Standards and Technology (NIST) certificate, National Conference on Weights and Measures (NCWM), and National Type Evaluation Program (NTEP).

Companies in the market are increasingly focusing on the introduction of compact and portable products in order to gain market share. Companies are focusing on the integration of advanced technology to achieve higher precision. For instance, in April 2020, 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 similar accuracy.

In terms of revenue, the retail scale segment dominated the market with a share of 33.1% in 2020. Increasing urbanization and a growing number of retail stores are acting as major factors for the growth of the segment. 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 segment dominated the market with a share of 94.5% in 2020. Brick and mortar retail stores, including distributors, specialty stores, hypermarkets, and supermarkets, are the most preferred distribution channels. Most consumers prefer buying an electronic weighing machine from offline stores as they can check the quality and functionality of the products before buying them. In addition, offline stores offer after-sales support pertaining to issues related to products. Moreover, it is easier to communicate to these stores for claiming guarantees or warranties. Thus, the abovementioned factors attract consumers to purchase products from offline retail outlets.

The electronic weighing machines market is segmented on the basis of type, distribution channel and region. By type the market is divided into Laboratory Scal, Gem and Jewelry Scale, Retail Scale, Health Scale, Kitchen Scale, Others. By distribution channel the market is divided into Online, Offline.

Asia Pacific dominated the market for an electronic weighing machine with a share of 35.7% in 2020. The strong presence of regional players is acting as a major factor for market growth. A high number of retail stores and laboratories and growing health awareness among consumers are driving demand for the electronic weighing machines in the region. China and India are the major shareholders and contributors to regional market growth. The low cost of the product in the region owing to the presence of regional players is a major reason behind higher penetration and the strong dominance of regional players in the region.

North America is expected to expand at a CAGR of 3.2% from 2020 to 2027. Increasing automation across the region is driving demand for electronic weighing machines. The U.S. holds a major share in the region owing to the vast pharmaceutical sector, strong retail channel, and growing demand from households in order to keep track of health. This aforementioned factor is acting as a major driver for the market in the region.

Major key players are: A&D Company, Ltd.; Mettler-Toledo International, Inc.; Doran Scales, Inc.; Essae-Teraoka Pvt. Ltd.; Fairbanks Scales Inc.; Kern & Sohn GmbH; BONSO Electronics International Inc.; Shimadzu Corporation; Sartorius Group; Avery Weigh-Tronix, LLC.