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Electronic Weighing Machines Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global electronic weighing machines market was valued at USD 4.5 billion in 2022 and is expected to grow at a CAGR of 3.2% from 2023 to 2030. Electronic weighing machines are used for measuring the weight of an object. These machines are widely used in industries such as food and beverage, construction, automotive, logistics, and retail. This market is driven by increasing demand for efficient and accurate weighing machines, technological advancements in weighing machines, and rising demand for wireless weighing machines.
The food and beverage industry is the largest end-user of electronic weighing machines. This is mainly due to the strict regulations imposed by the Food and Drug Administration (FDA) and the increasing demand for accurate and reliable weighing machines in the food and beverage industry. Furthermore, the increasing usage of weighing machines in the retail sector is also propelling the demand for electronic weighing machines. The growth of e-commerce has also generated a need for accurate weighing machines to measure the weight of online orders. This has further propelled the demand for these machines in the retail sector.
Increasing demand for wireless weighing machines is also driving the growth of the market. Wireless weighing machines are increasingly being adopted by the industries due to their features such as easy installation and maintenance, portability, and enhanced accuracy. Moreover, the COVID-19 pandemic has increased the demand for contactless weighing machines to minimize human contact and maintain social distancing. Furthermore, technological advancements in weighing machines, such as the introduction of artificial intelligence and machine learning, are also boosting the growth of the market.
Key players in the market are focusing on product innovation and development to gain a competitive edge. For instance, in January 2021, Mettler Toledo launched the XPR-W series of weighing machines, which features a range of advanced features, such as a touchscreen display, USB connectivity, and an integrated Wi-Fi module. Furthermore, the increasing demand for customized weighing machines is also providing an opportunity for market players to strengthen their foothold in the market.
Product Insights
The electronic weighing machine segment accounted for the largest share in the market in 2020 and is estimated to register a CAGR of 7.2% over the forecast period. The growth of this segment is attributed to the increasing demand for digital weighing machines from various end-user industries such as food & beverage and retail, wherein weighing machines are used for measuring the amount, weight, and volume of a particular material. Furthermore, growing demand for electronic weighing machines from medical and healthcare sectors is also propelling the market growth.
The laboratory weighing machines segment is projected to expand at the fastest CAGR of 8.1% over the forecast period. The growth of this segment is primarily driven by the increasing demand for precision weighing machines from the pharmaceutical, chemical, and biotechnology industries. In addition, the growing demand for accurate and reliable weighing machines from laboratories, universities, and research centers is also contributing significantly to the segmental growth. Moreover, the increasing adoption of laboratory weighing machines in the food & beverage industry for quality control is also expected to drive the segmental growth.
Distribution Channel Insights
The supermarkets and hypermarkets segment dominated the electronic weighing machines market in 2022 and accounted for a share of over 35.7%. Supermarkets & hypermarkets are the major distribution channels for electronic weighing machines due to their wide product availability, convenience and one-stop shopping experience. Additionally, the presence of a large number of stores in the vicinity gives customers the freedom to compare products, prices, and offers. As a result, customers prefer to buy electronic weighing machines from supermarkets and hypermarkets.
The online segment is anticipated to expand at the highest CAGR of 15.3% over the forecast period. Increasing internet penetration and the growing number of e-commerce websites are expected to drive the segment. Furthermore, e-commerce stores offer a wide range of products at discounted prices, which is likely to attract a large number of customers. In addition, the availability of attractive deals and offers on various e-commerce websites is likely to boost the sales of electronic weighing machines.
Type Insights
The commercial segment accounted for the largest revenue share of 70.3% in the year 2022. The growing demand for industrial automation in various industries such as food & beverages, pharmaceuticals, and chemicals is driving the growth of the segment. Moreover, the increasing demand for precision instruments and quality control systems in various manufacturing industries is also boosting the growth of the commercial segment. Furthermore, the growing e-commerce industry is also driving the growth of the commercial segment as these machines are used for packaging and shipping purposes.
The residential segment is projected to expand at the highest CAGR of 7.6% over the forecast period. The growing health consciousness among the population is boosting the demand for these machines. Moreover, the increasing disposable income of the population is also leading to the rising demand for home weighing machines. Additionally, the changing lifestyle of the population is leading to a surge in the demand for these machines for fitness purposes. Furthermore, the availability of these machines in various sizes and designs is also driving the market.
Regional Insights
The market in the Asia Pacific is expected to hold a major revenue share in 2021. This can be attributed to the presence of a large number of manufacturers, such as Mettler-Toledo, Avery Weigh-Tronix, and OHAUS Corporation, in the region. In addition, increasing investments in the healthcare sector, especially in China and India, to ensure better patient care and treaatment are expected to drive the demand for these machines in the region.
North America is expected to witness the second-fastest growth in the coming years. The growth in this region can be attributed to the rising demand for digital weighing machines and the growing awareness among consumers regarding the benefits of using electronic weighing machines. In addition, the increasing use of digital weighing machines in the food industry to enhance efficiency and accuracy is expected to drive the market growth in North America.
Financial Projections
In the Financial Projections section of your electronic weighing machines products business plan, you will need to provide a detailed breakdown of all income and expense categories. This should include cash flow projections and capital requirements for the business. Typically, these projections are drafted for a 5-year period.
Revenue Assumptions
The main sources of revenue for an electronic weighing machines business are sales of the machines, maintenance and repair services, and sales of accessories and spare parts. Other potential sources of income include consulting services, commissioned sales, and leasing options.
Projecting Expenses
In this section, you will need to list all the regular expenses related to running the business. This includes payroll, rent, inventory costs, utilities, marketing and advertising, insurance, and other overhead costs. Additionally, you should consider the costs associated with research and development and any other expenses related to acquiring new customers.
Key companies & market share insights
Some of the key companies operating in the electronic weighing machines market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Avery Weigh-Tronix launched the ZK840i-series of weighing scales that feature a colour display and a super-fast weighing speed.
– In August 2022, Mettler Toledo launched its Excellence XS series of scales that offer a fast and accurate weighing performance.
– In October 2022, Ohaus Corporation launched its Valor V series of weighing scales that are designed for industrial applications.
Some of the prominent players in the electronic weighing machines market include:
– Avery Weigh-Tronix
– Mettler Toledo
– Ohaus Corporation
– Sartorius AG
– Shimadzu Corporation
– MinebeaMitsumi Inc.
– Precia SA
– Adam Equipment
– Cardinal Scale Manufacturing Company
– Ricelake Weighing Systems
Global Electronic Weighing Machines Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global electronic weighing machines products market based on product type, application, end-use industry, and region:
1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)
– Platform Scales
– Laboratory Balances
– Crane Scales
– Bench Scales
– Others
2. Application Outlook (Revenue, USD Million, 2017 – 2030)
– Industrial
– Commercial
– Household
3. End-use Industry Outlook (Revenue, USD Million, 2017 – 2030)
– Automotive
– Food & Beverages
– Healthcare
– Logistics
– Others
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the Different Types of Electronic Weighing Machines?
[A]: There are several types of electronic weighing machines, such as floor scales, bench scales, counting scales, platform scales, checkweighers, baby scales, and more.
[Q]: What are the Benefits of Electronic Weighing Machines?
[A]: Electronic weighing machines offer several benefits, such as improved accuracy, cost-efficiency, easy operation, portability, and more. These machines are capable of providing more accurate readings than traditional mechanical scales and can be used for a variety of tasks.
[Q]: What are the Key Drivers of the Electronic Weighing Machines Market?
[A]: The key drivers of the electronic weighing machines market are the increasing demand for automated weighing solutions, growing awareness of the benefits of these machines, and the rising prevalence of obesity and its associated health risks.
[Q]: Who are the Key Players in the Electronic Weighing Machines Market?
[A]: The key players in the electronic weighing machines market include Mettler-Toledo International Inc., Ohaus Corporation, Avery Weigh-Tronix, Sartorius AG, and AND Weighing.
[Q]: What are the Major Regions in the Electronic Weighing Machines Market?
[A]: The major regions in the electronic weighing machines market include North America, Europe, Asia-Pacific, and the Rest of the World. North America and Europe are expected to account for a significant share of the market, due to the presence of well-established market players and increasing awareness about the benefits of electronic weighing machines in these regions.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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