Global Smart Trolley/Smart Shopping Cart Market Size (2023 - 2030)

The Global Smart Trolley/Smart Shopping Cart Market is estimated to be a market size worth USD 1780.41 Million in 2024 and is projected to reach a value of USD 9741.24 Million by 2030, growing at a CAGR of 27.48% during the forecast period 2024-2030.

The development in automation across sectors leading to smart checkout systems is a key driver for the smart shopping cart market. Another driver could be the accessibility it provides to customers making it a viable option for all supermarkets to use.

Industry Overview:

Smart Trolleys/Smart shopping carts are as the name suggests a new way of shopping. These carts have taken the supermarket and retail store industry by storm. They are some of the most convenient ways of shopping at a grocery store because they come equipped with all the facilities one may need. A smart trolley or a smart shopping cart has an appearance that is quite similar to a regular cart but it is aided by an additional screen and several sensors attached to it. The screen is an all-in-one gateway to shopping. It has a catalog of items from which you might pick in the store. Once the item is picked and placed into the cart, the device adds the item to your virtual shopping cart as well so that you can be billed for it. The total of the items that a user purchases can be visible on the cart screen itself so the customer has an idea as to what their total may amount to be. After shopping, most smart carts also provide the opportunity for payment from the cart itself. This option is referred to as Self Checkout or SCO. It is the preferred form of checkout for many people as it reduces the conversational element and gives people privacy.

COVID-19 impact on the Smart Trolley/Smart Shopping Cart Market:

The COVID-19 outbreak has been one of the most devastating calamities of recent times. It has had a detrimental effect on several industries. It has also been a turning point for several people and has shifted the economic statuses of several communities. Most of the markets were harmed as the production of several items was stumped which led to supply chain issues all across the globe. Beyond that, the restrictions that were imposed have led to the loss of livelihoods and jobs for several people. The lockdown laws ensured that work was continued only by essential workers and even that put several lives at risk. The smart trolley/smart shopping cart industry suffered a loss along with other industries owing to supply chain issues and production problems. But beyond that, it also saw a boom. The smart carts in most supermarkets ensured that the customers don’t have to pay and can check out by themselves. This helps as the store needs less number of employees on the desk which was the goal during the pandemic. Thus, the market saw both a boom and a slight fall due to the pandemic but it is supposed to only grow further.

Market Drivers:

Increasing development in the automation sector leading to smart checkout will drive the market growth for Smart Trolley/Smart Shopping Carts:

Most of the markets, products, devices, technologies, and applications are all moving towards automation. AI or artificial intelligence is said to take over the world and make sure that all the mundane tasks that are needlessly performed day in and day out can be replaced by AI or a smart system so that human power can be used for better opportunities. Smart checkout may not be automation in itself but it is directly related to it. Customers with the smart shopping cart and check themselves out and not have to worry about waiting in long lines. Self-checkout ensures that whatever the user has brought is paid for before the user leaves the store. This ensures the safety of products in the store, reduces the use of manpower as cashiers and more, and also ensures accuracy. Human errors can entirely be erased. Thus, it is a very important and key factor to drive market growth.

Accessibility provided to the customers will help drive the market growth further:

The pandemic has taken a brunt on people’s mental health and millions of people suffer from some sort of general anxiety disorder. Smart shopping carts help people like that by ensuring that the human interaction they have to do while shopping is minimum. The cart already has a list of products available in the store so the need to ask an attendant is gone. As aforementioned, it has self-checkout which ensures that people don’t need to talk to other store attendants or wait in long lines. They are really helpful in the case of physical disabilities as well. Thus due to its accessibility to all individuals, the smart shopping cart market has seen a boost.

Market Restraints:

The Smart Trolley/Smart Shopping Cart Market's growth is being disrupted by the production costs and the manufacturing expenses of the product:

Smart shopping carts are a very viable option in several cases but they are rather expensive to manufacture. A single cart is equipped with several sensors and a screen that monitors the products in the cart. Each individual segment here is expensive to produce and the overall cost of manufacture of a single cart becomes very high. A complete smart store needs to have the carts in bulk which hikes the expenses further and the digital systems ingrained need regular maintenance so as to ensure that they are smoothly functioning. The maintenance and upkeep costs also require monetary expenditure which is difficult to maintain. Thus it is very difficult to regularize smart shopping markets cheaply which is hampering the market’s growth.

GLOBAL SMART TROLLEY/SMART SHOPPING CART MARKET REPORT COVERAGE:

Market Segments:

This research report on the global Smart Trolley/Smart Shopping Cart Market has been segmented based on type, application, technology, and region.

Smart Trolley/Smart Shopping Cart Market- By Type

• Up to 100L

•  100-200L

• More than 200L

The different types that are aforementioned show the quantity or size of the shopping cart. Very large carts can hold upwards of 200 litres of items whereas the smallest carts hold items under 100 L. The carts up to 100l and 100-200L hold the largest market share and will continue to do so in the forecast period (2023-2030) due to their multi-purpose and wide-scale usage.

Smart Trolley/Smart Shopping Cart Market- By Application

• Supermarket

• Shopping Malls

• Others

Shopping malls are the collection of several markets and a variety of stores. Their popularity has made them the largest market shareholder in 2022 and will continue to do so in the forecast period of 2023-2030. This is majorly due to the increasing disposable income of the people and the increasing purchasing power of the population.

Smart Trolley/Smart Shopping Cart Market- By Technology

• Bar Codes

• RFIDs

• ZigBee

Bar codes are the most common form of smart device analysis as they can be easily scanned and accessed and do not require many technological advancements or expenses. The RFIDs also known as radio frequency identification are said to hold the largest market share in the forecast period by technology in the Smart trolley/Smart shopping cart market. They can easily read and transmit data which makes them helpful.

Smart Trolley/Smart Shopping Cart Market- By Region

• North America

• Europe

• Asia-Pacific

• Rest of the World

The biggest and most developed market for the new and developed smart shopping cart technology is North America. As a developed country with several available smart stores already it holds the largest market share for the smart trolley/smart shopping cart market. Countries like China, India, Japan, and South Korea, play a huge role in making the Asia Pacific the biggest forecasted growing region to hold the market share for the Smart Trolley/Smart Shopping Cart market.

Major Key Players in the Market

1. Suzhou Hongyuan
2. Wanzl
3. Suzhou Youbang
4. CADDIE
5. Winleader
6. Yirunda Business Equipment
7. ROLSER
8. V-Mark
9. R.W. Rogers
10. Fujitsu Limited

Market Insights and Developments

• In May 2020, the company Veeve launched a multimillion-dollar deal to launch their smart shopping carts across the states of California and Idaho in the United States of America.
• In July 2022, A Israel-based startup launched a shopping cart that was powered by an AI chip. It was the first of its kind and is said to reach new heights as the market progresses. The startup is called Shopic.