Global Smart Trolley/Smart Shopping Cart Market Size (2024 - 2030)

The Global Smart Trolley/Smart Shopping Cart Market is assessed to have a market size of USD 1780.41 Million in 2023 and is anticipated to achieve a valuation of USD 9741.24 Million by 2030, with a growth rate of 27.48% during the forecast period from 2024 to 2030.

Advancements in automation across various sectors, particularly in smart checkout systems, serve as significant driving forces for the smart shopping cart market. Additionally, its inclusive accessibility for customers makes it an attractive option for adoption across supermarkets.

Industry Overview:

Smart Trolleys/Smart shopping carts represent a new frontier in shopping convenience within the supermarket and retail sectors. These carts have swiftly gained popularity due to their comprehensive shopping facilities. Essentially similar in appearance to regular carts, smart trolleys or smart shopping carts are enhanced with an additional screen and multiple integrated sensors. The screen acts as an all-encompassing shopping hub, featuring a catalog of available items within the store. Upon selecting an item and placing it in the cart, the device automatically adds it to the virtual shopping cart for billing purposes. Users can view the total sum of their purchases directly on the cart's screen, providing them with an overview of their expenses. Post-shopping, many smart carts offer a self-checkout option directly from the cart itself, providing customers with privacy and convenience, thus reducing the need for traditional manned checkouts.

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

The global COVID-19 outbreak has emerged as one of the most significant crises in recent memory, profoundly affecting numerous industries. It has marked a pivotal moment for societies, leading to economic shifts in various communities. The pandemic disrupted markets due to halted production and subsequent supply chain disruptions on a global scale. Additionally, imposed restrictions resulted in widespread job losses and economic hardships. The smart trolley/smart shopping cart industry faced challenges alongside other sectors, grappling with supply chain interruptions and production issues. However, amidst these challenges, the industry also witnessed a surge in demand. Smart carts in many supermarkets enabled contactless checkout experiences for customers, reducing the need for manned checkout counters—an important measure during the pandemic. Consequently, the market experienced both growth and minor setbacks, yet it is poised for further expansion.

Market Drivers:

The market growth for Smart Trolley/Smart Shopping Carts is propelled by the increasing advancements in automation, particularly in the realm of smart checkout systems:

The trajectory of markets, products, devices, technologies, and applications is steadily gravitating towards automation. The rise of AI (Artificial Intelligence) promises to streamline mundane tasks, allowing human resources to be redirected towards more impactful opportunities. While smart checkout may not represent full automation, it is closely intertwined with the concept. Customers using smart shopping carts can seamlessly check out without enduring long queues. Self-checkout ensures that items are paid for before leaving the store, enhancing product security, reducing reliance on cashier manpower, and ensuring transaction accuracy by minimizing human errors. This aspect emerges as a pivotal driver for market growth.

Enhanced Accessibility for Customers will further fuel market expansion:

The COVID-19 pandemic has taken a toll on mental well-being, with millions experiencing heightened anxiety. Smart shopping carts address this by minimizing the need for human interaction during shopping trips. With pre-loaded store catalogs, customers no longer require assistance from store attendants for locating items. Moreover, the self-checkout feature eliminates the need to engage with other store staff or endure lengthy queues. These carts are particularly beneficial for individuals with physical disabilities, offering a heightened level of accessibility. Consequently, the smart shopping cart market has experienced a notable boost due to its inclusive design catering to diverse customer needs.

Market Restraints:

The growth of the Smart Trolley/Smart Shopping Cart Market faces hindrances due to the high production costs and manufacturing expenses associated with the product:

While smart shopping carts offer considerable advantages, their manufacturing costs present a significant challenge. Each cart is equipped with multiple sensors and a monitoring screen, with each component bearing a substantial production cost. Deploying these carts in bulk within a complete smart store further escalates expenses. Additionally, the integrated digital systems necessitate regular maintenance to ensure optimal functionality, adding to the overall upkeep costs. Consequently, achieving cost-effective standardization of smart shopping solutions poses a considerable obstacle to market growth.

Market Segments:

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

Smart Trolley/Smart Shopping Cart Market- By Type

• Under 100 Litres
• 100-200 Litres
• Over 200 Litres

The aforementioned types indicate the capacity or size of the shopping cart. Larger carts can accommodate over 200 litres of items, while the smallest ones hold items under 100 litres. The segments for carts under 100 litres and those ranging from 100 to 200 litres currently dominate the market share and are expected to maintain this position during the forecast period (2024-2030) due to their versatile and widespread use.

Smart Trolley/Smart Shopping Cart Market- By Application

• Supermarkets
• Shopping Malls
• Others

Shopping malls comprise various markets and a diverse array of stores. Their popularity has positioned them as the largest market share holder in 2022, a trend expected to persist through the forecast period of 2024-2030. This trend is largely attributed to the rising disposable incomes and increased purchasing power of the populace.

Smart Trolley/Smart Shopping Cart Market- By Technology

• Barcodes
• RFIDs
• ZigBee

Barcodes represent the most prevalent form of smart device analysis due to their ease of scanning and accessibility, requiring minimal technological advancements or expenses. RFIDs, also known as radio frequency identification, are projected to command the largest market share in the forecast period for technology within the Smart Trolley/Smart Shopping Cart market. Their ability to efficiently read and transmit data renders them highly advantageous.

Smart Trolley/Smart Shopping Cart Market- By Region

• North America
• Europe
• Asia-Pacific
• Rest of the World

The leading and most developed market for innovative smart shopping cart technology is North America. Being a developed region with numerous smart stores already in operation, it holds the largest market share for the Smart Trolley/Smart Shopping Cart market. Countries such as China, India, Japan, and South Korea contribute significantly to making Asia Pacific the foremost region in terms of forecasted growth to capture the market share for the Smart Trolley/Smart Shopping Cart market.

Key Market Players

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 Noteworthy Developments

• In May 2020, Veeve initiated a multimillion-dollar deal to introduce their smart shopping carts across California and Idaho in the United States of America.
• In July 2022, an Israel-based startup introduced a shopping cart powered by an AI chip, marking a pioneering development in the market. This innovative cart, launched by Shopic, is anticipated to reach new heights as the market progresses.