元太可望顯著受惠於Amazon採用彩色電子紙與Walmart採用四色ESL / E Ink expected to benefit significantly from Amazon’s adoption of color e-paper and Walmart’s adoption of four-color ESL

我的最新調查顯示電子書閱讀器與ESL市場可望將迎來結構性改變。

1. Amazon (全球最大電子書閱讀器品牌) 可能將於2025年導入元太的彩色電子紙ACeP (Advanced color ePaper)，預計將推出約7"與10"的彩色Kindle電子書閱讀器。因ACeP採用帶色粒子 (Colored particle)，故色彩飽和度與對比度均顯著優於目前已出貨的彩色電子紙Kaleido (採用彩色濾光片與黑白粒子)。此外，ACeP採用Oxide背板，故擁有較佳反應速度。
2. ACeP因規格/效能較佳，故單價顯著高於Kaleido與黑白電子紙。ACeP單價約較黑白高40–60%或以上 (實際價格視客戶/專案而定)。
3. 2024年彩色電子書出貨量將顯著提升，約佔全球電子書閱讀器的8–10%。主要出貨動能來自Kobo (預計1Q24量產) 與reMarkable (預計3Q24量產) 推出彩色電子書新機型。值得注意的是，reMarkable也將採用高單價約12" ACeP彩色電子紙。
4. 彩色電子書市占率在2024年顯著提升為Amazon積極在2025年導入彩色電子紙的主因之一。
5. 彩色電子書出貨量預計將在2024–2025年大幅成長，此結構性改變的關鍵在於顯著改善閱讀體驗。此結構性改變除有利於內容業者販售更多電子書，預期長期也將推升電子書閱讀器市場規模至每年約1,500–2,000萬部 (vs. 2023年約1,200萬部)。
6. ESL (Electronic shelf labels) 亦將面臨產業結構改變。元太原本就預計將在2024年逐漸停止三色ESL的生產，因Walmart欲積極導入四色ESL，故此結構改變最快可能自2H24開始，有利於元太向其他客戶推廣四色ESL。因規格升級，故四色ESL單價較三色ESL高約10% (實際價格視客戶/專案而定)。

My latest survey indicates that structural changes could be coming for e-reader and electronic shelf label (ESLs) markets

1. Amazon (the world’s largest e-reader brand) will likely use E Ink’s color e-paper, Advanced Color ePaper (ACeP), starting in 2025 and launch about 7" and 10" color Kindle e-readers. Because ACeP uses colored particles, the color saturation and contrast are much better than the currently shipped Kaleido color e-paper (using color filters and black and white particles). In addition, ACeP uses an oxide backplane, which provides a faster response time.
2. The unit price of ACeP is significantly higher than Kaleido and monochrome e-paper, thanks to better specs/performance. The unit price of ACeP is about 40–60% or more higher than monochrome (the actual price depends on different customers/projects).
3. Shipments of color e-readers will increase significantly from this year, accounting for 8–10% of the global e-book readers in 2024. The main drivers of shipments will be the launch of new color e-reader models by Kobo (mass production in 1Q24) and reMarkable (mass production in 3Q24). It is worth noting that reMarkable will also adopt about 12" ACeP color e-paper with a high unit price.
4. The market share of color e-readers will increase significantly in 2024, being one of the main reasons why Amazon will aggressively use color e-paper in 2025.
5. Shipments of color e-readers will grow significantly in 2024–2025, with the key to this structural change being a significant improvement in the reading experience. In addition to enabling content providers to sell more e-books, this structural change is also expected to drive the e-reader market to 15–20 million units per year in the long term (vs. about 12 million units in 2023).
6. The ESL market will also experience structural industry change. E Ink initially expected to phase out the production of three-color ESLs by 2024. However, as Walmart intends to adopt four-color ESLs actively, the structural change will likely start from 2H24 at the earliest, which will benefit E Ink to promote four-color ESLs to other customers. Four-color ESLs are priced at 10% higher than three-color ESLs due to the upgraded specifications (the actual price depends on different customers/projects).