An electronic cigarette is enabled with the help of battery that further discharges nicotine, or non-nicotine solutions dosages in vaporized form, that can be easily inhaled by the consumer. It does not create smoke although enables the user to get the similar manner of sensation as inhaled from the smoke of a tobacco. Due to increasing health concerns over the usage of conventional tobacco-based cigarettes, e-cigarettes gaining huge popularity across the globe. Moreover, several large tobacco companies that have launched their own brands and have acquired prevailing players are further contributing towards the growth of global e-cigarette market.
Insight by Flavor
On the basis of flavor, the e-cigarettes market globally is segmented into sweet, tobacco, beverage, botanical, fruit, watermelon and others. Among these segments, tobacco is anticipated to generate the largest revenue by 2024 since combination of menthol and tobacco in e-cigarettes help the users to quit smoking since it resembles traditional cigarette flavor. This flavor is majority contributing towards the growth of e-cigarette market across the globe.
Insight by Product Type
Based upon product type, the e-cigarette market is categorized into rechargeable, disposable and modula. Among these segments, rechargeable cigarettes are anticipated to witness fastest growth during the forecast period worldwide. Rechargeable cigarettes are considered to be user friendly alternative and are designed in a manner that enables user to continuously refill it. It is considered to be a cost effective alternative as compared to that of disposable and modular cigarettes and thereby significantly contributing towards the growth of e-cigarette market.
Insight by Distribution Channel
The e-cigarette market is also segmented on the basis of distribution channel into online, tobacconist, vape shops, supermarkets and others. Among all these segments, vape shops are anticipated to generate largest revenue throughout the estimated period. A Vape shop provides extensive information and encouragement to the traditional smokers to quit the use of tobacco. Furthermore, these shops help them in gaining knowledge pertaining to use of e-cigarettes and patterns of tobacco.
The growing popularity of vaping devices has led to the introduction of new flavours and fragrance. Flavours like menthol, mint, chocolate, cola and different fruits are attracting more and more customers to adapt them. This trend is expected to continue and contribute to the e-cigarette market. Many companies in the industry are taking advantage of the ambiance in the market and getting merged with the tobacco cigarette giants. These companies are working together and making it more economical and efficient. This is further expected to expand the growth of e-cigarette market across the globe.
Increasing awareness of the hazardous effects on health due to smoking and changing lifestyle and preferences are the key factors attributing towards growth in the e-cigarette market. Electronic cigarette is less harmful than regular cigarette, which has resulted in the development of alternatives that have helped consumers quit traditional cigarettes. Cancer caused by smoking is one of the major concerns affecting people, globally. Furthermore, e-cigarettes eliminate the risk of cancer and changing lifestyle of consumers thus helps in the growth of the e-cigarette market. There are several vendors that are regularly making advances in the technology that is making the people shift towards the market.
Government rules and regulations on manufacturing of e-cigarette and increasing health concerns and mishappening are the key hurdles faced by e-cigarette market players, globally. Furthermore, government rules and regulations make the e-cigarettes more costly despite using cost-efficient techniques and making it tough to reach a large number of consumers in the market.
Globally industry players are fueling the growth of the e-cigarette market by providing new and regional flavors for the e-cigarettes. The major players are collaborating with high-end tobacco manufacturers to form monopoly. This gives them an edge to get ahead of the competition.
Geographically, North America dominates the e-cigarette market due to earlier advancements in the technology of this segment and increasing disposable income of citizens of countries such as the U.S. and Canada. Moreover, the Asia-Pacific is anticipated to witness fastest growth during the forecast period due to the huge population of young generation and their inclination towards the e-cigarettes.
Key players in e-cigarette are putting their efforts in investing into research and development activities. Many prominent players are acquiring the established business plaers to deliver next-generation products. For instance, British American tobacco has acquired Raymond American Inc. The prominent players in the e-cigarette market are British American Tobacco plc, Altria Group Inc., Japan Tobacco Inc., Imperial Brands plc, Philip Morris International Inc., VMR Products LLC, NJOY Inc., International Vapor Group, Vapor Hub International Inc. and FIN Branding Group LLC.