As per the latest report by IMARC Group, titled “E-Cigarette Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global e-cigarette market size reached US$ 11.5 Billion in 2018. E-cigarettes, also known as vape pens and e-vaping devices, are battery-operated electronic devices that simulate the experience of smoking cigarettes. They deliver dosages of vaporized nicotine or flavored solutions for being inhaled by the user. Most of these cigarettes consist of a heating element (atomizer); a mouthpiece that is used for inhaling; and a reservoir which helps in holding the liquid solution. As e-cigarettes do not burn tobacco that generates tar and carbon monoxide, they are considered relatively safer than conventional cigarettes. In recent years, they have gained immense traction, especially among young adults and adolescents, owing to the aggressive promotions by manufacturers worldwide.
The increasing awareness among individuals about the harmful effects of conventional cigarettes and their growing willingness to quit smoking tobacco products are catalyzing the demand for e-cigarettes around the world. Moreover, manufacturers are introducing new-generation products that offer different strengths of nicotine and enable users to refill the cartridge. Some of the leading cigarette manufacturers are also entering into partnerships with small and domestic vendors to expand their consumer base. For instance, Japan Tobacco International (JTI) acquired the UK-based e-cigarette brand E-Lites to launch new products and commercialize its vaporizers across the globe. Further, the availability of different flavored e-cigarette variants including mint, menthol, chocolate, bubble gum and fusions of other fruits and flavorings are attracting a large number of consumers. Looking forward, the market is projected to reach a value of US$ 24.2 Billion by 2024, expanding at a CAGR of around 13% during 2019-2024.
- Based on the product type, the report finds that modular e-cigarettes represent the most popular type. Other major segments include rechargeable, next-generation and disposable e-cigarettes.
- On the basis of the flavor, the market has been classified into tobacco, botanical, fruit, sweet, beverage and others.
- The market has been analyzed on the basis of the battery mode into automatic and manual e-cigarettes. Currently, automatic e-cigarettes account for the majority of the total market share.
- On the basis of the distribution channel, the market has been segmented into specialist e-cig shops, online, supermarkets and hypermarkets, tobacconists, and others. At present, specialist e-cig shops exhibit dominance in the market.
- Region-wise, the market has been segregated into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa. Amongst these, North America is the biggest market, holding the majority of the global share.
- The competitive landscape of the market has been examined with some of the key players being Philip Morris International, Altria Group Inc., British American Tobacco PLC, Japan Tobacco, Inc., Imperial Tobacco Group, International Vapor Group, Nicotek Llc, Njoy Inc., Reynolds American Inc., Vmr Flavours Llc., MCIG Inc., ITC Limited and J Well France.
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