NEW YORK, Nov. 4, 2019 /PRNewswire/ —
E-Cigarette Market
The e-cigarette market is expected to generate a revenue of $41.7 billion by 2024, advancing at a 21.6% CAGR during the forecast period. The increasing awareness about carcinogens and other toxic materials present in traditional cigarettes, growing health concerns, and rising consumer demand for ashless and smoking vaping are some of the key factors driving the growth of the market. In addition, the surging acceptability of these cigarettes in society is augmenting the year-over-year progress of the market.
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Nations such as the U.S., the U.K., Japan, China, France, and Italy witness high e-cigarette sales. However, due to the increasing awareness on the harmful effects of tobacco cigarettes in the African and Asia-Pacific regions, Indonesia, the Philippines, South Korea, India, South Africa, and Australia are also predicted to witness heavy consumption of e-cigarettes during the forecast period. Based on product, the e-cigarette market is categorized into T-vapor, cig-a-like, vaporizer, and vape mod, among which the vaporizer category is further divided into closed system and open tank.
Of these, in 2018, the open tank division contributed higher revenue to the market, as people can use the same product for vaping a variety of flavors as per their choice. Majority of the people who were using tobacco cigarettes are now inclining toward vaporizers. Apart from this, manufacturers are also luring e-cigarette consumers who are looking for a variety of flavors and longer battery life of vaping devices. On the basis of gender, the e-cigarette market is bifurcated into male and female. Of these, the male bifurcation dominated the market in terms of revenue.
However, the female bifurcation is expected to offer huge opportunities to the market players during the forecast period. For instance, in the U.S., in 2018, female users held more than 13.0% share in the e-cigarette market, as a result of which manufacturers have progressively started targeting the female consumer base by campaigning on social media platforms, such as Snapchat, Instagram, Facebook, and Reddit. In 2018, European nations, mainly France, the U.K., and Russia, were the largest e-cigarette markets.
On the other side, ambiguity pertaining to the tax system and regulations for e-cigarettes in various nations is predicted to have a negative effect on the sale of e-cigarettes during the forecast period. Furthermore, countries including Thailand, Saudi Arabia, Mexico, Brazil, and Singapore have imposed a ban on e-cigarettes, which has adversely affected a significant number of players operating in the e-cigarette market.
Currently, some of the major players in the e-cigarette market are British American Tobacco PLC, Shenzhen iSmoka Electronics Co. Ltd., Turning Point Brands Inc., Japan Tobacco Inc., JUUL Labs Inc., Imperial Brands PLC, Innokin Technology Co. Ltd, and Shenzhen Kanger Technology Co. Ltd.
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