E-Cigarette Market: Opportunities and Forecast Assessment, 2020–2027by Ashish Kumar Consultants
The E-Cigarette is a battery-operated device which emits doses of nicotine, propylene glycol, glycerine, and other chemicals, for the user to inhale. The main aim of electronic cigarettes is to provide a similar sensation to inhaling tobacco smoke without the smoke. Most of the e-cigarettes contain a mouthpiece, an atomizer, and a rechargeable battery and are also known as E-Vaping devices, electronic nicotine delivery system, or vape pens. The mouthpiece is a cartridge that is fixed to the end of a tube and can be refilled or replaced when required. The atomizer heats the e-liquid with the help of the battery to form vapours. The E-Cigarettes is readily available in a variety of flavouring agents such as watermelon, menthol, lava, and many more.
The main key factor contributing to the growing demand of the Global E-Cigarette market is the rising penetration of the e-cigarettes among millennials across the globe. The expansion in the variety of e-cigarettes, easy availability option, and longer battery life is attracting a large number of customers towards the E-Cigarette market. Various multinational giants are mainly focusing on product innovation, such as the introduction of customization options and improvement in quality to capture the growing demand of the target customers. These developments will have a positive impact on the increasing demand of the Global E-Cigarette market over the coming years. Moreover, the rising awareness regarding the harmful effects of conventional cigarettes is encouraging the customers to opt for e-cigarettes. For instance, according to the WHO 2019 Report, the consumption of tobacco kills more than 8 million people every year, including 7 million deaths caused by the consumption of tobacco and nearly 1.2 million deaths are a result of second-hand smoking. However, the strict regulations imposed by the government bodies across multiple nations such as U.S. and Germany are likely to hamper the growth of the market. In addition to this, the stringent trading laws aimed to reduce the import of vaping devices will have an adverse impact on the Global E-Cigarette market.
Based on the Product, the Global E-Cigarette market is segmented into Disposable, Rechargeable, and Modular. The Rechargeable products segment is expected to grow at a higher CAGR over the forecast period owing to its remarkable advantages offered to customers, such as smaller size, convenient, and safe to use. In addition to this, the rechargeable e-cigarettes have a longer lifespan with an affordable price, which is further propelling the demand of the Global E-Cigarette market. The Modular devices are projected to grow at a faster CAGR due to its unique customization options, which offers the customers to alter different flavours and adjust the amount of vapor generated from the device.
Based on the Flavour, the Global E-Cigarette market is segmented into Tobacco, Botanical, Fruit, Sweet, Beverage, and Others. The fruit flavour e-cigarette segment is estimated to grow at a higher CAGR due to the increasing popularity of different flavours among millennials. The wide variety of exotic flavours such as USA Blend, Gummi Bear shot, Banana Nut Bread, Blue Raz Cotton Candy, and Peach Green Tea are improving the level of consumer satisfaction, thereby accelerating the global demand of the market.
Based on the Distribution Channel, the Global E-Cigarette market is segmented into Online, Supermarkets/Hypermarkets, Specialist E-Cig Shops, Tobacconist, and Others. The Online segment is anticipated to lead the market over the forecast period due to the easy availability of a wide variety of products at an affordable price range. The online store provides 24×7 access with detailed product information along with a discount offer. The adoption of modern lifestyle and long working hours have shifted the consumer’s demand towards e-shopping in order to save their time and money. This change in the consumer’s preference will drive the demand for the Global E-Cigarette market over the coming years.
Based on the region, North America is anticipated to grow at a higher CAGR over the forecast period due to the increasing adoption of e-cigarettes among the young target customers and the continuous product innovation such as introduction of various flavours to capture the demand of different customer base. Moreover, the increasing popularity of vaping devices and the increasing health concerns regarding the usage of conventional tobacco-based cigarettes will have a positive impact on the growing demand of the E-Cigarette market in this region.
Various notable players operating in the market include Philip Morris International Inc., mCig, Inc., ITC Limited, Altria Group Inc., Reynolds American Inc., Imperial Brands, Juul Labs, Inc., Japan Tobacco Inc., British American Tobacco, International Vapor Group Inc., among others.
- In 2019, Altria Group Inc., launched Iqos tobacco device in the U.S., specially designed to enhance the customer’s experience with minimum concentration of the toxic elements.
- In 2019, Philip Morris International launched IQOS 3 and IQOS 3 Multi heated-tobacco products in the United Arab Emirates. The products are readily available in retailers across the country and aims to capture the demand of the adult smokers who are looking for a better alternative against traditional cigarette.
The global e-cigarette market has been segmented based on product, flavour, distribution channel, and region. Based on Product, the market is segmented into Disposable, Rechargeable and Modular. Based on Flavour, the market is segmented into Tobacco, Botanical, Fruit, Sweet, Beverage, and Others. Based on the Distribution Channel, the market is segmented into Online, Supermarkets/Hypermarkets, Specialist E-Cig Shops, Tobacconist, and Others.
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Created on May 14th 2020 00:15. Viewed 277 times.