E-cigarette is a battery-operated device, which is considered as a safe alternative to smoking cigarettes. It simulates an experience of tobacco smoking without the inhalation of smoke. It is used as a substitute of conventional cigarettes that emits vaporized nicotine, which is inhaled by consumers. Owing to its favorable effects on human body compare to the traditional cigarette & tobacco vapor (T-Vapor) along with rising awareness of people about adverse effects on health of consuming traditional cigarette drives the growth of electric cigarette and tobacco vapor market over the forecast years.
According to study, “Global Electronic Cigarette and tobacco Vapor Market to reach USD 55.29 Billion by 2026” the key companies operating in the global electronic cigarette and tobacco vapor market are Reynolds American Inc., Healthier Choices Management Corp (Ruthless Vapor Corp), JUUL Labs, Inc., MCIG Inc., Imperial Tobacco Group, Japan Tobacco Inc., Altria Group, Inc., International Vapor Group, Philip Morris International, Nicquid, British American Tobacco Plc. and Shenzhen IVPS Technology Co., Ltd.
Based on product, electronic cigarette and tobacco vapor market is segmented as rechargeable, disposable and modular devices. Rechargeable devices segment holds major share in global market as they are used for longer duration by switching the cartridges containing e-liquid. Moreover, these devices cost fairly less, which is anticipated to increase their adoption. Modular devices is anticipated to witness higher growth rate since it offer customization options that help the users to combine different parts for altering the flavor and the amount of vapor generated from the device during the forecast period. Based on component, market is segmented as vape Mod, atomizer, e-liquid and cartomizer. Based on battery mode, market is segmented as manual e- cigarette and automatic e- cigarette. In addition, based on distribution channel, market is segmented as specialist e-cig shops, tobacconist, supermarkets and online.
The electronic cigarette and tobacco vapor market is driven by rise in awareness towards safe alternatives of tobacco consumption, followed by growth in technological advances in e-cigarette technology, increase in awareness among the young population due to various medical studies that term electronic cigarettes as a safer alternative to traditional cigarettes and rise in need to reduce global tobacco related mortality & morbidity. However, Risks associated with the use of electronic cigarettes and reported incidents and higher cost compares to the traditional cigarette & tobacco vapors may impact the market. Moreover, high untapped market potential in the emerging economies is a key opportunity for market.
Based on geography, the North-American region holds major share in global electronic cigarette and tobacco vapor market owing to presence of large market players and presence of large young population in the region. Whereas, the European and Asian-Pacific regions are estimate to witness higher CAGR due to favorable government initiatives regarding consumption of such products over the forecast period. In upcoming years, it is predicted that future of the global market will be optimistic on account of significant growth in the health awareness of population during the forecast period. The global electronic cigarette and tobacco vapor market is valued approximately US $10.02 billion in 2018 and is expected to grow with a growth rate of more than 23.80% over the forecast period 2019 to 2026.
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Ankur Gupta, Head Marketing & Communications