Newark, July 31, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 18 billion in 2023 global E-cigarettes market will reach USD 72.82 billion in 2033. Batteries power the electrical gadgets used in e-cigarettes. The vape juice is turned from a liquid into vapour using the energy from the battery. The users then inhale this aerosol, which is vapour. There are several types of e-cigarettes. They are rechargeable, disposable, and adaptable. Three ingredients are found in the liquid portion of an e-cigarette: vegetable glycerine, propylene gel, and nicotine. Nicothine, which is included in regular cigarettes, is a necessary ingredient in e-cigarettes in order to provide the user with a comparable experience. Propylene gel simulates the throat-punching sensation that regular cigarettes give their users. Increased vapour generation is facilitated by vegetable glycerine. E-cigarette users who wish to stop smoking are becoming more and more common. Because it produces less smoke than regular cigarettes, it is also recommended. Even if they are used as a substitute for quitting smoking, they are thought to be just as addictive and detrimental to users over time. The flavouring that e-cigarettes offer makes them more appealing to users.
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Key Insight of the Global E-cigarettes Market
North America will dominate the market during the forecast period.
the first region where e-cigarettes were marketed on a commercial basis, which helped the industry become well-established for the manufacture, distribution, and use of e-cigarettes. Better technology, tastes, and product designs were introduced as a result of the early entry and market acceptability. The market's expansion is further supported by the lax regulatory framework. The market's growth is further aided by the widespread use of cigarettes throughout all age groups. The marketing campaigns that pave the path for increased accessibility to e-cigarettes also fuel the market's expansion.
In 2023, the rechargeable segment dominated the market with the largest market share of 55% and revenue of 9.90 billion.
The product type segment is divided into disposable, rechargeable and modular. In 2023, the rechargeable segment dominated the market with the largest market share of 55% and revenue of 9.90 billion.
In 2023, the retail segment dominated the market with the largest market share of 67% and revenue of 12.06 billion.
The distribution channel segment is divided into retail and online. In 2023, the retail segment dominated the market with the largest market share of 67% and revenue of 12.06 billion.
Advancement in market
The Ministry of Industry and Trade of Vietnam is in favour of outlawing e-cigarettes. Following the formal release of a report by the health ministry outlining the harmful effects of e-cigarettes, the ministry has asked the government to put a stop to the assessment of its proposed bill regulating them. In Vietnam, no company has been granted a licence to sell e-cigarettes.
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Market Dynamics
Driver: They are becoming the go-to substitute for conventional cigarettes.
The well-established and empirically supported data demonstrating the deleterious effects of cigarette smoking on smokers has prompted many to explore other options. This procedure has two steps. First off, manufacturers and consumers are turning to e-cigarettes as an alternative to traditional cigarettes as a result of numerous governments enacting whole or partial bans on the product. In addition, a belief among users that e-cigarettes are safer than traditional cigarettes has emerged, prompting a shift in tobacco consumption. Furthermore, because it is seen as hip, chic, and fashionable, there has been an increase in the number of teenagers and young adults who are inhaling these chemicals. Many of these young people become addicted to vaping or e-cigarettes as a result of their experimentation with it. The expanding accessibility and availability of e-cigarettes further fuels the market's expansion. Therefore, the industry will rise as a result of e-cigarettes' increasing appeal, accessibility, and availability.
Restraints: Risks to one's short- and long-term health.
Although e-cigarettes are thought to be a safer option than regular cigarettes because of the vape juice's ingredients, they nevertheless pose serious health hazards. The most significant concern associated with e-cigarettes is that, due to the nicotine content, they have the potential to be just as addictive as traditional cigarettes. Addiction results in excessive consumption and damages the body, mind, and soul irreversibly. the majority of the physical injury it might cause is related to the lungs. In certain instances, it might result in chronic lung disorders as well as inflammation of the lungs. It may also result in a number of cardiovascular issues. Since there aren't many research or understandings regarding e-cigarettes and the long-term health hazards they pose, producers have taken advantage of the relatively new industry for these products. As a result, the health hazards connected to e-cigarette use will impede the market's expansion.
Opportunities: The rising trend of e-cigarette use among youth.
When it comes to younger people with lower incomes, e-cigarettes are a more affordable option due to the strict regulations placed on traditional cigarettes, such as bans or increased fees. E-cigarettes last longer and can be reused. E-cigarettes' customisable features and assortment of tastes boost their marketability and demand. Young people who vape benefit from a stylish and cool social quotient that attracts new customers and fuels the market's expansion. Social media contributes to this growing popularity, which raises demand and attracts more customers. As a result, the market will expand due to regulatory policies, improved e-cigarette pricing, customisation, and appeal.
Challenges: Safety concerns of e-cigarettes.
Since these devices are battery-operated, they are susceptible to battery explosions as well which call into question their safety. These explosions lead to severe damages and hamper future market of the product as consumers get sceptical about these products. the lack of regulations or guidelines/rules and laws governing the e-cigarette market leads to consumer exploitation as there are no relevant authorities ensuring quality control measures are adhered to by manufacturers. The health risks of e-cigarettes have persuaded authorities to look into these products as they are severely impacting the young populations, which will significantly dampen the market’s growth during the forecast period.
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Some of the major players operating in the global E-cigarettes market are:
• VMR Flavors LLC
• Reynolds American Inc.
• Philip Morris International Inc.
• Njoy Inc.
• NicotekLlc
• Japan Tobacco
• International Vapor Group
• Imperial Brands
• British American Tobacco
• Altria Group
Key Segments covered in the market:
By Product Type
• Disposable
• Rechargeable
• Modular
By Distribution Channel
• Retail
• Online
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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