NEW YORK, May 20, 2019 (GLOBE NEWSWIRE) -- The global e-cigarette market is expected to grow at a CAGR of 21.4% during the forecast period with its market size predicted to reach USD 53.4 billion by 2024. Increasing cancer cases related to smoking cigarettes, technological advancements in e-cigarettes, increasing disposable income, increasing awareness programs regarding the harmful effects of cigarette are the major factors leading to the high demand of e-cigarettes in the global market.
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Introduction of new flavors and fragrance to increase the traction for vaping devices
The growing popularity of vaping devices has led to the introduction of new flavours and fragrance. Flavours like menthol, mint, chocolate, cola and different fruits are attracting more and more customers to adapt them. This trend is expected to continue and contribute to the e-cigarette market. Many companies in the industry are taking advantage of the ambiance in the market and getting merged with the tobacco cigarette giants. These companies are working together and making it more economical and efficient. This is further expected to expand the growth of e-cigarette market across the globe.
Vape mod to witness the highest growth in the e-cigarette market
Based on product the market is categorized into cig-a-like, vaporizer and vape mode. Of all the products, the highest growth in the demand for the vape mod has been observed over the last five years which is anticipated to remain the highest among all e-cigarette products during the forecast period. The research and development leading to the product innovation have led to the development of highly differentiated vape mod, thus creating huge traction among consumers.
Cig-a-like accounted for almost half of the revenue generated by the market players in 2018. The comparatively lower cost of these e-cigarettes makes them a popular choice among consumers. Cig-a-like e-cigarette market is further segmented into disposable and rechargeable cig-a-like. Among the two types, the market size for disposable cig-a-like is larger across the globe. The vaporizer market is categorized into open tank and closed system vaporizer.
Explore key industry insights in 123 tables and 74 figures from the 216 pages of report, “Global E-Cigarette Market Analysis and Forecast to 2024 - Industry Insights by Product (Cig-A-Like [Disposable, Rechargeable], Vaporizer [Open Tank, Closed System], Vape Mod), by Distribution Channel (Vape Shops, Supermarkets, Online, Tobacconists), Aftermarket Products (Refill, Battery & Charger)”
E-cigarette aftermarket holds immense growth opportunities for industry players
The aftermarket for e-cigarette hold immense opportunities for the industry players, with its market anticipated to observe the higher growth than the actual e-cigarette market. Of the different aftermarket products, majority of sales are of refill and it is anticipated to remain during the forecast period. This is primarily due to the advancements in technology, and inclusion of a number of flavors and fragrances, and cost savings.
Based on distribution channel, the e-cigarette market is subdivided into supermarkets, online, vape shops, and tobacconists. In 2018, the majority of e-cigarettes were distributed through vape shops and the trend is anticipated to remain the same during the forecast period. However, with the increasing number of supermarkets and the emergence of e-commerce, significant portion of sales will be through supermarkets and online sales channels. E-commerce provides consumers with large number of options at discounted rate which creates traction among the buyers. Therefore in the coming years, large volume of e-cigarettes will be sold through online distribution channels.
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North America account for the largest demand of e-cigarettes across the globe
North America dominates the e-cigarette market due to earlier advancements in the technology of this segment, and high disposable income of citizens of countries such as the U.S. and Canada. Also, the awareness regarding the health hazards of cigarettes is making smokers quit cigarettes and adopt less harmful e-cigarettes. Moreover, the Asia-Pacific is anticipated to witness fastest growth during the forecast period due to the huge population of young generation and their inclination towards the e-cigarettes.
R&D investments are key to the revenue growth for industry players
Key players in e-cigarette are investing into research and development activities. The advancements in technology has led to the development of user friendly and more appealing e-cigarettes, which gains huge traction among smokers. Moreover, many prominent players are acquiring the established business players to deliver next-generation products. For instance, in July 2017, British American Tobacco p.l.c. completed the acquisition of the remaining 57.8% of Reynolds American Inc.
The prominent players operating in the e-cigarette market are International Vapor Group, British American Tobacco plc, VMR Products LLC, Altria Group Inc., Japan Tobacco Inc., Philip Morris International Inc., Imperial Brands plc, NJOY Inc., Vapor Hub International Inc., and FIN Branding Group LLC.
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