Posted On: 2019-01-01
Rising health concerns, changing consumer preferences and increase in the number of vape shops are the major catalysts in the promotion of e-cigarettes as a smoking cessation tool globally. The idea of e-cigarettes as a smoking cessation tool has been gaining momentum lately. Customization offered in the product, rising importance being placed on health by the government of most of the countries along with the fact that e-cigarettes are allowed in public places have aided the growth of e-cigarettes market around the world.
According to 6Wresearch, Global e-cigarette market revenues are projected to grow at a CAGR of 14.3% during 2019-25. The sensation of smoking that e-cigarettes provide without the use of tobacco is the reason why it attracts huge number of smokers who are trying to quit smoking. The simple phenomena behind the working of e-cigarettes has also attracted many players to enter the e-cigarette manufacturing market, which in turn is boosting the market of e-cigarettes worldwide.
According to Priya Sharma, Senior Research Analyst, Research and Consulting, 6Wresearch, "Europe captured the highest share in the global e-cigarette market. The open and free culture in most countries of the continent such as Germany, France, Italy, and UK led to an easy acceptance of e-cigarettes in the region. Moreover, raising taxes on tobacco also fostered the popularity and growth of the e-cigarette market in Europe."
According to Hardik Malik, Research Associate, Research and Consulting, 6Wresearch, "By countries, the United States captured the highest revenue share in the global e-cigarette market, followed by countries such as United Kingdom, France, and Germany. Penetration of e-cigarettes in the aforementioned countries is very high on account of factors such as easy and wide availability of e-cigarettes, lack of strict regulations on the product and a high degree of awareness among people regarding e-cigarettes and its effects."
According to Vanshika Bhageria, Research Associate, Research and Consulting, 6Wresearch, "The growth of e-cigarettes in new and even in the saturated markets can be attributed to regular technological advancements and upgradation in the product along with high degree of customization offered. For instance, while opting for an e-cigarette a consumer can go either for a rechargeable or a disposable e-cigarette. Rechargeable e-cigarettes are offered in over 4,000 different flavors and nicotine content can be adjusted by the consumer. The same has also led to the creation of a whole new consumer base for e-cigarettes."
Some of the major companies in global e-cigarette market include Juul, British American Tobacco, Joyetech, Turning Point Brands, Imperial Brands, Japan Tobacco International, Philip Morris International, Innokin and Smok.
"Global E-Cigarette Market (2019-2025)" report provides an in-depth analysis with 233 figures covered in over 215 pages. The report estimates and forecast the overall Global e-cigarette market by device type, gender, age, distribution analysis, and regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.