E-Cigarette Market – Analysis and Forecast To 2024, VMR Products LLC, Altria Group Inc., Japan Tobacco Inc., Philip Morris International Inc

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. The global e-cigarette market is anticipated to be driven by the factors increasing health concerns over the usage of conventional tobacco-based cigarettes, vaping without ash or smoke, technological advancements leading to product innovation, increasing adoption through direct sales. Different types of product such as disposable and rechargeable cig-a-like are the major contributor to the e-cigarette market size, globally.

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An electronic cigarette is enabled with the help of battery that further discharges nicotine, or non-nicotine solutions dosages in a vaporized form, that can be easily inhaled by the consumer. It does not create smoke although enables the user to get a similar manner of sensation as inhaled from the smoke of tobacco. This offers smokers a better alternative to avoid smoking and its ill effects.

Growth Drivers

Increasing awareness of the hazardous effects on health due to smoking and changing lifestyle and preferences, technological advancements leading to product innovation, and increasing adoption through direct sales are the key factors attributing towards growth in the e-cigarette market. Electronic cigarette is less harmful than regular cigarette, which has resulted in the development of alternatives that have helped consumers quit traditional cigarettes. Cancer caused by smoking is one of the major concerns affecting people, globally. Furthermore, e-cigarettes eliminate the risk of cancer and changing lifestyle of consumers thus helps in the growth of the e-cigarette market. There are several vendors which are regularly making advances in the technology thus making the consumers to shift towards the market.

Industry Ecosystem

Globally industry players are fueling the growth of the e-cigarette market by providing new and regional flavors for the e-cigarettes. The major players are collaborating with high-end tobacco manufacturers to form monopoly. This gives them an edge to get ahead of the competition.

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Geographic Overview

Geographically, 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. Moreover, the Asia-Pacific is anticipated to witness the fastest growth during the forecast period due to the huge population of young generation and their inclination towards the e-cigarettes.

Competitive Insight

Key players in e-cigarette are investing into research and development activities. Many prominent players are acquiring 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 Turning Point Brands, Inc. (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.

Source: VynZ Research