E-Cigarette and Vaporizer Market Overview
Globally, the consumption of tobacco has become a critical issue despite of several government initiatives to increase the awareness about the health issues caused by consuming tobacco.
Consumers addicted to tobacco find it difficult to get rid of the addiction and would require an alternate to tobacco.
This has turned out to be one of the major drivers for the growth of the E-Cigarettes and Vaporizer Market globally.
E-Cigarettes & Vaporizer Market is majorly driven by the factors such as the presence of established brands, cost-effectiveness, perceived health benefits, and product customizations.
Increase in number of cancer cases due to cigarette consumption has prompted migration of demand to this sector.
10 October 2018, The global E-cigarette Market is set to reach USD 44.55 billion by 2024, driven by the rising consumer demand for resource competent vaping products.
Need for the alternative product as a result of rising taxes on traditional cigarettes (tobacco rolled) and its products has been one of the factors driving the growth of the electronic cigarette industry.Emerging factors such as increasing awareness about harmful effects of traditional cigarettes, improving lifestyle, and growing e-commerce business are expected to upsurge the growth of the market for the forecast period.
For instance, in 2012, a merger took placed between tobacco giant Lorillard and U.S.-based e-cigarette company Blue Ecigs, which helped them to roll out their own brands by leveraging the technology possessed by Blu Ecigs.The e-cigarette vendors are introducing a variety of flavors which differs from menthol to the fusion of fruits and flavoring substances.
These flavors are becoming a differentiator for vendors.Browse Details of Report @ https://www.hexaresearch.com/research-report/e-cigarette-marketThe market for e-cigarettes in North America and Europe is projected to grow on account of increase in disposable incomes and smokers’ population in these regions.
The growth of the market in Asia Pacific region is subjected to factors such as product availability and increasing awareness regarding the ill-effects associated with traditional (tobacco rolled) cigarettes in countries such as India, Malaysia, and China.The electronic cigarettes market has been segmented on the basis of products such as modular, rechargeable and disposable e-cigarettes.
Modular e-cigarettes provide flexibility in flavors, besides improved inhaling experience which gives greater satisfaction to the user.Companies are focusing on diversifying their portfolio by offering flavors, aesthetic properties, and nonhazardous ingredients to end users.
E cigarettes & vaporizers have emerged as a popular alternatives to traditional consumption methods for tobacco and other substances’ consumption.
Market Research Future, a firm which specializes in market reports related to Food, Beverages & Nutrition sector among others, recently published a report on this market.
The Global E-cigarettes and Vaporizer Market is expected to grow at a CAGR rate of over 25.0% over the period of 2016 to 2021.E cigarettes have been growing in popularity and demand in recent times due to extensive word of mouth popularity and promotion through popular culture.
Increase in number of cancer cases due to cigarette consumption has prompted migration of demand to this sector.
On the basis of region the market includes regions such as North America, Europe, Asia Pacific and Others.Disposable e-cigarettes have accounted for the largest market size by product type in 2015 accounting for nearly 30% of the market size closely followed by rechargeable e-cigarette.
Although, China began as the first market for E-Cigarettes & Vaporizer, the U.S. and developed markets from Europe became the prime consumers of E-Cigarettes & Vaporizer, due to which these two regions collectively account for over 80% of the world market.
