Key players in the global e-cigarette market includes Philip Morris International Inc., British American Tobacco p.l.c., Altria Group Inc., Japan Tobacco Inc., Imperial Brands PLC, JUUL Labs Inc., NJOY LLC, Turning Point Brands Inc., Vapor Hub International, Inc., FIN Branding Group, LLC, Shenzhen iSmoka Electronics Co., Ltd., Shenzhen IVPS Technology Corporation Ltd., Innokin Technology Co. Ltd, Shenzhen Kanger Technology Co., Ltd.
NEW YORK, May 26, 2019 (GLOBE NEWSWIRE) — According to the market research report published by P&S Intelligence, e-cigarette market is anticipated to reach $41.7 billion by 2024, citing a CAGR of 21.6% over the forecast period. The market is predominantly driven by the rising awareness of carcinogens and toxic substances present in traditional cigarettes as well as rising health concerns, coupled with the growing shift in consumer preferences demanding e-cigarettes for smokeless and ashless vaping. Furthermore, increasing acceptability of these cigarettes in social circles is propelling the year-over-year (YoY) growth of the market.
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Countries such as U.S., U.K., France, China, Japan, and Italy are major markets for e-cigarettes. However, with growing awareness toward harmful effects of traditional cigarettes, in the APAC and African regions, countries such as South Korea, Indonesia, Philippines, South Africa, India, Australia, among others are projected to be high growth markets for e-cigarettes in the coming years.
On the basis of product, the e-cigarette market is split into cig-a-like, vaporizer, T-Vapor and vape mod wherein vaporizer is further split into open tank and closed system. It has been observed that vaporizers are mostly used by people who have been using tobacco-based cigarettes. However, manufacturers are also attracting e-cigarette users looking for more flavors, and longer battery life for vaping devices. The market for the open tank category garnered higher revenue in 2018 as compared to closed system, as the users can utilize the same device for vaping varied flavors of their choice.
Based on gender, the e-cigarette market is divided into male and female of which male category garnered the dominating percentage of market revenues; however, female users are expected to provide huge opportunities during the forecast period. For instance, In the U.S., female users contributed a share of over 13.0% in 2018, as a result of which manufacturers are aggressively targeting the female consumer-base by advertising on social media platforms such as Instagram, Snapchat, Facebook, Reddit, and others, in order to increase the consumer base.
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European region, predominantly U.K., France, and Russian markets, has been observed as the largest e-cigarette market globally, in 2018. On the other hand, uncertainty regarding the regulations and tax system for e-cigarettes in various countries is expected to have an adverse effect on the sale of e-cigarettes over the forecast period. Moreover, countries such as Singapore, Thailand, Saudi Arabia, Brazil, and Mexico, have imposed a complete ban on the sales of e-cigarettes, which has possibly shrunken the potential growth of the e-cigarette market.
The e-cigarette market offers opportunities to market players expanding in regions that are uncertain regarding the adoption of e-cigarettes, such as countries in Asia-Pacific (APAC), Latin America (LATAM), and Africa. Tobacco companies and e-cigarette manufacturers in these regions are expanding their business to achieve greater reach for their products through various channels including e-commerce, retail partners, and grocery stores. Apart from this, companies are also acquiring local and national distributors of e-cigarettes, which have a dedicated market to distribute these products.
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Some of the key players in the global e-cigarette market includes Philip Morris International Inc., British American Tobacco p.l.c., Altria Group Inc., Japan Tobacco Inc., Imperial Brands PLC, JUUL Labs Inc., NJOY LLC, Turning Point Brands Inc., Vapor Hub International, Inc., FIN Branding Group, LLC, Shenzhen iSmoka Electronics Co., Ltd., Shenzhen IVPS Technology Corporation Ltd., Innokin Technology Co. Ltd, Shenzhen Kanger Technology Co., Ltd.
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