What's driving the E-Cigarette Market trends? Key Players: JUUL Labs, British American Tobacco, Fin Branding Group, LLC, Altria, NJOY, Philip Morris International, Imperial Brands PLC

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.

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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.

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.

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.

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.

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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.

E-cigarette Market Segmentation

Market Segmentation by Product

• Cig-a-like
o Disposable
o Rechargeable
• Vaporizer
o Open tank
o Closed system
• Vape Mod
• T-Vapor
o Heat-not-burn
o Infused

Market Segmentation by Gender

• Male
• Female

Market Segmentation by Age-Group

• 16-24
• 25-34
• 35-44
• 45-54
• 55-65
• 65+

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This release was published on openPR.