How is Rising Concern Regarding Traditional Smoking Driving the Growth of E-Cigarette Market?
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According to the Centers for Disease Control and Prevention, more than 480,000 deaths are caused each year in the U.S. In addition to this, smoking causes of 90% of all lung cancer deaths. Because of these factors, people are increasingly moving towards which will let them quit the habit of smoking.
One of the solutions is the development of e-cigarette, which can potentially benefit adult smokers if it is utilized as a complete substitute for regular cigarettes and other smoked tobacco products.
According to a P&S Intelligence report, the global e-cigarette market attained a value of $11.5 billion in 2018 and is predicted to generate a revenue of $41.7 billion by 2024, advancing at a 21.6% CAGR during the forecast period (2019-2024).
E-cigarettes are distributed by various platforms such as tobacconist, vape shops, hypermarket/supermarket, and online. In the coming years, online channels are expected to make the largest sale for e-cigarettes, which is ascribed to the growing adoption of e-commerce.
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Different types of e-cigarettes, including T-vapor, cig-a-like, vape mode, and vaporizer, are offered on these distribution channels. It was observed that in 2018, vaporizers were utilized the most by people who were making use of tobacco-based cigarettes.
In addition to this, vaporizers are affordable, flexible, when it comes to using different types of flavors, and dense aerosol production. The introduction of different flavors in the market is further resulting in the growth of the e-cigarette market.
Vendors are increasingly offering new flavors in order to increase their customer base.
Other than the introduction of new flavors, a number of e-cigarette companies are making use of online channels and are offering promotions and discounts on the purchase of e-cigarettes.
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For example, in April 2019, Philip Morris International Inc., announced regarding the provision of insurance premiums to tobacco users who are switching toward vaping products. The aim of the plan was to offer 2.5% discount on premium plans to the buyers.
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