E-Cigarette Market Size, Status, Top Players, Trends in Upcoming Years
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Apart from the increasing availability of e-cigarettes in grocery stores and special outlets, the growing public awareness about the harmful consequences of tobacco smoking on both human and environmental health is also fueling the expansion of the e-cigarette market. Moreover, many governments are taking initiatives such as announcing bans on smoking at certain places in order to create a greener environment. Such initiatives are massively boosting the demand for e-cigarettes, as these products do not generate harmful tobacco smoke and can provide a sensation similar to the one provided by conventional tobacco-based cigarettes.
Hence, it can be safely said that the increasing social acceptance of e-cigarettes is propelling the expansion of the global e-cigarette market. As a result, the market revenue is predicted to grow from $15.7 billion in 2019 to $39.0 billion by 2030. The market is also expected to advance at a CAGR of 9.2% from 2020 to 2030. Vaporizers, vape mod, cig-a-like, and T-vapors are the most commonly used types of e-cigarettes. Out of these, the demand for T-vapors is predicted to rise at the highest rate in the upcoming years.
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This is because of the growing consumer preference for these products, especially in South Korea and Japan, on account of their ability to provide a smoking experience similar to that provided by conventional cigarettes. Geographically, the e-cigarette market will surge sharply in North America in the forthcoming years, as per the estimates of P&S Intelligence, a market research company based in India. This is credited to the increasing number of e-cigarette users in the region.
Thus, it can be said without hesitation that the demand for e-cigarettes will boom in the forthcoming years, primarily because of their rising social acceptance and increasing availability in retail outlets and grocery stores and the growing incidence of deaths caused due to tobacco-based cigarette smoking all over the world.
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P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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