E-Cigarette Market To Display CAGR of 9.2% during 2020-2030
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Moreover, the e-cigarette market growth is driven by the social acceptance of vaping devices. The increasing awareness regarding environmental and human health has led the governments to work toward creating a greener and sustainable environment and banning smoking at certain places. The ban on smoking is compelling users to adopt alternate products such as e-cigarettes, as these do not produce tobacco smoke. Even though e-cigarettes do not produce smoke, they give the same sensation as that of a traditional cigarette.
This shift from tobacco cigarettes to e-cigarettes is also because of the availability of multiple flavors. E-cigarette accessory vendors are offering vaping liquid flavors such as chocolate, methanol, bubble gum, mint, cola, and fusion of fruits to attract more customers. The availability of multiple flavors is, therefore, accelerating the e-cigarette market growth. Users in Europe and North America, predominantly Canada, the U.S., and the U.K., are exhibiting a shift toward flavored e-cigarettes. Thus, with the spurring demand for flavored e-cigarettes from across the world, more flavors are being introduced.
The product segment of the e-cigarette market is categorized into cig-a-like, vaporizer, vape mode, and T-vapor. In 2019, the vaporizer category accounted for the largest market share due to the moderate cost, flexibility of flavors, and dense aerosol production offered by these devices. During the forecast period, the T-vapor category is projected to showcase the fastest growth owing to the rising popularity of these products in South Korea, the U.S., Russia, the U.K., Germany, China, and Japan. The people in these countries prefer tobacco-flavored T-vapors because of their similarity to traditional cigarettes.
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Geographically, the European region accounted for the highest revenue in the global e-cigarette market in 2019, wherein France, Russia, and the U.K. generated the highest demand. In these countries, current and former cigarette smokers are shifting to electronic variants to quit smoking tobacco. Besides, the penetration of the vape shop culture in Europe is fueling the market growth. Furthermore, the North American market is expected to grow due to the rapid adoption of vaping products by the young population.
Thus, the ban on public smoking and introduction of a multitude of flavored e-cigarettes are boosting the market, and they will continue to do so in the coming years.
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