E-Cigarette Market Offers Huge Growth Opportunities in Future

The study highlights that the global e-cigarette market is likely to grow from $7,690 million in 2015 to $27,670 million by 2022. With the explosive growth of electronic devices and the increasingly stringent regulatory requirements posed by the government organizations on tobacco smoking, the e-cigarette market is gaining huge traction. The factors driving the growth of the market include growing health awareness, smoke and ash less vaping, product innovation and advancement in device technology, and social acceptability. Globally, the awareness about health concerns related to smoking is increasing. This has resulted in development of alternatives, which helps consumers to quit traditional cigarettes. The number of people affected from cancer, resulted from smoking, is one of the major global concerns. E-cigarettes eliminate the risk of cancer and intake of more than 4,000 chemicals, which are produced by burning of tobacco cigarette.

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The key trend observed in the market is the introduction of new vaping devices and e-liquid flavors. Tobacco giants are partnering with device technology providers to offer advanced smoke-less smoking experience to their users. With rapid increase in the number of people addicted to tobacco smoking globally, e-cigarette is gaining value as an alternative to traditional tobacco cigarette. Tobacco companies are shifting from traditional tobacco products to next generation vaping devices due to more number of people, particularly teens around the globe, suffering from serious health concerns from tobacco intake.

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Increasing number of vape shops and designated stores is another factor creating an opportunity for the growth of the global e-cigarette market. E-cigarette manufacturers are focusing on investments in major retail outlets and grocery stores to promote and sell their products exclusively through kiosks and designated in-store hubs. Many e-cigarette providers have set up their own brand outlets and stores to provide vaping experience similar to a club.

The research states that the global e-cigarette market had a consolidated structure in 2015, where the top three competitors accounted for a major share of the market. Some of the key players in the global market include Philip Morris International, Reynolds American, VMR products, Japan Tobacco Inc, Altria Group Inc. and British American Tobacco.

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