E-cigarette Market to Witness Enhanced Consumer Acceptance as Health Friendly Alternative to Conventional Cigarettes | Million Insights
FELTON, California, March 7, 2018 /PRNewswire/ --
Global E-cigarette Market is segmented on the basis of geographical region as North America, Asia Pacific, Europe and Rest of the World. Electronic-cigarettes are battery-operated tools that mainly encompass liquid nicotine that is usually dissolved in a water and propylene glycol solution. As per the data and studies, it has been found that electronic cigarettes are attaining huge recognition across the globe as a substitute to conventional tobacco filled cigarettes. In these types of cigarettes, what happens is the liquid possessing some particular flavor gets heated and is later converted into a vapor, which is further inhaled by the user.
It is known that they are quite cost effective and economical as compared to smoking. Moreover, due to their outstanding design and their disassociation with the smoke produced by the traditional cigarettes, they are deemed as less detrimental and injurious to health in the global E-cigarette market. Prominent factors that are playing a vital role in raising the share of the market include augmentation in the watch for substitutes to tobacco, increased accessibility to distribution channels, rise in the number of vape shops, cost effective nature of e-cigarettes, existence and domination of established tobacco manufacturers, and improvement in device technology and product innovation.
In addition, vape shops are also emerging greatly, that is in turn raising the number of users via their wide range of products and enhanced assistance at the time of purchasing their desired products. Activities like mergers and acquisitions, patent warfare, and rise in the customization in products are also providing a stimulus to the global E-cigarette market. The only factors that are turning as major challenges for the market growth include enforcement of strict legal framework, uncertainty concerning health hazards owing to e-cigarettes, and intensification in the number of reported adverse events. Other factors that are also affecting the growth entails augmenting popularity among children, adolescent, and non-smokers, extreme lobbying by pharmaceutical companies, and unfettered production practices.
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Despite the applications of severe norms and policies governing the e-cigarette market, the market is still gaining huge demand across the globe. It has been observed that the market is experiencing huge market opportunities entailing investment, franchising, and incorporation of the E-cigarette and Cannabis Industry. As far as the geographical location is concerned, North America is currently leading the market and United States is the major contributor in raising the share of the market in the respective region.
Contrarily, Asia Pacific is also emerging as one of the promising regions and it is estimated that the region will grow at the fastest CAGR in the near future, the reason being augmented demand for electronic cigarettes, inclined preference towards tobacco and rising disposable income. Countries like China and India are the main contributors that are playing a vital role in boosting the market growth of the particular region. The key players operating in the Global E-cigarette Market include Njoy, Reynolds American, Altria, Vapor, British American Tobacco, Nicotek, and Lorillard.
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