DUBLIN, Dec. 4, 2020 /PRNewswire/ -- The "E-cigarettes - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Urgent Need to End the Tobacco Epidemic Gives e-Cigarettes a $24.5 Billion Global Opportunity
The global market for e-Cigarettes is expected to reach US$24.5 billion by the year 2027, trailing a post COVID-19 CAGR of 8.3% over the analysis period 2020 through 2027. Tobacco epidemic is the biggest public health crisis the world is facing.
Tobacco smoking kills more than 8 million people worldwide and is the second largest reason for mortality after high blood pressure. Globally, there has been a significant increase in number of respiratory disorder cases, including COPD (such as emphysema and bronchitis), asthma, and respiratory infections. COPD is one of the leading causes of morbidity and mortality that entails the dubious distinction of being the fastest growing cause of death in countries such as the US.
During the past 25 years, death rate for COPD has increased up to 70% and an estimated 15 million adults are affected by COPD in the US alone. This high prevalence of COPD can be attributed to high levels of smoking, the leading risk factor for the disease. E-cigarette or electronic cigarette is a handheld electronic device that vaporizes a liquid that is available in different flavors. Tobacco vapor products and e-cigarettes feel and look just like traditional cigarettes.
e-Cigarettes are less harmful than traditional cigarettes as they contain lower levels of toxic chemicals and are promoted as a therapeutic instrument for helping smokers quit traditional smoking. Amid the backdrop of stringent anti-tobacco regulations; increased taxation; declining smoking habits in several key markets; ban on advertisements and branding; growing threat of counterfeit, illicit and contraband cigarettes; and increasing restrictions on public smoking, leading cigarette manufacturers are keenly eyeing the rapidly growing market fore-Cigarettes for offsetting revenue shortfalls.
The market, on the basis of component, is segmented into Vape Mod, Atomizer, E-liquid, and Customizer. On the basis of type, the market is segregated into disposable, modular and rechargeable. The e-liquid used in e-cigarette is made of glycerin, propylene glycol, flavorings and nicotine.
Growing interest among new smokers, ex-smokers and current smokers is poised to inflate the demand. Open tank systems, featuring advanced technology, high interoperability and customization, have become the most popular product in the market. Closed tank systems come with large tanks, longer battery life, higher vapor formation ability, and combine all the benefits of open tank systems and rechargeable e-cigarettes. Developed as a safe substitute for smoking cigarettes by leading tobacco companies, these battery-operated devices are growing in popularity among young millennial.
Another factor that is likely to strengthen demand is the availability of an array of e-cigarettes options. The market will continue to benefit from factors like cost-effectiveness, presence of well-established brands, product customizations, growing health concerns, increasing demand for ash less and smokeless vaping, increasing number of designated stores and vape shops, and expected health benefits. Changes in preferences & lifestyle, different fragrances & flavors are also steering market growth.
Other key factors driving growth in the market include the launch of new products, declining consumption of cigarettes, as well as growing adoption of Next Generation Products (NGPs).
Availability of easy and strong distribution channels, particularly e-commerce platform and online websites, is a major factor driving market growth. These channels provide an opportunity to market players to expand their operations both globally and locally. At present, retail channels like tobacco users, convenience stores and vape shops act as primary distribution channels and generate maximum revenue. Of late, various e-cigarette brands have shifted their attention to online retail channels and social media platforms for promoting their products.
In addition, several players are leveraging mobile ads for advertising e-cigarettes. Mobile ads or paid ads on smartphones, websites and applications are optimized for mobile and hold immense potential to reach a large number of young people. Companies are also marketing e-liquids that imitate common food items, with some of them holding high appeal for kids. Another strategy adopted by e-cigarette brands is to target various distribution channels including online platforms, hypermarkets, supermarkets and specialized retailers. Various supermarket chains in different regions have started selling e-cigarettes.
The product demand is also facilitated by mushrooming vape shops and vape cafes across the US and the UK. The increasing access to e-cigarettes through these distribution channels is anticipated to further help brands in pushing overall demand for e-cigarettes.
Competitors identified in this market include, among others:
- Altria Group, Inc.
- British American Tobacco PLC
- Imperial Brands PLC
- Japan Tobacco, Inc.
- NJOY LLC
Key Topics Covered:
I. INTRODUCTION, METHODOLOGY & REPORT SCOPE
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Vaping Market to Regain Strength once the COVID-19 Smoke Gets Cleared
- E Cigarette: An Introduction
- E-Cigarette Market Poised for Growth
- Regional Outlook: Developed Economies Lead, Developing Regions at the Forefront of Future Growth
- Competitive Scenario: Tobacco Giants Foray into Bustling E-cigarettes Market
- Recognized Brands Serving Global E-Cigarette Market
- Recent Market Activity
- Global Competitor Market Shares
2. FOCUS ON SELECT PLAYERS
- SELECT GLOBAL BRANDS
3. MARKET TRENDS & DRIVERS
- Vaping Continues to Enjoy Increasing Popularity and Gains Globally
- Negative Effects of Tobacco: Strong Driver
- Role of Smoking in Respiratory Disorders Drives Growth
- Young Adults: Primary Consumers
- E-Cigarette Brands Bet Heavily on Aggressive Marketing Strategies to Advertise Products and Target Young People
- Exposure of Youth to Ads
- Illegal Marketing and Distribution of Flavored Products Prompt US FDA to Ban Several E-Cigarette Brands
- Automatic E-Cigarettes: Dominates the Market
- Improved Access to Distribution Channels
- Product Innovations: Key to Future Growth
- Government Mechanisms for Curbing Cigarettes Consumption
- Health Implications of Vaping Put E-Cigarette Brands under Scrutiny
- Heated Tobacco Device Cause Damage to Lung Cells
- E-cigarettes Brought under Regulatory Scanner
- E-Cigarettes: Regulatory Regime with Friendly and Unfriendly Legislations
- United States
- European Union
- Other Regions
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
- GEOGRAPHIC MARKET ANALYSIS
- UNITED STATES
- Regulations Impacting Market Growth
- Demographic Trends Related to Use of E-Cigarettes in the US
- Market Analytics
- The Tobacco Products Directive
- EU TPD Directive to Control Marketing of Tobacco Products and E-cigs, Bans Flavored Cigarettes
- Market Analytics
- High Cigarette Prices Catalyze Consumer Migration to Alternatives
- Market Analytics
- UNITED KINGDOM
- Rising Prevalence of Underage Vaping Paves Way for App-Controlled E-Cigarettes
- Ireland: Regulation to Curb Tobacco Sales
- Market Analytics
- REST OF EUROPE
- India: Citing Addiction Risk, Indian Government Looks Ahead to Ban E-Cigarettes
- Market Analytics
- SOUTH KOREA
- REST OF ASIA-PACIFIC
- REST OF WORLD
- Total Companies Profiled: 56
For more information about this report visit https://www.researchandmarkets.com/r/gzg102
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