Electronic cigarettes or e-cigarettes are an alternative provided to smokers to reduce their dependence on tobacco. Tobacco consumption has led to various ailments on the populace putting a strain on hospital infrastructure and personal expenses. The global e-cigarettes & vaporizer market report outlines pertinent trends, opportunities, and estimations for the period of 2016 to 2021 (forecast period).
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The global e-cigarettes & vaporizer market is set to accumulate revenues at a CAGR exceeding 25% over the forecast period. Low capital investments and lax government policies are driving the market growth. The market is touted to touch a size of USD 25 billion by 2021. The large number of cancer cases due to the prevalence of smoking among the masses is expected to drive the market demand. This can be attributed to the benefits of e-smoking which can reduce the dependence on smoking completely.
Availability of e-cigarette options and non-regulation of battery-operated devices for smoking are gaining traction in the market. Large number of smokers as well development of e-smoking technologies such as squonk mods and pod systems are expected to fuel the market growth. Rising prices of traditional cigarettes and economical prices of these devices as well as its awareness among youngsters can bode well for the global e-cigarettes & vaporizer market. Customized devices offered by vendors and preference among vaping enthusiasts can drive the demand exponentially.
Strict regulations by authorities across Germany, India, and China can restrain the market growth.
The global e-cigarettes & vaporizer market is segmented by type.
By type, it comprises personal vaporizers and mods, disposable e-cigarette, rechargeable e-cigarette, EGO and tanks, and others. Disposable e-cigarettes had accounted for over 30% share of the market in 2015. This can be attributed to the long battery life of devices and portability of these devices. Offerings of new flavors and nicotine salts can fuel the segment growth. The personal vaporizers & mods segment is projected to showcase 23.5% CAGR over the forecast period. These devices can alter the flavor of the tobacco or assist in combining different flavors to increase the volume of vapor generated.
Europe, North America, Asia Pacific (APAC), and Rest-of-the-World (RoW) are regions covered in the global e-cigarettes & vaporizer market.
North America has taken the lead in the market owing to the presence of players such as JUUL Labs Inc., R.J. Reynolds Vapor Company, and Philip Morris International Inc. Adoption of vaping devices as an alternative to smoking by youngsters can fuel the global e-cigarettes & vaporizer market growth. But the ban on certain flavors and restrictions on e-cigarette production can constrain the market in the coming years.
Europe has assumed the second position owing to the popularity of vaping devices. Approval of personal mods by regulatory bodies and alternative to tobacco smoking can drive the regional market growth during the assessment period.
APAC will be accountable for close to 20% of the market revenue share by 2021 due to the consumption of tobacco in China.
HUBBLY BUBBLY, VAPOR LINE, PUFF ECIG, DASH VAPES, LIQUIDEU, VAPE ESCAPES, SIMPLE VAPE CO. LONDON LTD, SMOKIO., NICE VAPOR, and PACIFIC SMOKE INTERNATIONAL are reputed players of the global e-cigarettes & vaporizer market. Investments in novel product development and technological breakhthroughs can augur favorably for the players.