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Market Overview:E-cigarettes & vaporizers market has witnessed a substantial growth over the last few years both in developed & developing economies. Market Research Future, a firm which specializes in market reports related to the Consumer Retail sector among others, recently forecasted in its report on Global E-cigarettes & vaporizers Market Research Report - Forecast to 2023 that the market will demonstrate an exceptional CAGR % while achieving million-dollar growth rapidly during the forecast period.
E-cigarettes & vaporizers are being designed to provide the similar tobacco smoking experience but by producing a flavored aerosol that looks like tobacco smoke and also deliver nicotine but with less toxic chemicals and thus reflect to be safer as compared to tobacco. The demand for e-cigarettes and vaporizers has increased exceptionally owing to advancement in technology, presence of established tobacco brands, and their global reach. High living standards and growing nicotine addiction among youth population across North America regions is one of the relevant factors for the expansion of North American e-cigarettes and vaporizers market. Asia Pacific is projected to record the highest CAGR in e-cigarettes and vaporizers market during the forecast period due to the urbanizations in the developing economies such as India, China, and Indonesia.
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Latest Industry Updates:
April 2018 Italy became British American Tobacco’s first market to offer consumers products from both its innovative vapour (Vype) and tobacco heating products (glo) ranges following the launch of glo in Turin, Italy.
April 2017 British American Tobacco Plc. acquired certain assets of Must Have Limited (ViP Electronic Cigarette), the largest e-cigarette retailer in the UK.
January 2017 Phillip Morris announced plans to invest approximately USD320 million in a new facility in Dresden, Germany, to produce HEETS, the tobacco units to be used with the electronic tobacco heating device IQOS.
April 2016 British American Tobacco Plc. acquired Ten Motives, a UK-based company engaged in e-cigarette business. The acquisition strengthens the company’s footprint in the UK Next Generation Products business and complements its existing product portfolio.
Competitive Analysis:
Key players in the global e-cigarettes & vaporizers market, are inclined to introducing new and innovative products in the market with improved technologies. Also, the companies are conducting several surveys among target group to understand consumer needs and extensively promote their products. This promotional strategy aids in retaining the existing customers and also to acquire new customers. Mainly the key players are converging various innovative features in their products including the screen display for consumers to observe necessary information related to nicotine intake. Introduction of new flavors and designs are few of the strategies opted by the key players to attract new customers.
The key players profiled in e-cigarettes & vaporizers are Philip Morris International Inc. (US), Lorillard Tobacco Company (US), British American Tobacco Plc. (UK), Altria Group Inc. (US), Japan Tobacco Inc. (Japan), International Vapor Group (US), Reynolds American Inc. (US), Dotmod Inc. (US), Halo White Label (US), and Ballantyne Brands (US) among many others.
Market Segments:
The global e-cigarettes & vaporizers market has been divided into type, shell material, source, application and region.
On the basis of Type: Rechargeable, Disposable, and Others
On the basis of Components: E-Cigarettes and Vapor/Tanks/Mods
On the basis of Distribution Channel: Store-Based and Non-Store-Based. The Store-Based segment is further segmented into Supermarkets & Hypermarkets, Specialty Retailers, and Others
On the basis of Region: North America, Europe, Asia Pacific, and ROW.
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Regional Analysis:
The global e-cigarettes & vaporizers market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America region is estimated to account for the major market share in the year of 2018 and it is expected to continue throughout the forecast period of 2018-2023. The demand for e-cigarettes & vaporizers is exceptionally high in the North America region due to growing intake of nicotine among the youths and technological advancements in the tobacco industry. In North America region, the US estimated to hold significant market share in 2018. Europe is also estimated to account for healthy market share throughout the forecast period of 2018-2023. The UK market has the highest share in E-cigarettes & vaporizers market in Europe owing to growing inclination for safer alternatives of tobacco intake. However, Asia Pacific region is projected to expand at a substantial growth rate during the forecast period of 2018-2023. China & Japan are expected to account for more than 50% market share in Asia Pacific region throughout the forecast period.
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