Allied Market Research published a new report, titled, The — global electronic cigarette market was valued at $8,610 million in 2016, and is projected to reach $26,839 million by 2023, registering a CAGR of 17.4% from 2017 to 2023. In 2016, the modular product type accounted for more than half of the share in global market. The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape.
“Electronic cigarette provides consumers with smoke & ash less vaping, which makes it socially acceptable and thus are safer than tobacco cigarettes. This is expected to boost the growth of the electronic cigarette market.”
An electronic cigarette is a handheld device that tries to create the feeling of tobacco smoking. It is a battery-operated device, which heats a liquid to generate an aerosol, commonly called a vapor, for the user to inhale. The liquid inside the electronic cigarette is usually made of nicotine, propylene glycol, glycerin, or other flavorings. There are different types of electronic cigarettes available in the market, which includes modular, rechargeable, and disposable.
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In 2016, modular electronic cigarette accounted for the largest share in the market and is expected to maintain its dominance during the forecast period. Modular electronic cigarette is the most popular among others as it can be refilled and allows the user to regulate the power delivered from the systems battery to the automizer.
Countries such as China and India consist of large smoking population, which look out for tobacco alternatives. Thus, untapped market in emerging economies may open new avenues for the manufacturers of electronic cigarette. Whereas, prohibition on sales, promotion, and distribution of electronic cigarette in various countries and implementation of strict legal framework hampers the market growth.4
The Covid-19 pandemic has a vital impact on the growth of the global Electronic Cigarette market and altered several market scenarios. The lockdown across various countries and ban on international travel has disrupted the supply chain and revenue chain. The report includes a thorough analysis of the Covid-19 pandemic on the growth of the global Electronic Cigarette market.
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The key players profiled in the report include Altria Group, British American Tobacco, Imperial Brands, International Vapor Group, Japan Tobacco, Nicotek Llc, Njoy Inc., Philip Morris International Inc., Reynolds American Inc., and Vmr Flavours Llc.
Key findings of the Electronic Cigarette Market:
○ The U.S. accounted for more than two-fifths of the market share growing at a significant CAGR of 17.4%.
○ Asia-Pacific is expected to grow at a significant CAGR of 16.9% during the forecast period.
○ The tobacco flavor segment generated the highest revenue in 2016, and is projected to grow at a CAGR of 18.0% during the forecast period.
○ Online distribution channel is anticipated to grow at the highest CAGR of 18.1% from 2017 to 2023.
○ North America is expected to maintain its dominant position in the market during the forecast period, followed by Europe.
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