Vape Market (e-Cigarette and Vaporizer) Market – Report Insights
A vape product or broadly known as e-cigarette, electronic cigarette, and vaporizer is a battery operated device and has been reckoned as an alternative to traditional tobacco cigarettes by many vendors. Without the inhalation of smoke, it gives the experience of tobacco smoking where the user inhales the vaporized nicotine emitted by the device. Vape products are smoke and tobacco-free consumer products. These are also designed and used as a tobacco harm reduction (THR) product and are sold as medical devices in many countries. The major turning point for the vape product market was the year 2014 as the market witnessed a record number of major acquisitions, the launch of technologically advanced product, patent warfare, and the introduction of government regulations.
The effects of vaping on the human body are not yet fully known. However, they are considered less toxic than traditional tobacco cigarettes because they produce vapor instead of smoke. They are considered as an effective method that helps smokers quit smoking, though there is no scientifically grounded evidence for this.
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Vape market (e-Cigarette and Vaporizer) research report covers the present scenario and the growth prospects of the Worldwide Vape Products (e-Cigarette and Vaporizer) Market for the period 2015-2021. The report provides in-depth analysis of market size and growth of Worldwide Vape market. This market research report includes a detailed market segmentation of the Worldwide Vapor Products Market by
Vape (e-Cigarette and Vaporizer) Products Segmentation
1) Closed System Vape Products
1.1) Cigalikes (also known as disposables/first-generation e-cigarette)
1.2) Rechargeables (also known as second-generation e-cigarette)
1.3) Refill Cartridges
2) Open System Vape Products
2.1) Vapor/tanks/mods or VTMs (also called personal vaporizer/modulars/electronic cigarette/third-generation e-cigarette)
Vape (e-Cigarette and Vaporizer) Products Geographic Segmentation
1) North America
Vape (e-Cigarette and Vaporizer) Products Distribution Channels
2.1) Convenience stores
2.2) Vape shops
2.3) Tobacco shops
2.5) Drug stores
The report also provides market share and profiles the key vendors operating in the Worldwide Vape Products Market and also provides the detailed competitive landscape of key players.
Vape (e-Cigarette and Vaporizer) Products – Market Size and Dynamics
A vaping device or vapor product is a battery-powered inhaler that simulates tobacco smoking. It is designed to provide inhaled doses of e-juice by vaporizing the flavored liquid, and then simulating the effects of smoking by vaporizing the liquid, which the user inhales and exhales. A vaping device, also known as an e-vaping device, a personal vaporizer, or an ENDS uses a heating element to vaporize the flavored liquid. The e-juices in the market are available in more than 3,000 flavors with many more being added every month.
Vape products are broadly classified into two categories: closed systems (cigalikes, rechargeables, and refill cartridges) and open systems (VTMs and e-liquids). Market research analysts at Beige Market Intelligence, expect the Worldwide Vape Products Market to reach approx. US$32.11 billion by 2021.
The Worldwide Vape Products market has been segmented on the basis of distribution channels and geographical region. North America accounted for the largest market share of more than 40% of the market in 2015; it is expected to grow at a high CAGR of around 27% between 2015 and 2021. However, APAC market is expected to account for a share of around 21% of the market in 2021.
Vape (e-Cigarette and Vaporizer) Products – Drivers and Trends
This market research report provides market overview of the factors driving and restraining the growth of the market. The report also outlines the key trends emerging in the market that will contribute to the growth of Worldwide Vape Products (e-Cigarette and Vaporizer) Market during the forecast period. The factors driving the growth of the market include consumers' perception of vapor products as an alternative to traditional tobacco cigarettes. There is increased desire among consumers worldwide to quit smoking tobacco and this has made vaping a rapidly growing concept worldwide. The global sales volume of traditional cigarettes has declined owing to an increase in sales of e-cigarette and vaping. The US witnessed about 19% decline altogether in traditional cigarette sales among adults, i.e., a drop from 20 of every 100 adults (19.8%) in 2008 to nearly 16 of every 100 adults (15.7%) in 2015. Due to this, the majority of the global players in the tobacco industry witnessed a massive decline in the shipment of traditional cigarettes in 2015, prompting bigger tobacco companies like Altria Group, Imperial Tobacco, and Reynolds American to rush into the vapor products market. Also, the increasing number of deaths caused by smoking-related cancer has propelled people to stop smoking traditional cigarettes. For instance, as per the US government, approximately 480,000 people, due to active smoking, and nearly 42,000 people, due to passive smoking, die in the country every year. The tobacco smoking is attributed to one in every five deaths in the US.
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Some of the major challenges confronting the Worldwide Vape Products (e-Cigarette and Vaporizer) Market include governments introducing stringent norms to regulate vapor products. Vape products are banned in many major economies such as Brazil, Japan, and Indonesia. Also, the governments of Poland and India are considering imposing a complete ban on the sale and use of these products. In March 2016, the US Department of Transportation (DOT) banned the use of e-cigarette, vape pens and vaporizer or vapes in flights. Moreover, growing health concerns related to the use of vapor products is acting as a challenge to the growth of the market. Regulatory bodies are still not clear on how much nicotine or other chemicals are actually being inhaled by the body while vaping. In addition, the effectiveness of these products in helping people quit smoking has not been fully studied. Researchers have indicated that e-liquids containing chemical flavoring have substances which cause lung diseases. About 90% of the flavored e-liquid or e-juice in the market contain an organic compound called Diacetyl. This flavoring chemical, i.e., Diacetyl has also been linked to severe lung diseases. Exposure to this chemical leads to Bronchiolitis obliterans, spirometry abnormalities and other harmful respiratory symptoms.
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