E-Cigarette Market Research Report: By Product (Cig-a-Like, Vaporizer, Vape Mod, T-Vapor), Gender (Male, Female), Age Group (16-24, 25-34, 35-44, 45-54, 55-65, 65+), Distribution channel (Vape Shop, Online, Hypermarket/Supermarket, Tobacconist) - Global Industry Analysis and Growth Forecast to 2030
New York, Nov. 03, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "E-Cigarette Market Research Report: By Product, Gender, Age Group, Distribution channel - Global Industry Analysis and Growth Forecast to 2030" - https://www.reportlinker.com/p05982507/?utm_source=GNW
The global e-cigarette market is predicted to reach a value of $39.0 billion by 2030, increasing from $15.7 billion in 2019, advancing at a 9.2% during the forecast period (2020–2030), according to a study conducted . The market is growing due to the ease in availability of e-cigarettes, social acceptance of e-cigarettes, product innovation and advancement in technology, and the fact that e-cigarettes are being seen as an alternative to tobacco smoking.
The market is categorized into T-vapor, vape mod, vaporizer, and cig-a-like, on the basis of product. Out of these, the vaporizer category contributed to the largest revenue share to the market in 2019, due to the advantages of these products, such as dense aerosol production, moderate cost, and flexibility of flavors which can be utilized with this devices. Furthermore, the T-vapor category is predicted to register the fastest growth during the forecast period, owing to the rising popularity of this product in South Korea and Japan.
In terms of distribution channel, the e-cigarette market is divided into tobacconist, hypermarket/supermarket, online, and vape shop, among which, the tobacconist division dominated the market in 2019. The younger population generally buys e-cigarettes from this distribution channel. The online channel is projected to grow at the fastest pace during the forecast period, owing to the swift growth of the e-commerce industry and the increasing preference of people for online shopping. Sellers further face less obstacles on online channels.
During the historical period (2014–2019), the e-cigarette market was led by Europe, with Russia, France, and the U.K. generating the most revenue. Current and former cigarette smokers are turning to e-cigarettes for quitting smoking tobacco. The North American market is also expected to grow at a significant pace during the forecast period, owing to the increasing adoption of e-cigarettes in the region. The younger generation in the U.S. is especially creating high demand for e-cigarettes, thereby leading to growth of the regional market.
A major trend being witnessed in the e-cigarette market is the extensive portfolio of flavors. As the popularity of e-cigarettes is growing, fragrance and flavor vendors are focusing on introducing large number of e-cigarette flavors for attracting more customers. Flavors such as mint, menthol, bubble gum, chocolate, cola, and fusions of fruits and various other flavoring substances are increasingly luring more customers. This growing demand for a wide variety of flavors is projected to drive the market in the coming years.
The social acceptance of e-cigarettes is a key driving factor of the e-cigarette market. Since people are becoming more aware regarding the human and environmental health, governments of several countries are taking steps for creating a greener and more sustainable environment. Owing to this, smoking has been banned at a lot of places, majorly public places, which is why smokers have to move out of the area if they need to smoke. Ascribed to this, the demand for e-cigarettes has increased, they do not produce smoke.
Hence, the market is being driven by the rising social acceptance of e-cigarettes and increasing number of flavors.
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