The global e-cigarette market is growing with a significant rate due to increased requirement among consumers for quitting tobacco smoking. This increasing need among consumers is due to growing number of deaths by smoking related cancer, which has increased the adoption of e-cigarettes among the consumers instead of smoking traditional cigarette. Although the traditional cigarette market is large as compared to e-cigarette market, but it is losing its share, as the electronic cigarette market is expected to grow in the coming years. Some of the factors driving the growth of the market are increasing personal income, intensification of anti-smoking campaigns, and consumer benefits associated with the use of e-cigarettes over traditional cigarettes. One of the major trends observed in the market is shifting preference of consumers toward vaping in place of smoking. The increase in the lookout for tobacco alternatives in Asia-Pacific is providing ample growth opportunities for the market.
Since the launch of e-cigarette in 2005, its market has grown considerably in the developed countries such as the U.S., with different variants. It is an electronic inhaler for simulating tobacco smoking. It is designed to inhale doses by vaporizing the solutions and to simulate the negative effects of smoking, by heating a nicotine liquid into vapour. The e-liquid is available in various flavours, such as peach, watermelon, menthol and pink bubble gum. Still, the effects of e-cigarette on the human body are not fully known. Also it is considered to be less toxic than tobacco cigarettes, as it produces vapours instead of smoke.
The competitors in the market are intensifying the competition by rolling out innovative product by enhancing the level of customization and quality of products. The Chinese e-cigarettes market is ranked lower; however the country is the leading manufacturing hub. This is because more than 85% of the manufacturing of e-cigarettes and accessories are carried out in China. Some of the developments in the market are nicotine inhalers, heat not burn products, and nicotine patches, gum and lozenges. One of the major restraints in the growth of the market is stringent government regulations and standards. In U.S., the sale of e-cigarettes to people under the age of 18 is banned. Additionally, the American Society of Anesthesiologists rolled out some stringent advertising regulations regarding e-cigarettes in the U.K. The governments in Australia and Brazil have banned the use of electronic cigarettes, until more deep research is done on the side effects of the product. Moreover, many other countries are also enforcing some stricter regulations in the market.
One of the major reasons for the increasing popularity of electronic cigarettes is the marketing of products, which is difficult to regulate and needs a consultation by the advertising standard authorities of the particular country. The manufacturers are investing heavily in the advertisement of products through sport sponsorship, social media, celebrity endorsement, print media and television. Niche products, such as e-cigars and e-hookahs are also becoming popular globally.
Some of the competitors in the global market are Imperial Tobacco Group PLC, Reynolds American Inc., VMR Products LLC, British American Tobacco PLC, Altria Group Inc., Njoy Inc., Nicotek LLC, and Gamucci Ltd.
Global E-cigarette Market Segmentation
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