According to the latest report by IMARC Group titled, “E-Cigarette Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market reached a value of US$ 11.5 Billion in 2018. Looking forward, the market is expected to reach a value of US$ 24.2 Billion by 2024, exhibiting a CAGR of around 13% during 2019-2024.
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E-cigarettes or electronic nicotine delivery systems are battery-powered devices used for vaping. They deliver dosages of vaporized nicotine or flavored solutions to the users. They are non-nicotine solutions, which aim to provide a similar sensation to inhaling tobacco but without the smoke. An e-cigarette consists of different components, namely, a cartridge, a heating element, a powerhouse and a mouthpiece. They are also known as e-cigs, vapes, vape pens or hookah pens. They are like traditional tobacco cigarettes, pipes or cigars. In recent years, they have garnered immense popularity among the masses, especially among the young adults and adolescents.
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The global e-cigarette market is witnessing robust growth. Some of the major factors contributing to the increasing demand are easy availability of e-cigarettes, attractive advertisements and active promotional activities by manufacturers, and a wide variety of flavors in which they are available. The perception that they are a safer alternative to the conventionally used cigarettes is another key factor driving the market growth. Other factors driving the market growth include the development of improved designs and incorporating advanced technology in the manufacturing of e-cigarettes with the aim to improve their functioning.
Key Market Segmentation:
Breakup by Product:
• Modular E-Cigarette
• Rechargeable E-Cigarette
• Next-Generation E-Cigarette
• Disposable E-Cigarette
Breakup by Flavor:
• Tobacco
• Botanical
• Fruit
• Sweet
• Beverage
• Others
Breakup by Battery Mode:
• Automatic E-Cigarette
• Manual E-Cigarette
Breakup by Distribution Channel:
• Specialist E-Cig Shops
• Online
• Supermarkets and Hypermarkets
• Tobacconist
• Others
Breakup by Region:
• Asia Pacific
• Europe
• North America
• Middle East and Africa
• Latin America
Competitive Landscape:
The report has also examined the competitive landscape of global e-cigarette market. Some of the major players in the market are Philip Morris International, Altria Group Inc., British American Tobacco PLC, Japan Tobacco, Inc., Imperial Tobacco Group, International Vapor Group, Nicotek Llc, Njoy Inc., Reynolds American Inc., Vmr Flavours Llc., MCIG Inc., ITC Limited, J WELL France, etc.
Key highlights of the report:
• Market Performance
• Market Outlook
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Competitive Structure
• Profiles of Key Players
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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