The global E-Cigarette And Vape Market is anticipated to reach USD 67.31 billion by the end 2027, according to a new report released by Million Insights. The market is anticipated to grow at a CAGR of 23.8% during the forecast period, 2020 to 2027. This growth is attributed to rising demand for e-cigarettes among millennial population owing to availability of different flavors and affordability of the devices. Moreover, it is considered as safer alternative to traditional smoking. In addition, manufacturers are providing customized products at affordable price range. This is expected to boost the demand over the forecast period.
Consumers prefer these devices over traditional cigarettes owing to rising health awareness among millennial population. Moreover, various flavors such as mixed fruits, dessert, tobacco, and others are available in e-liquids which is driving the segment growth. In addition, DIY ideas for preparing e-liquids by mixing certain flavors are expected to boost the demand for e-liquids over the forecast period, 2020-2027.
Prominent players are using Genomic Allergen Rapid Detection strategy to develop e-liquids to meet the require set of standards. This factor is expected to influence consumers to prefer e-cigarettes over conventional ones. In many countries such as Singapore, Uruguay, and India local authorities and health organizations have banned the selling of e-cigarettes which is expected to adversely affect the market growth.
North America was the largest market for e-cigarette and vaping devices owing to rising popularity of safer smoking alternatives and shifting trend towards healthy lifestyle. There are low to moderate entry barriers for new entrants to enter in this market. They can start their ventures by investing less amount of money. Furthermore, leading companies are concentrating on mergers, acquisition, R&D, and product innovation. Moreover, companies are adoption new technologies to attract large consumer base and expand their geographical presence.
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Further key findings from the report suggest:
• By product, the segment of modular devices is projected to grow at the fastest CAGR of 25.2% over the forecast period.
• The segment of e-liquids is projected to grow at the fastest rate from 2020 to 2027 owing to availability of variety of flavors and DIY ideas.
• Online segment is projected to be the prominent channel for selling vaping devices owing to rising influence of promotional strategies on social media platforms.
• In 2018, North America dominated the global e-cigarette & vape market and is projected to grow at a significant rate over the forecast period
• Leading players in this industry are British American Tobacco; Imperial Brands; Altria Group, Inc.; International Vapor Group; Nicquid; Japan Tobacco, International; JUUL Labs, Inc.; R.J. Reynolds Vapor Company; Philip Morris International Inc.; Shenzhen KangerTech Technology Co., Ltd. and Shenzhen IVPS Technology Co., Ltd.
Million Insights has segmented the global e-cigarette & vape market based on product, component, distribution channel, and region:
Product Outlook (Volume, Million Units; Revenue, USD Million, 2016 - 2027)
• MComponentodular Devices
Outlook (Volume, Million Units; Revenue, USD Million, 2016 - 2027)
• Vape Mod
Distribution Channel Outlook (Volume, Million Units; Revenue, USD Million, 2016 - 2027)
• Convenience Store
• Drug Store
• Tobacconist Store
• Specialty E-cigarette Store
Regional Outlook (Volume, Million Units; Revenue, USD Million, 2016 - 2027)
• North America
• Asia Pacific
• South Korea
• Latin America
• Middle East & Africa (MEA)