E-Cigarette & Vaporizer Market Advancements and Industry Outlook to 2024
E-cigarettes have been first launched in China and then penetrated American and European markets. Market Research Future (MRFR) has found out in its recent assessment that the global e-cigarette & vaporizer market is expected to strike a double-digit CAGR of 25% over the review period 2019 to 2021. The awareness against smoking addiction is expected to boost the revenue growth of the market in the years to come.
The adverse effects of smoking are motivating the shift towards vaporizers. The increasing burden of lung and throat cancers is anticipated to have a favorable impact on the growth pattern of the global e-cigarette & vaporizer market. Lung cancer is the leading cause of cancer death in the U.S. According to the American Cancer Society, approximately 142,670 patients are estimated to succumb to lung cancer in 2019. It is projected to encourage the growth of the e-cigarette & vaporizer market over the assessment period.
The key players of the E-Cigarettes and Vaporizer Market profiled in this MRFR report are Hubbly Bubbly, Dash Vapes, Liquideu, Pacific Smoke International, Nice Vapor., Puff Ecig, Smokio., Vape Escapes, Simple Vape Co. London Ltd, and Vapor Line.
In May 2019, the best-selling e-cigarette maker in the United States, JUUL Labs, has ventured into the Korean market with the launch of heat-not-burn cigarette called "lil vapor."
In May 2019, JUUL Labs, which holds around 70% of the U.S. market, forayed into the Irish market through service stations and specialist shops.
In May 2019, 'Vaping is NOT Tobacco' campaign has been launched in Europe, highlighting the difference in health benefits between vaping and smoking.
This MRFR report includes an exhaustive segmental analysis of the global e-cigarette & vaporizer market based on product type. The segments include disposable e-cigarette, rechargeable e-cigarette, ego and tanks, personal vaporizers and mods, and others. Among these, the disposable e-cigarette segment has been projected to dominate the growth pattern of the market.
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It held over 30% market share in 2015 and is anticipated to retain its pole position over the next couple of years. Also, the rechargeable e-cigarette segment is expected to generate considerable revenue in the foreseeable future. It is projected to retain the second spot in the e-cigarette & vaporizer market across the review period. In addition, the personal vaporizers segment is prognosticated to mark a CAGR of 23.5% over the assessment period.
By region, the global e-cigarette & vaporizer market has been segmented into North America, Europe, Asia, and the Rest of the World (RoW). North America stood at the forefront position in 2015 and is likely to retain its market share over the next few years. The growth of the market can primarily be ascribed to the increasing consumption of e-cigarettes as an alternative to tobacco. The awareness campaigns organized, in conjunction with rising awareness about the adverse effects of alcohol, is projected to drive the expansion of the e-cigarette & vaporizer market in the region. However, the increasing consumption among teens remains an impediment to market growth. The government is taking actions to curb its use among younger adults. It is projected to check the expansion of the market in the years to come.
Asia Pacific is projected to hold around 21% of the market revenue by the end of the assessment period. It is also anticipated to exhibit the highest CAGR during the projection period. China and India are poised to contribute most significantly towards the development of the e-cigarette & vaporizer market in the region.
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