E-Cigarette Market is Estimated to Expand At A Healthy CAGR In The Upcoming Forecast Period

New York, NY -- (SBWire) -- 04/22/2019 --E-cigarettes, short for electronic cigarettes, are providing smokers a safer alternative to tobacco-based products. Because the health hazards of such devices are relatively low compared to traditional ones, the global e-cigarette market is expected to grow by leaps and bounds in the coming years. It is being estimated that the market size in 2023 will be more than thrice of what it was in 2017. Cig-a-likes, vaporizers, and vape mods are the various types of products on offer that are primarily sold through vape shops, supermarkets, online platforms, and tobacconists.

The major trend observed in the e-cigarette market is the changing lifestyle and preferences of smokers. Addicts and those looking to quit are steadily shifting toward electronic cigarettes from tobacco-based ones. Besides, the extremely less amount of smoke produced by e-cigarettes helps cut down on passive smoking, which is another factor conducive to the market's growth. Further, e-cigarettes are available in a variety of flavors, giving regulars wider options and luring first-timers a good reason for experimentation. The sale of e-cigarettes online has also skyrocketed, as consumers are drawn to attractive discounts and effective promotions.

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Rising awareness about the dangers of traditional smoking is the primary factor driving the growth of the e-cigarette market. Electronic cigarettes are claimed to eliminate the risk of cancer, thus resulting in an increased demand among consumers. Another factor responsible for drawing the attention of customers to e-cigarettes is the reduced production of ash, vapor, and buds. The mist created by these disappears instantly, reducing associated side-effects, while no need is felt to dump the buds and sprinkle the ash. Since traditional cigarettes are banned in public places in many countries because of the ash and smoke they produce, the electronic alternatives are being accepted with open arms.

Talking of the 2013–2017 e-cigarette market scenario, North America led the global market in terms of revenue generation, while Asia-Pacific (APAC) witnessed the fastest growth. The CAGR of the APAC region during 2018–2023 is again expected to be the highest. Within APAC, vaporizers will gain heavily due to the variety of flavors these are available in. Worldwide, vape shops are expected to be the preferred distribution channel for electronic cigarettes, as these have an extensive range of such products on offer.

There are few restraints hampering the e-cigarette market progress such as stricter government laws on smoking and incidents of e-cigarettes and associated parts malfunctioning; however, the impact of these factors is slated to be low to medium in the long term. Additionally, with market players increasingly focusing on bringing new and improved products and merging with or acquiring similar or related firms, the market is expected to develop further. For instance, Japan Tobacco Inc. entered the Ethiopian market in 2017 after acquiring a stake in National Tobacco Enterprise (Ethiopia) S.C., while British American Tobacco plc launched a tobacco-heating product, glo, which, despite tasting similar to tobacco, produces a lot less toxicants, vapor and smell.

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Hence, with rising awareness about the health risks of smoking, more people wanting to quit, increasing government restrictions on traditional forms of smoking, advancements in technology, and social acceptability of electronic alternatives, e-cigarettes are expected to witness a high demand, especially in developing countries.