- E-cigarettes, also known as e-vaping devices, are battery-operated devices that emit vaporized nicotine or non-nicotine solutions for the user to inhale.
- The Rising awareness among individuals about the harmful impact of conventional cigarettes is bolstering the e-cigarettes market growth.
- Market is expects to reach a value of $24.2 Billion by 2024, exhibiting a CAGR of around 13% during 2019-2024.
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 $11.5 billion in 2018. Looking forward, the market is expected to reach a value of $24.2 billion by 2024, exhibiting a CAGR of around 13% during 2019-2024.
E-cigarettes, also known as e-vaping devices, are battery-operated devices that emit vaporized nicotine or non-nicotine solutions for the user to inhale. Their objective is to offer a sensation similar to that of inhaling tobacco smoke.
E-cigarettes are mainly manufactured using four components, including a heating element, power source, cartridge and a mouthpiece, which is used for inhaling the solution. These cigarettes are gaining traction across the globe, especially among young adults, as they are considered safer than conventional cigarettes.
The rising awareness among individuals about the harmful impact of conventional cigarettes, in confluence with the growing willingness to quit smoking, is bolstering the e-cigarettes market growth. Apart from this, some of the leading players operating in the industry are launching new generation products, which provide different strengths of nicotine and enable users to refill the cartridge.
These players are also forming alliances and partnering with small and domestic vendors to maintain their competitive edge in the market. Furthermore, the easy availability of flavored e-cigarette variants, such as mint, menthol, bubble gum and fusions of other fruits and flavorings, are expected to impel the market growth in the coming years.
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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.