Mar 17, 2020 (Profound via COMTEX) -- The report provides rational insights along with historical and forecast data to aid in better understanding of the Global E-cigarette And Vape Market. The report provides a comprehensive analysis of key factors that are expected to drive the growth of the E-cigarette And Vape market. This study also provides a detailed overview of the opportunities along with the current trends observed in the target market.
The global e-cigarette and vape market size was valued at USD 12.41 billion in 2019 and is expected to expand at a revenue-based CAGR of 23.8% from 2020 to 2027. The market is expected to gain traction over the forecast period, owing to increasing product demand from millennials. The availability of a variety of e-cigarette options is anticipated to further fuel the product adoption.
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An e-cigarette is a battery-operated device that is considered as a safe alternative to smoking cigarettes. The industry is non-uniformly regulated as the effects of the devices are under review. Large tobacco companies have flourished by introducing these devices through various brands that cater to different requirements, thereby enhancing the product quality and level of customization. Moreover, emerging e-cigarette technologies, such as pod systems and squonk mods have increased its popularity in recent years
The market has evolved since 2014 as the devices have become more efficient in terms of battery life and the availability of various flavors, attracting a large number of customers. The cost-effectiveness of these devices has further accelerated the product adoption in the market. The rising prices of traditional cigarettes is anticipated to further encourage the demand for e-cigarettes and vape devices in the forthcoming years.
The market is driven by growing awareness among the young population owing to various medical studies that term e-cigarettes as a safer alternative to traditional cigarettes. Moreover, the customization options offered by vendors and continuous improvement toward new product development is expected to drive the market growth over the forecast period. Technological advancements have led to the development of high capacity e-cigarettes that produce large quantities of vapor, which is witnessing increased preference among vapor enthusiasts. Vaping has helped a large number of smokers quit smoking thereby, making e-cigarettes an effective alternative to smoking.
The strict regulations levied by local authorities across U.S., India, and Germany, among other countries has however restrained the growth of the market. Multiple countries have banned the distribution and sale of vapor products, which in turn has led to lower sales. Furthermore, stringent trading laws have made it difficult to import vaping devices for personal consumption. The vaping industry has formed various associations such as the American Medical Association (AMA), Consumer Advocates for Smoke-Free Alternatives Association, and Food and Drug Administration (FDA), to combat the policies against vaping products and to regularize the industry
The report covers major players operating in the market along with the key strategies implemented to achieve a competitive edge against a majority of the vendors which provides a competitive outlook of the industry. The competitive landscape further includes details about different players and their position on a global and a local level is also explained in detail in this compiled study. These insights were prepared through mapping business strategies and products that offer high revenue generation capacities. Key players of the global E-cigarette And Vape market are included as given below:
Key players include Altria Group, Inc.; British American Tobacco; Imperial Brands; International Vapor Group; Japan Tobacco, International; NicQuid; JUUL Labs, Inc.; Philip Morris International Inc.; R.J. Reynolds Vapor Company; Nicquid; Shenzhen IVPS Technology Co., Ltd.; and Shenzhen KangerTech Technology Co., Ltd.
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The market is characterized by low entry barriers for new players since the new players can establish their business with minimal investments. Competition among the players is high and large companies acquire smaller companies to increase customer base and geographical reach. For instance, in November 2018, Japan Tobacco Inc. acquired Akij Group’s tobacco business in Bangladesh. This acquisition enabled the former to expand its operations in Bangladesh, thereby becoming the second largest tobacco company in the country.
Companies invest actively in Ramp;D for continuous innovation and new product development. For instance, in 2018, Altria Group, Inc. invested USD 252 million in Ramp;D for the development of advanced e-cigarette and vape
The global E-cigarette And Vape market has been segmented as below:
Global E-cigarette And Vape Market by Region
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