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Oct. 14, 2019, 3:16 a.m. EDT

E-cigarettes Market to Observe Strong Development Growth of CAGR by 2026

Oct 14, 2019 (WiredRelease via COMTEX) -- E-cigarettes are made up of cartridge, a battery, e-liquid and an atomizer that heats ingredients in a cartridge which creates a vapor to be inhaled by the consumer. It majorly includes nicotine, propylene, glycol, glycerin, and flavorings in liquid form that gets vaporized. They are tobacco-free and do not produce any combustion, smoke, and odor. They are similar to normal cigarettes with an LED light to produce when the user draws on an e-cigarette, E-cigarettes are designed to offer a sensation (nicotine hit) similar to conventional tobacco cigarettes. According to the US Food and Drugs Administration (FDA), e-cigarettes convert the chemicals such as nicotine into an aerosol that is inhaled by the user.

Rising adoption of the eco-friendly product coupled with the tax hike of regular cigarettes is the major factor fueling the market growth of E-cigarette. In July 2013, the World Health Organization (WHO) stated the potential risks of using e-cigarettes, which include throat irritation and coughing. This is expected to hamper the growth of the global e-cigarettes market.

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Market segmentation

By Product Type:

– Modular

– Rechargeable

– Disposable

By Distribution Channel:

– Hypermarkets

– Supermarkets

– Specialty stores

– Online Stores

– Others

Among product types, the modular e-cigarettes segment witnessed a significant market share in 2016. This can be attributed to the variety in the modular e-cigarettes such as flavors which can be refilled by the user, and also allow the user to adjust the power that is delivered from the e-battery to the atomizer. E-cigarettes are gaining significant traction owing to the wide availability of different flavors and enhanced inhaling experience, which in turn is fueling the growth of the e-cigarettes market. 

Regional Outlook

North America region is dominating the global e-cigarettes market owing to the increasing educational campaigns coupled with a ban on smoking in public places in the U.S. This has resulted in an approximate 31% drop in the sale of conventional cigarettes since 2005. This has created a large scale opportunity for e-cigarettes manufacturers in the U.S. thereby resulting in the growth of the market in North America. According to the National Youth Tobacco Survey (NYTS), an estimated 27.1% of U.S. adolescents used e-cigarettes in 2015. This has resulted in 41 states banning the sale of e-cigarettes to minors due to the increasing number of health complications associated with it. These factors could greatly hamper the growth of the e-cigarettes market in North America.

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Europe is projected to be the fastest-growing market for e-cigarettes, due to high prices and strict regulations that are imposed on cigarettes in the developed countries of the European region. For instance according to the Action on Smoking and Health (ASH), the number of smokers using e-cigarettes regularly has increased from 2.7% in 2010 to 17.7% in 2014 in the U.K. and it is expected to witness a substantial growth during the forecast period on account of the health issues caused by combustion of tobacco in cigarettes. The smoke forms a sticky chemical slurry called tar, and the tar coats get deposited in the delicate parts of the lungs. However, e-cigarettes don’t produce tar, because they don’t burn (or even contain) tobacco or other plant material. This is expected to fuel the growth of the market in the European region.

Manufacturers are smart adopting strategies such as mergers and acquisitions in order to increase their share in the global e-cigarettes market. For instance, Philip Morris International (PMI) merged with Altria in 2013 in order to market e-cigarettes. This resulted in PMI gaining the right to sell Altria’s e-cigarettes outside the U.S.

Key players in the Global E-cigarettes market –

Some of the key players operating in the global e-cigarette market include Japan Tobacco Inc., Reynolds American, Philip Morris International, Altria Group Inc. VMR Products, and British American Tobacco.

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