June 01, 2020
According to the research report titled ‘E-Cigarette Market Size By Composition, By Product, By Type, By Distribution Channel, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report LLC, global e-cigarette market is projected to surpass USD 9 billion by the year 2026.
Increasing focus towards quitting smoking along with inflating prices of regular cigarettes are major factors driving the e-cigarette market growth. According to NEJM (New England Journal of Medicine), e-cigarettes help people renounce cigarettes and are more effective for quitting smoking. Favorable government initiatives such as smoking cessation campaigns is also fueling the market growth.
Rising cognizance about the harmful effects of smoking including weak immune system, vision problems, pregnancy complications, poor oral hygiene, mouth cancer, lung damage and heart disease is fostering the demand for e-cigarettes across the globe. Moreover, numerous market majors are focusing on developing technologically advanced e-cigarettes which are equipped with varied concentration of nicotine, thereby augmenting market outlook.
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As per product type, rechargeable e-cigarette market segment is expected to register significant growth during the forecast period. The product comprises of a wall adapter, USB cable and a special case to carry around. It lasts longer and can be refilled with distinctive flavors. In addition to this, low cost of rechargeable e-cigarettes is fueling the segmental growth.
By type, automatic e-cigarette segment is slated to record remunerative growth during the study period, primarily due to its longer battery life and affordability as compared to traditional cigarettes. The product can activate the heating element automatically, which eliminates the need to press & hold a button manually while inhaling. However, these devices are more vulnerable to damages through leakage, which in turn could hinder the product demand.
In terms of distribution channel, e-cigarette market from online segment is poised to acquire significant returns by the year 2026. Online channels offer flexibility while purchasing products as well as personalized delivery options. Several online websites are providing an array of e-cigarette options with additional offers and discounts. Advancements in e-commerce sector has allowed consumers to make better decisions during purchasing as well as offers real-time tracking and vast product information, thereby favoring the market scenario.
Considering the geographical landscape, Europe e-cigarette market is anticipated to showcase considerable growth in the forthcoming years, primarily due to rising adoption of the product in Germany, UK and France. In addition, high concentration of market majors and technological advancements are facilitating the business outlook in Europe.
Shenzhen Kanger Technology Co. Ltd., Shenzhen IVPS Technology Co. Ltd., Philip Morris International Inc. (PMI), NJOY LLC, NicQuid LLC, Mojo Tech LLC, JUUL Labs Inc., Japan Tobacco Inc. (JTI), International Vapor Group LLC, Imperial Brands PLC, Gamucci Electronic Cigarettes, FIN Branding Group LLC, Eleaf Group, British American Tobacco PLC (BAT) and Ballantyne Brands LLC are the major companies in global e-cigarette market.