June 16, 2020
According to the research report titled ‘Global Electronic Cigarette and Tobacco Vapor Market Size study, by Product (Disposable, Rechargeable and Modular Devices), by Component (Atomizer, Vape Mod, Cartomizer and E-liquid) by Channel Distribution (Online and retail) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, global electronic cigarette & tobacco vapor market was worth USD 10.02 billion in the year 2018 and is expected to grow with a CAGR of 23.80% between 2019 and 2026.
For the record, an e-cigarette is a battery-powered device which is deemed to be a safe substitute to smoking cigarettes. It mimics the experience of conventional tobacco smoking without the need for inhaling smoke.
Increasing cognizance pertaining to harmful effects of smoking cigarettes on health is a major factor driving the growth of electronic cigarette and tobacco vapor industry. According to Cancer Control Info., consumption of tobacco results in death of around 6 million people globally every year, of which up to 600,000 deaths are caused by secondhand smoke exposure. Moreover, tobacco related deaths are expected to reach 8 million annually by the year 2030. Thus, increased pervasiveness of cancer is compelling the consumers to adopt electronic cigarettes, which in turn is aiding the market expansion. However, high cost of electronic cigarette as compared to its traditional counterparts and strict regulatory scenario pertaining to production of such products may negatively impact the market outlook.
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As per product type, the market is split into modular, rechargeable, and disposable. In terms of component type, electronic cigarette & tobacco vapor industry is divided into E-liquid, cartomizer, vape mod and atomizer. Citing the distribution channel, the industry is categorized into retail and online segments.
Considering the geographical landscape, electronic cigarette and tobacco vapor industry in North America is poised to accumulate substantial revenues in the forthcoming years, primarily due to high concentration of market majors in the region and growing millennial population.
On the other hand, Europe market is predicted to expand significantly during the forecast period. Favorable regulatory scenario pertaining to consumption of electronic cigarettes and increasing health awareness are stimulating the industry outlook in the region.
Shenzhen IVPS Technology Co. Ltd., Nicquid, British American Tobacco, International Vapor Group, Philip Morris International, Japan Tobacco Inc., Altria Group Inc., JUUL Labs Inc., Imperial Brands and Reynolds America Inc. are the major contenders in worldwide electronic cigarette and tobacco vapor industry.