Global e-cigarette market worth $7,690 million in 2015
The study highlights that the global e-cigarette market is likely to grow from $7,690 million in 2015 to $27,670 million by 2022. With the explosive growth of electronic devices and the increasingly stringent regulatory requirements posed by the government organizations on tobacco smoking, the e-cigarette market is gaining huge traction.
Insights on market segments
As per the findings of the research, the rechargeable e-cigarette has been globally the largest revenue contributor to the market. The specialty stores channel has been the largest revenue generator for the market globally.
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Europe stands as the largest e-cigarette market
Geographically, Europe has been the largest market for e-cigarette, where the U.K. has been the largest contributor to the regional market. China was the major market in Asia-Pacific in 2015, whereas in North America, the U.S. generated the highest revenue during the same year.
Growing health awareness and advancement in electronic devices bolsters market growth
The factors driving the growth of the market include growing health awareness, smoke and ash less vaping, product innovation and advancement in device technology, and social acceptability. Globally, the awareness about health concerns related to smoking is increasing. This has resulted in development of alternatives, which helps consumers to quit traditional cigarettes. The number of people affected from cancer, resulted from smoking, is one of the major global concerns. E-cigarettes eliminate the risk of cancer and intake of more than 4,000 chemicals, which are produced by burning of tobacco cigarette.
The key trend observed in the market is the introduction of new vaping devices and e-liquid flavors. Tobacco giants are partnering with device technology providers to offer advanced smoke-less smoking experience to their users.
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Top three players account for the major market share
The research states that the global e-cigarette market had a consolidated structure in 2015, where the top three competitors accounted for a major share of the market. Some of the key players in the global market include Philip Morris International, Reynolds American, VMR products, Japan Tobacco Inc, Altria Group Inc. and British American Tobacco.
Product launches, strategic partnerships, and mergers & acquisitions have been the major types of recent developments in this market. British American Tobacco, and Philip Morris International recently launched their new offerings, while Reynolds American Inc., and Japan Tobacco were acquirer of e-cigarette manufacturers.
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