The surge of electronic cigarette or E- Cigarette has witnessed a substantial growth as there has been a paradigmatic shift from traditional tobacco products. , This shift has led to an increased demand for different products such as e-liquid, refillable cartridge, atomizer, and battery. The e-cigarette market at the global level had witnessed profound transformation from selling only disposable cigarettes at its inception to selling VTMs (Vaporisers, Tanks and Mods) and closed tanks at present. According to the BIS Research report titled, ‘Global E-Cigarette and T- vapor – Analysis and Forecast (2017-2025),’ the market is expected to generate a revenue of $38.90 billion by the end of 2025, growing at a CAGR of 30.71% during the forecast period 2017-2025. The key factors for the significant growth is the lesser health risk as well as the cost as compared to the conventional tobacco products. Furthermore, e-cigarettes provide a varied range of flavours from desserts to fruits and methanol to classic, and this is escalating the growth of the market. Even, the new design of cigarettes allows the consumers to choose their own flavour and mix two flavours together.
E-Cigarette is an electronic device that converts a liquid with or without nicotine into vapor by using an atomizer. While Tobacco vapor or t-vapor products are electronic devices that heat tobacco at lower temperature in comparison to the conventional cigarettes to produce the vapor containing nicotine and other chemicals. T- Vapor products have been launched recently in the market and are expected to gain popularity at a rapid rate. For instance, the share of t -vapor in Japan’s tobacco company is 11% of the total market.
E-cigarette market is evolving continuously, wherein various technological advancements are taking place such as, the advent of smart e- cigarette and tobacco vapor/ heat-not-burn products. Further, the prominent market players are launching new products to expand their business at the global level. The launch of second generation e- cigarettes which looks like pen and laser pointers overcame some of the limitations of the existing e-cigarettes, with advantages such as the availability of more battery power. The introduction of third and fourth generation cigarettes provides a plethora of opportunities to the manufacturers in terms of design and flavour.
The ease of access of distribution channels has been consistently accelerating the growth of the global e-cigarette and t-vapor market. New players are supplying e- cigarettes and tobacco- vapor products in the market through online portals and shops. Therefore, the market has been segmented into online and retail channels which further divided into vape shops and tobacco shops, convenience stores and supermarkets and others, which includes pharmacies, gas stations, pub bar and so on.
However, the lack of scientific evidence to evaluate the health risks of e-cigarettes and t-vapor can inhibit the growth of the market in the future. For instance, imposition of heavy taxes in various countries on e-cigarettes and t-vapour products and strict regulatory measures such as FDA’S premarket tobacco product application (PMTA) are some of the restraints being faced by the market.
BIS Research has conducted an extensive research on the global e- cigarette and t-vapour market and compiled the observation and insight in this report. The market intelligence report aims at providing an in -depth analysis of the key development strategies, marketing strategies and market trend dynamics which include drivers, restraints, and opportunities prevailing in the industry.
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