An E-cigarette is a device with the shape of a cigarette, cigar, or pen and does not contain tobacco. It utilizes a battery and includes a solution of nicotine, flavorings, and other chemicals, some of which may be harmful. When an e-cigarette is used, the nicotine solution turns into a mist that can be inhaled into the lungs. The amount of nicotine in e-cigarettes can vary. It provides the sensation of inhaling tobacco smoke without the smoke. The e-cigarette companies market e-cigarettes as tools for quitting or cutting down on the population’s smoking. The tobacco companies are buying existing e-cigarette brands and developing their e-cigarette products.
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The global e-cigarette market size reached US$ 21.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 31.9 Billion by 2028, exhibiting a growth rate (CAGR) of 4.4% during 2023-2028.
The global market is majorly driven by increasing awareness about the benefits of e-cigarettes, especially among the younger population. In line with this, the market players are offering customization features, such as temperature control and nicotine concentrations, to accelerate product sales. Furthermore, the vendors’ development of e-cigarette technologies such as pod systems and squonk mods has raised the product’s popularity. Apart from this, the rising emphasis on adopting safer alternatives to smoking is expected to drive the demand for e-cigarettes and vape devices which is offering lucrative opportunities to e-cigarette companies across the globe. As the stocks of e-cigarettes have become limited in physical stores, the companies started offering their products through online platforms, thus catalyzing market growth. The market players are offering various flavors such as menthol, tobacco, fruits and nuts, and chocolate, attracting many consumers. These flavors emit aromas when employed in an e-cigarette. Moreover, the growing cost-effectiveness of these devices is further propelling its adoption and is expected to drive market growth. Some e-cigarette companies are establishing stores where customers can visit and test the devices and e-liquid flavors before purchasing. Besides, the leading players are heavily investing in e-cigarettes, which are expected to be an effective alternative to tobacco consumption. Additionally, large e-cigarette companies are adopting growth strategies such as partnerships, acquisitions, collaborations, and strategic agreements to expand their customer base and geographical reach.
Some of the Top Key players in the E-cigarette Industry:
- Philip Morris International Inc.
- Altria Group Inc.
- British American Tobacco PLC
- Japan Tobacco, Inc.
- Imperial Tobacco Group
- International Vapor Group
- Nicotek LLC
- NJOY Inc.
- Reynolds American Inc.
- ITC Limited
- J WELL France
Also, Check Out the largest e-cigarette companies Worldwide
Key Highlights of the Report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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