The Global
E-cigarettes Market was valued at USD 21.2 Billion in the year 2020
New York (US) – vThe companies analysed in the report include Smoore International Holdings Limited, Imperial Brands, Plc., British American Tobacco, Japan Tobacco, Inc., FirstUnion, Shenzhen IPV Vaping Technology Co., Ltd, ALD GROUP LIMITED, JoyeTech, Juul Labs, NJOY The Global E-Cigarettes Market was valued at USD 21.2 Billion in the year 2020. In order to help smokers quit cigarettes, a variety of nicotine replacement products have come to the market including nicotine patches, gum, inhaler, lozenges and nasal spray. E-cigarettes are being recognised as an alternative to conventional cigarettes. Factors such as awareness about the harmful effects of conventional cigarettes reduced tar, and carbon monoxide inhalation through an electronic cigarette, growing disposable income and rise in technological developments by electronic cigarette manufacturers driving the growth of the e-cigarettes market.
The coronavirus pandemic of 2020 has impacted the growth of the e-cigarette market. The outbreak of novel coronavirus caused an adverse disruption on the overall economy through halted production and logistics activities, affecting the demand and supply of e-cigarettes globally. The shortage has also resulted in numerous incidents of black marketing for these products in European and North American countries. In order to meet the rising demand for vape products post-pandemic, multiple vendors adopted unique marketing strategies and offered their products via online platforms to boost product sales.
As more consumers become aware of the hazardous effects of tobacco smoking, they are introduced to new and safer smoking devices, thereby increasing the demand for these products. E-cigarettes are gaining popularity, especially among young adults and adolescents. The modular device segment is expected to be the fastest-growing segment These devices are highly customizable that allows users to adjust the vapour output according to their preference.
Key players operating in the global e-cigarette market include Smoore International Holdings, Imperial Brands Plc, British American Tobacco, Japan Tobacco Inc. etc. To gain a significant share in the market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, joint ventures, collaborations, and partnerships. The leading players are introducing various e-liquid flavours in the market to cater to the evolving preferences of customers, thereby propelling the market growth.
