E-Cigarette Market Growth, Size, Share, Trends, Revenue, CAGR Status, Challenges, Key Manufacturers, Future Strategies and Forecast Analysis till 2033: SPER Market Research
An electronic cigarette (e-cigarette) is a battery-powered device that simulates the vapours of traditional cigarettes and provides an experience similar to that of tobacco smoking. E-cigarettes are healthier than cigarettes or tobacco smoking because they don’t inhale harmful vapours. They also don’t contain nicotine. An e-cigarette comes in different flavours and is available in e-cigarette shops, supermarkets and online stores.
According to SPER market research, ‘E-Cigarette Market Size- By Product Type, By Battery Mode, By Distribution Channel- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the E-Cigarette Market is predicted to reach USD 94.94 billion by 2033 with a CAGR of 13.61%.
As more and more people are becoming aware of the negative impacts of traditional tobacco based cigarettes, the demand for electronic cigarettes is on the rise, particularly among young people and adolescents. The advantages of electronic cigarettes are that they are zero smoke, there is no pollution, there are fewer health issues, and you can smoke in public places. Higher nicotine addiction, increased frequency of e-cigarette usage, low online age verification and many other factors are driving the demand for electronic cigarette products. Rechargeable e-cigarettes have also gained popularity among consumers. They offer more flexibility and are more cost-effective than single-use electronic cigarettes.
One of the main barriers to the growth of the e-cigarette market is the prohibition of electronic cigarettes by various governments due to health concerns. There are stringent legal frameworks in place that regulate the sale, advertising and marketing of electronic cigarettes.
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Due to COVID-19, the global market for e-cigarettes experienced a dramatic decrease. The pandemic caused people to focus on their health and to stop smoking in order to address this issue. As a result, e-cigarette demand decreased during the pandemic. Retail stores and outlets stopped selling their products to comply with the government regulations. This limited the growth of the market. On the other hand, the relaxation of lockdown restrictions has led to an increase in e-cigarette sales as compared to previous years.
The demand for the product is expected to grow due to the fact that the younger generation has largely opted for e-cigarettes as a safer option compared to cigarettes. The majority of e-cigarette products are imported from overseas countries, including China. Additionally, the customers prefer to purchase in bulk through e-commerce platforms, which will contribute to the growth of the Asia Pacific market. The European market is expected to grow significantly over the forecast period. Additionally, some of the market key players are Altria Group, Inc., British American Tobacco plc, Imperial Tobacco Group, International Vapor Group.
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