In the year 2019, the global e-cigarettes market was around $14 Billion USD. According to the studies, these figures are expected to grow up to $45 Billion by the end of 2026 as per compound annual growth of 17%.
Vapes, mods, e-cigs, tanks are some of the common terms that are used for e-cigarettes. The e-cigs consists of a liquid that evaporates with the help of a heating element. The e-liquid can be anything from a glycol, nicotine, or any other fruit flavor.
Old generation electronic cigarettes contained freebase nicotine, the newer ones come with a prefilled or refillable liquid base.
The first generation e-cigs are the ones that are disposable, the second generation can be recharged, and the third-gen electronic cigarettes come with rechargeable batteries and are refillable. The third-gen e-cigs are commonly known as mods.
Key Factors Leading to Use of e-Cigarettes
One of the leading factors, in this case, is the lower price of tobacco products. Lower prices and fewer negative effects are some of the most influential factors that compel people to buy electronic cigarettes.
Less negative effect on an individual’s health along with an affordable price has a huge impact on the global electronic cigarettes market.
Studies show that the use of electronic cigarettes has significantly increased among millennials and youngsters. There has been a huge shift in buying preferences among people aged 18-35 when buying cigarettes.
Electronic cigarette companies are introducing new products and flavors to attract more customers. On the other hand, standardization and government regulations have hindered the growth of the e-cigarette market.
Dominating Key Segment
No doubt, rechargeable electronic cigarettes have dominated the market all over the world. In the year 2019, the rechargeable segment alone has captured 45% of the market share. The answer to this is quite simple, people prefer e-cigs that can be charged and refilled easily over time.
This is the reason why cheap cigarettes distributors all over the United States prefer selling rechargeable tobacco products. West Virginia, Virginia, Kentucky, Missouri, North Carolina, and Tennessee are among those states where the cost of buying tobacco products is quite low.
If we split down into the geography, the European market was dominated by e-cigs in the year 2019.
The popularity of electronic cigarettes and vaping devices was booming among youngsters in Europe.
Some eastern European countries like Italy and Spain were at the top in the consumption of electronic tobacco products in 2019.
Insights from the Research
Below are some of the key findings during this research
- The e-cigs market will continue to grow at a CAGR of 17% annually.
- The increase in the number of millennials and the young population is the primary growth driving factors in the industry.
- The rechargeable segment holds the major share in the industry, leading up to 45% of the total market share.
- The study shows that the lack of government regulations is hindering the growth of the e-cigs market.
The research was carried out by Facts & Figures, which is one of the leading institutions in the market research. The reports published by this organization are used by prestigious organizations and institutions globally to understand the changing market trends.