Global E-cigarette Market 2019-2023| Increasing Focus on Design Enhancement of Docking Stations to Boost Growth| Technavio
LONDON--(BUSINESS WIRE)--May 22, 2019--
The global e-cigarette market is expected to post a CAGR of over 22% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio has published a new market research report on the global e-cigarette market from 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the market is that e-cigarettes are perceived to be less harmful than other substitutes such as cigarettes and cigars. Smoking tobacco products are known to cause respiratory ailments, cancer, and heart diseases. Also, nicotine in tobacco products causes addiction to smoke. However, as e-cigarettes produce a flavored aerosol that delivers nicotine to the lungs, which stimulates tobacco smoking without delivering toxic chemicals, they are perceived to be less toxic than conventional cigarettes. Since the last decade, several vendors have been focusing on reducing nicotine content in their products to provide a safer alternative to customers. Thus, the preference for e-cigarettes to other tobacco products will promote the growth of the market during the forecast period.
As per Technavio, the increasing application of e-cigarette as a smoking cessation tool will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global e-cigarette market research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global e-cigarette market: Increasing application of e-cigarette as a smoking cessation tool
The number of people trying to quit the habit of smoking is increasing, and most of them are trying out e-cigarettes to quit smoking. This is expected to fuel the growth of the market during the forecast period. Moreover, various government agencies are launching smoking cessation campaigns aiming at helping people quit the habit of smoking. For instance, Public Health England launched a smoking cessation campaign in December 2017, which includes face-to-face help, stop smoking aids, an app, as well as social media and SMS support. The campaign also features a website that highlights e-cigarettes as a possible option to help people quit smoking. Thus, with such kind of initiatives, the market for e-cigarettes is expected to showcase a positive outlook during the forecast period.
“With the demand for e-cigarettes increasing, several vendors across the globe are seen investing heavily in the global e-cigarette market. Currently, large investments are made in emerging start-ups and e-cigarette distribution channels as these strategic mergers and acquisitions help vendors access new products and technologies. Hence, the increasing investment in the global e-cigarette market will promote the growth of the market during the forecast period,” says a senior analyst at Technavio.
Global e-cigarette market: Segmentation analysis
This market research report segments the global e-cigarette market by product (modular e-cigarette, next-generation products, rechargeable e-cigarette, and disposable e-cigarette) and geographical regions (APAC, North America, Europe, MEA, and South America).
The APAC region led the market in 2018, followed by North America, Europe, MEA, and South America, respectively. However, during the forecast period, the European region is expected to register the highest incremental growth due to the launch of new products that meet the demand for innovative e-cigarettes.
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Five Forces Analysis
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