As more people become aware of the harmful consequences of conventional tobacco-based cigarettes, especially among young adults and adolescents, electronic cigarettes (E-Cigarettes) are becoming more and more popular. Due to a number of benefits, including no smoke, no pollution, fewer health problems, and the freedom to smoke in public places, e-cigarettes have been seen as a potential alternative to traditional cigarettes.
Demand for e-cigarette products is rising due to a number of factors, including rising e-cigarette usage, rising nicotine dependency, inadequate online age verification, and a number of other problems. There is now a wider knowledge that e-cigarettes are safer than regular cigarettes, particularly among younger people, as a consequence of several research conducted by medical institutions and groups. This is anticipated to further drive market development.
DataM Intelligence's in-depth market analysis reveals the major market drivers, challenges, and trends. Our market intelligence report evaluates the market size, growth, and share, providing crucial insights for businesses to make informed decisions and capitalize on the existing and upcoming opportunities in the e-cigarette market.
Understanding the Emerging Key Trends and Challenges:
Market Trends:
The growing number of e-cigarette and vape product releases is a major element influencing the development of the e-cigarette industry. Any market needs successful product launches to promote both the expansion of the market and the product portfolios of market participants. Additionally, it gives the participants a competitive edge and boosts their market share.
For instance, RELX Technology advertised the availability of their premium next-generation e-cigarette in Kuwait and the United Arab Emirates in August 2021. Similar to this, in May 2022, a ground-breaking Lota water-based vaporizer was introduced as a result of a collaboration by two well-known market companies, Innokin Technology and Aquios Labs.
As a result, such product introductions by a number of market participants are having a favorable effect on the expansion of the electronic cigarette industry. As a result, it is anticipated to fuel market expansion over the projection period.
Market Challenges:
One of the main challenges preventing the expansion of the e-cigarette sector is the strict laws governing e-cigarette sales, marketing, and advertising. The selling, promotion, and marketing of e-cigarettes are subject to stringent legal regulations, which may have a detrimental effect on the market for electronic cigarettes.
For instance, the Ministry of Health and Family Welfare in India issued a warning to all state governments in August 2018 to prohibit the sale of Electronic Nicotine Delivery Systems (ENDS), which include e-cigarettes, HNB tobacco products, vapes, e-nicotine flavored electronic hookahs, and other products containing tobacco.
Therefore, the profit margin of market participants may be considerably impacted by these strict requirements. Therefore, it is anticipated that these factors will restrain market development throughout the projected period.
Market Key Players:
Top leading e-cigarettes market players with significant market share:
- Japan Tobacco Inc.
- Imperial Brands PLC
- Turning Point Brands
- Vapor Hub International
