As per the latest report by IMARC Group, titled “E-Cigarette Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global e-cigarette market size reached US$ 11.5 Billion in 2018. E-cigarettes, also known as vape pens and e-vaping devices, are battery-operated electronic devices that simulate the experience of smoking cigarettes. They deliver dosages of vaporized nicotine or flavored solutions for being inhaled by the user. Most of these cigarettes consist of a heating element (atomizer); a mouthpiece that is used for inhaling; and a reservoir which helps in holding the liquid solution. As e-cigarettes do not burn tobacco that generates tar and carbon monoxide, they are considered relatively safer than conventional cigarettes. In recent years, they have gained immense traction, especially among young adults and adolescents, owing to the aggressive promotions by manufacturers worldwide.
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Market Trends:
The increasing awareness among individuals about the harmful effects of conventional cigarettes and their growing willingness to quit smoking tobacco products are catalyzing the demand for e-cigarettes around the world. Moreover, manufacturers are introducing new-generation products that offer different strengths of nicotine and enable users to refill the cartridge. Some of the leading cigarette manufacturers are also entering into partnerships with small and domestic vendors to expand their consumer base. For instance, Japan Tobacco International (JTI) acquired the UK-based e-cigarette brand E-Lites to launch new products and commercialize its vaporizers across the globe. Further, the availability of different flavored e-cigarette variants including mint, menthol, chocolate, bubble gum and fusions of other fruits and flavorings are attracting a large number of consumers. Looking forward, the market is projected to reach a value of US$ 24.2 Billion by 2024, expanding at a CAGR of around 13% during 2019-2024.
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Market Summary:
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