NEW YORK, Oct. 12, 2020 /PRNewswire/ -- The key reason behind the steady growth of the global e-cigarette market, at a 9.2% CAGR between 2020 and 2030, would be the easy availability of these products. At this rate, the revenue generated from the sale of such devices would rise to $39.0 billion by 2030, from $15.7 billion in 2019. Manufacturers are tying up with retail stores and grocery chains to promote their products at in-store hubs and dedicated kiosks, according to the market research report published by P&S Intelligence.
The e-cigarette market growth is being further buoyed by the setting up of special branded outlets by the manufacturers of these products. These stores attract a large number of users, who get the liberty to choose from a wide array of offerings here. These stores offer devices of numerous individual companies, which helps increase their popularity and sales.
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The COVID-19 crisis has led to slow growth in the e-cigarette market, as the lockdown initiated in several countries has resulted in a halt of sales. Additionally, China, which supplies more than 80% of the world's e-cigarettes, has also been under intense lockdown, as it was the epicenter of the pandemic, thereby resulting in an extremely low supply.
In the coming years, the online division, under the distribution channel segment, is expected to witness the highest CAGR in the e-cigarette market, of 13.7%, in terms of revenue. This is ascribed to the strong focus of e-cigarette manufacturers to sell their products online, considering the rapid rise of the online shopping preference around the world. It takes a considerably low capital to promote and sell products via online channels, which are also a good place to engage with customers.
Browse report with detailed COVID-19 impact analysis on E-Cigarette Market Research Report: By Product (Cig-a-Like, Vaporizer, Vape Mod, T-Vapor), Gender (Male, Female), Age Group (16-24, 25-34, 35-44, 45-54, 55-65, 65+), Distribution channel (Vape Shop, Online, Hypermarket/Supermarket, Tobacconist) - Global Industry Analysis and Growth Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/e-cigarette-market
Europe is the largest e-cigarette market presently, on account of the extremely high popularity of such devices in Russia, France, and the U.K. Existing users of conventional cigarettes are switching to the electronic variant, as an effective way to quit tobacco consumption. In future, the fastest industry advance is predicted to be experienced by North America, in terms of value, because the region has a large number of smokers. In addition, with the youth increasingly purchasing these devices and people shifting to them from conventional variants, the market growth prospects in the region are quite good.
In an effort to outlast their competitors in the e-cigarette market, players are entering into mergers and acquisitions.
For instance, in December 2018, Altria Group Inc. paid $12.8 billion to acquire a 35% stake in JUUL Labs Inc. With this investment in one of the largest e-cigarette companies in the world, Altria Group Inc. aimed at enhancing its industry presence.
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In addition, the tobacco business of Bangladesh-based Akij Group (Akij) was acquired by Japan Tobacco Inc. in August 2018. With this move, the latter company became one of the largest tobacco products company in the country, improved its position in emerging markets, and secured a channel for steady mid-to-long-term profit growth.
The most prominent companies in the global e-cigarette market include Altria Group Inc., British American Tobacco plc, Imperial Brands plc, Japan Tobacco Inc., JUUL Labs Inc., Philip Morris International plc, Turning Point Brands Inc., NJOY LLC, FIN Branding Group LLC, Vapor Hub International Inc., Shenzhen IVPS Technology Corporation Ltd., Shenzhen iSmoka Electronics Co. Ltd., Shenzhen Kanger Technology Co. Ltd., and Innokin Technology Co. Ltd.
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