Market research group has estimated that by 2024 the global e-cigarette market will be worth up to 44.55 billion USD, mainly due to the trend of using safer alternatives to cigarettes and high tobacco taxes.
Market research and consulting firm, Hexa Research, has released a report estimating the growth of the e-cigarette industry. “The global e-cigarette market was valued at $7.1 billion in 2016 and is likely to grow further due to consumer demand for beneficial and environmentally friendly products,” the report reads.
According to the report, three major factors contributing to this growth are health consciousness, the environmental safety of products and high tobacco taxes. In addition, mergers and acquisitions have also contributed to this growth, such as BAT's acquisition of Reynolds American.
Growth in North America and Europe is expected to come from the smokers in that region. On the other hand, the market growth in Asia Pacific is based on various factors such as awareness of the harmful effects of conventional cigarettes and product development.
According to another vaping market report by Bis Research published in late April, the e-cigarette market was worth $8 billion in 2015 and is expected to continue growing at a rate of 19.34%. “The global e-cigarette market was estimated to be worth $8 billion in 2015, and is expected to grow into a $46.9 billion industry by 2025.”
The most popular type of cigarette with consumers
Hexa Research’s report has sorted the e-cigarette market by characteristics such as regulated, rechargeable and disposable. Accordingly, customers prefer regulated, followed by rechargeable and disposable. Regulated is preferred because it can be used with many flavors and provides a good experience.
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Source: Diane Caruana - Vapingpost
Translated by: The Vape Club
