E-cigarettes are electronic nicotine delivery systems. These devices heat liquid nicotine or flavored juices to create inhalable vapors. These devices are categorized into cig-a-likes, closed tanks systems, and open tanks systems. Closed tanks systems and open tanks systems differ in delivering e-liquid to the heating mechanism. The introduction of new generation products that helps in facilitating a safe method to avoid inhalation of tar and some other toxicants by end-users will boost the demand for e-cigarettes in the global market. The increasing number of acquisitions, the launch of advanced technological products, the intensification of patent warfare, and the introduction of stringent government regulations are driving the growth of the global e-cigarettes market. The increasing awareness about vapor products and a number of conferences in countries such as the UK, the US, Germany, and many other countries in APAC and Europe will have a positive impact on the growth of the global market.

The vapor products market is projected to reach revenues of around $43 billion by 2023, growing at a CAGR of approximately 16% during the forecast period.

Technological Innovations Boosts Demand for E-Cigarettes

Cig-a-likes were the first-generation vapor products and encouraged consumers to shift to using these products instead of using traditional cigarettes. The market witnessed the entry of many vendors launching their brands of e-cigarettes primarily imported from China. The launch of rechargeable units with lithium-ion batteries that could be charged as many times as the user wanted, is revolutionizing the market. The shift towards modular and bulky vaping devices and the launch of third generation devices are called VTMs, and personal vaporizers transformed the e-cigarettes market. VTMs continued to gain market share from closed systems and penetrated many countries such as France, Germany, and Italy before they enter the US market. The growing demand for these devices from countries such as China, Malaysia, and other emerging economies will create new opportunities for leading vendors in the global market. The introduction of many innovative solutions such as new flavors, advanced, and powerful vaping devices and Bluetooth-enabled e-cigarettes will augment the growth of the market.

Strategic Marketing and Increased Promotional Efforts

The increase in investments for advertising and promotional activities to boost the sales of vapor products is driving the growth of the e-cigarettes market. The implementation of different marketing, advertising, and promotional strategies by market players to attract mainstream regular tobacco smokers toward vapor products will attribute to the growing revenues in the global market. Vendors’ have spent on advertising and promotional strategies constituted a whopping amount of $140 million in 2015. With massive advertising campaign, the number of the US youth population that is exposed to advertising in retail stores, the Internet, TV or movies, and newspapers or magazines altogether cross 40 millions. The launch of multi-million-dollar advertisement campaigns will boost the adoption of the vapor products in the global e-cigarettes market.

New Variants of E-Juices

The introduction of new variants of flavors for e-cigarettes, VTMs, and personal vaporizers is resulting in the evolution of the global market. The growing demand for a variety of e-juices with different flavors such as chocolate, mint, menthol, watermelon, and pink bubblegum, among others, will boost the adoption of e-cigarettes in the global market. Currently, studies reveal that there are more than 8,000 different flavors of e-juices available in the global market with over 300 flavors being added every month in the US alone. Vendors are introducing new varieties to attract new customers and gain a larger market share. The prominent players are focusing on blending a variety of flavors to create new tastes to gain a larger consumer base. The trend of introducing new flavors is expected to continue during the forecast period.

The leading vendors in the vapor products market are Altria Group, British American Tobacco, Imperial Brands, Japan Tobacco International, and Philip Morris International.

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