E-Cigarette Market to register 21.6% CAGR during 2019–2024
Other than the introduction of new flavors, a number of e-cigarette companies are making use of online channels and are offering promotions and discounts on the purchase of e-cigarettes. For example, in April 2019, Philip Morris International Inc., announced regarding the provision of insurance premiums to tobacco users who are switching toward vaping products. The aim of the plan was to offer 2.5% discount on premium plans to the buyers.
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When geographic scenario is taken into consideration, Europe, primarily countries such as the U.K., Russia, and France,created the largest demand for e-cigarettes in the past. However, since the researchers are not sure regarding the actual effects of e-cigarettes, several countries are imposing laws regarding the utilization of e-cigarettes.
The situation is still uncertain in some countries, however, nations such as Mexico, Singapore, Brazil, Saudi Arabia, and Thailand have imposed a complete ban on e-cigarettes, which has certainly reduced the potential growth of the domain.
In conclusion, the demand for e-cigarettes may reduce in the coming years, however, people are adopting these devices to quit the habit of smoking traditional cigarettes
According to a P&S Intelligence report, the global e-cigarette market attained a value of $11.5 billion in 2018 and is predicted to generate a revenue of $41.7 billion by 2024, advancing at a 21.6% CAGR during the forecast period (2019–2024).
