The E-Cigarettes Market Is Being Driven By Growing Awareness About The Ill-Effects Of Smoking
Growing awareness about the alternatives to tobacco smoking is driving the e-cigarettes industry. Smoking tobacco is addictive and is a major cause of diseases such as lung and liver cancer, and heart disease. E-cigarettes act as a replacement to traditional cigarettes and use non-nicotine solutions to generate smoke. As more users become aware of the ill effects of tobacco smoking and are introduced to new and safer smoking devices, the demand for e-cigarettes is increasing. For example, according to a survey conducted by the US Department of Health and Human Services in 2016, there were twice as many teenagers using vape & e-cigarettes as compared to teenagers who were consuming regular cigarettes.
The global e-cigarettes (vaping) market size is expected to grow from $11.1 billion in 2019 to $12.6 billion in 2020 at a compound annual growth rate (CAGR) of 13.1%. The consumption pattern in the e-cigarettes market has been rapidly shifting due to the COVID-19 outbreak. Majority of the consumers are intending to either maintain or increase their purchase of e-cigarettes. The e-cigarettes (vaping) market size is then expected to recover and grow at a CAGR of 25.2% from 2021 and reach $23.9 billion in 2023.
Manufacturers of e-cigarettes are increasingly investing in the development of new types of coils for atomizers. Atomizer in an e-cigarette or vaping device is used to vaporize the e-liquid. Many manufacturers have developed atomizers that use nickel and titanium wires that can be coupled with high-wattage. The use of nickel and titanium wires produces thicker and dense smoke, and the higher electrical and thermal conductivities of the wires make the coil last longer. Nickel and titanium are also being coupled with other alloys to improve vaping experience. For example, the Vape Mesh Company, a new venture of The Mesh Company, is offering atomizers equipped with titanium grade 1 wire and nickel chrome heat resistance wires that provide high corrosion resistance.
The e-cigarettes (vaping) market share consists of sales of e-cigarettes and vaping products and related services. E-cigarette is an electronic device that simulates cigarette smoking without combustion of tobacco. The global e-cigarettes (vaping) market is segmented by product into disposable, rechargeable, and modular devices. By distribution channel, the market is segmented into vape shops, online supermarkets, tobacconists, and others.
Manufacturers of e-cigarettes are governed by various regulatory bodies to ensure product safety. For instance, in the EU, e-cigarette manufacturers must comply with standards set by Article 20 of the EU Tobacco Product Directive (2014/40/EU). According to the law, e-liquid manufacturers must limit nicotine content to below 20mg/ml. Also, manufacturers are required to submit all the key product information to concerned authorities in the EU Member States.