The electronic cigarette and tobacco vapor market is expected to grow by more than $86.43 billion by the year 2025, according to a new estimate forecast by BIS Research.
According to their research, it’s the search by consumers for alternative to conventional cigarettes fueled by rising health awareness that’s fueling the market’s growth.
They note that smoking is the leading cause of preventable deaths across the planet.
In the United States, around 500,000 people die each year as a result of cigarette smoking related ailments. Currently, there are around 10 million regular users of electronic cigarettes in the United States.
Here are some highlights from the company’s market analysis, which they titled “Global E-cigarette and T-vapor Market – Analysis and Forecast, 2017-2025.”
- 2016 e-cigarette and t-vapor market estimated at $11.43 billion.
- CAGR growth rate forecast at 23.25% for 2017 to 2025.
- E-liquids are responsible for over 38.7% of e-cig market revenue, making them the largest revenue generating component of the market.
- Retail distribution channels account for 60% of e-cig sales.
- Asia Pacific is the largest market for tobacco vapor products.
- The U.S. e-cig market is the largest in North America.
Abdul Wahid, the lead analyst at BIS Research, indicated in a statement that the e-cig and t-vapor market “is going to be driven by the urgent need to reduce global tobacco related mortality and morbidity.”
“The e-cigarette and t-vaporizer market is going to be driven by the urgent need to reduce global tobacco related mortality and morbidity. In terms of the products available in the market, open tank systems are the predominant product type with 53% market share. However, tobacco vapor products enjoyed phenomenal success in the countries where they have been introduced and are expected to generate revenue worth $39 billion by 2025. Retail channels such as convenience stores, vape shops and tobacco shops have been the primary distribution channel for most manufacturers, however, online channels are gaining popularity.”
The complete BIS Research report is available for purchase directly from BIS Research via their website.
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