The e-cigarette market has been booming at an excellent rate across the world and there are plenty of factors responsible for it. Over the last decade, it has been observed that more people have been making use of e-cigarettes in order to consume substances for nicotine replacement. And even the high school students are largely using e-cigarettes in order to satisfy their needs. In this post, we have covered the reasons responsible for the high growth of the e-cigarette market at a global level. In addition to this, we have also mentioned some numbers to highlight the intensity with which the global e-cigarette market has been booming across the world.
In the year 2018, the value of the e-cigarette market stood at $11.5 billion and it is expected to witness a growth of CAGR 21.6% during the time period, 2019-24. One major factor responsible for this change is the growing awareness about the harmful effects of smoking. A high percentage of people across the world have been realizing that e-cigarette is the better option available for smoking as it doesn’t affect the health adversely. Apart from this, the increasing number of vape shops, as well as new product innovations, are contributing to the growth of the global e-cigarette market. Below, we have mentioned the factors that have been contributing to an increase in the demand for the e-cigarette market at a global level.
Moderate Cost and Less Harm
One of the prime reasons that have been contributing to the rising demand for e-cigarettes at a global level is the moderate cost of different varieties of e-cigarettes. Over the course of time, it has been found that a variety of e-cigarettes have been available at affordable prices and it has become possible for even youngsters to use e-cigarettes on a daily basis. In addition to this, it has been proved in many studies that vaping causes less harm to health than smoking. The growing awareness of people towards maintaining their health has been contributing to the high sale of many types of e-cigarettes across the world.
No Smoke and Odour
In comparison to smoking, there is no smoke or odour released by vaping in the environment. This is attracting a high number of people towards smoking various types of e-cigarettes without any discomfort. Now, one can consume the nicotine replacement substance without causing any discomfort to other people in his vicinity. In addition to this, there are many flavors available for e-cigarettes to help people choose one according to their choice. Europe enjoys the highest share of growth in the e-cigarette market at a global level. In addition to this, the UK, France, and Russian markets are contributing to this growth.
Use of Effective Marketing Techniques
Another factor that has been leading to high growth in the global e-cigarette market is the use of effective marketing techniques by e-cigarette manufacturers. And the increasing use of social media marketing to attract customers from the online world has been contributing to an increase in the sale of e-cigarettes across the globe. Various manufacturers have been making use of e-commerce to sell their products through their online partners such as Amazon, Alibaba, Craigslist, etc.