Market Trends of Electronic Cigarette Industry
Electronic Cigarette are a Cost-effective Solution than Traditional Tobacco Cigarettes
The majority of the world population is considering e-cigarettes or vapes as a healthier option compared to regular cigarettes. The added cost-effective nature of e-cigarettes over traditional ones is also driving the growth of the market. For instance, the cost of a single-use disposable e-cigarette is around USD 1-USD 15 per product. The rechargeable starter kits have multiple pods that cost around USD 25-USD 150 or more, whereas the liquid refill kits cost around USD 50-USD 75 monthly. The median price of a Marlboro Reds pack is around USD 13-USD 15, with nicotine content as high as 1.9 milligrams in each cigarette. The affordable cost of e-cigarettes, paired with the price-based marketing strategy of the vendors, encourages consumers to buy e-cigarettes. The affordability of the disposable models of e-cigarettes attracts consumers, making them an economical option. The reusability of e-cigarettes by refilling adds more value to the cost-effective aspect of the product, providing a cheaper solution to individuals.
North America Holds the Largest Market Share
North America holds the largest share of the e-cigarette market. The growing number of youths using these products has led to a rise in demand. For instance, the young population in the United States is the major consumer group of e-cigarettes. In 2021, the Centers for Disease Control and Prevention (CDC) reported that 2.06 million middle and high school students in the United States used e-cigarettes during a period of 30 days, including 2.8% of middle school students and 11.3% of high school students. E-cigarettes hold a major share of the tobacco products segment. Currently, more than 3,000 e-cigarette flavors are available in the US market, and a number of flavors are being introduced into the market every year. Nicotine-free e-liquids generate smoother vapes than other variants. Professional vapers who perform at several events and are involved in chain vaping for practice consider nicotine-free vaping as the best alternative to traditional vaping. The perception of vaping/e-cigarettes having a fashion appeal is also driving the demand for e-cigarettes in North America.
