IntroductionGlobal E-Cigarette Devices Market
The e-cigarette is the new buzz in the town and is widely used throughout the world. The device is extremely popular among the millennials, who love to experiment flavors without much affecting the lungs. On the other hand, the increase in the number of vaping shops has boosted the sales prospect of the industry.
The global e-cigarette devices market reached an all-time high with the commercialization of the devices. The industry reached an all-time high by registering $11.5 billion in the year 2018. The market is expected to grow at a compound annual growth rate of 21.6 percent during the year 2019-2024. By 2025, the industry is expected to be one of the leading sectors in terms of market size.
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Factors driving growth
There is a slew of factors that have been driving the growth of the industry. The prime reason why the product is such a global hit is the robust supply chain. The e-cigarettes devices are widely available in almost every critical geography. The easy availability of the equipment for recreational purposes has boosted the growth leap and bound. On the other hand, the flexible laws and the variations in flavors allow individuals the freedom to experiment with the flavors.
Other important factors, like technological advancement and low prices in comparison to the tobacco-based offerings, have made a significant effect on the industry. Gauging the interest in the community, the industry is growing at a far pace than ever expected. The devices are easily available in online stores. This has also played a major role in the rise of e-cigarettes devices market. The robust delivery network complements the rising phenomenon.
Major Geographic regions
The e-cigarette devices market is a relatively new field that has attracted the interest of individuals and companies throughout the world. Europe leads the segment, followed by the United Kingdom and France in the race. The product is a massive hit in Russia, and the deep penetration of the device in major regions like the United Kingdom is caused due to the growing popularity of the product. Most of the 30-44-year-old love the offering and has allowed the e-cigarette devices market to grow at an exponential rate.
Key Players of Global E-Cigarette Devices Market –
The global e-cigarette devices market has drawn the attention of many significant players. The product has already taken over the market and is preferred over the tobacco based cigars. This has caused a stir among individuals as well as the companies all over the world are trying to provide much better solutions than the present-day solutions.
Some of the key players in the industry include names like Altria Group, INC, Ballantyne Brands, Llc, Azure Vaping, and Cigavette. These companies have developed different products over time and understand the market inside out. Despite the intense competition, the companies have been able to provide affordable solutions with the best in class solutions.
The global e-cigarette market represents a huge opportunity and is slowly spreading all across the world. There is an intense competition among companies for the lion share, and as the market continues to evolve with time, the devices are about to get better and safer.
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