According to a report in PR Newswire, the key reason behind the steady growth of the global e-cigarette market, at a 9.2% CAGR between 2020 and 2030, would be the easy availability of these products. At this rate, the revenue generated from the sale of such devices would rise to $39.0 billion by 2030, from $15.7 billion in 2019. Manufacturers are tying up with retail stores and grocery chains to promote their products at in-store hubs and dedicated kiosks, according to the market research report published by P&S Intelligence.
The e-cigarette market growth is being further buoyed by the setting up of special branded outlets by the manufacturers of these products. These stores attract a large number of users, who get the liberty to choose from a wide array of offerings here. These stores offer devices of numerous individual companies, which helps increase their popularity and sales.
The COVID-19 crisis has led to slow growth in the e-cigarette market, as the lockdown initiated in several countries has resulted in a halt of sales. Additionally, China, which supplies more than 80% of the world's e-cigarettes, has also been under intense lockdown, as it was the epicenter of the pandemic, thereby resulting in an extremely low supply.
In the coming years, the online division, under the distribution channel segment, is expected to witness the highest CAGR in the e-cigarette market, of 13.7%, in terms of revenue. This is ascribed to the strong focus of e-cigarette manufacturers to sell their products online, considering the rapid rise of the online shopping preference around the world. It takes a considerably low capital to promote and sell products via online channels, which are also a good place to engage with customers.
The most prominent companies in the global e-cigarette market include Altria Group Inc., British American Tobacco plc, Imperial Brands plc, Japan Tobacco Inc., JUUL Labs Inc., Philip Morris International plc, Turning Point Brands Inc., NJOY LLC, FIN Branding Group LLC, Vapor Hub International Inc., Shenzhen IVPS Technology Corporation Ltd., ShenzheniSmoka Electronics Co. Ltd., Shenzhen Kanger Technology Co. Ltd., and Innokin Technology Co. Ltd. Get a sample of this report: https://www.psmarketresearch.com/market-analysis/e-cigarette-market/report-sample