In 2021, Electronic Nicotine Delivery System (ENDS) products received approval for marketing through the Premarket Tobacco Product Application (PMTA) pathway by FDA. The approval by FDA has paved the way for comprehensive and robust premarket evaluation of new tobacco products. Under this initiative, the authority aims to promote the uptake of ENDS products by redirecting addicted smokers towards ENDS products, while minimising the consumption of tobacco at a broader scale. Upon showcasing the efficiency of ENDS products to the FDA using the PMTA pathway, the manufacturers shall be able to market their products. The PMTA pathway further facilitates hassle-free marketing of products seeking to protect public health. Against this favourable backdrop, e-cigarettes are gaining tremendous traction, among adults and youth. Going forward, a surge in marketing efforts and approvals from regulatory bodies are likely to unlock new avenues for the global e-cigarette market growth.
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An Upsurge in Demand Sales of Rechargeable E-cigarettes to Unveil Better Growth Prospects for Market
World over, rechargeable e-cigarettes are gaining significant prominence and are likely to build on the momentum. Notably, these e-cigarettes are highly affordable, do not need re-purchase supplies, and have various functional benefits. With the onset of do-it-yourself (DIY), consumers have demonstrated a greater inclination towards rechargeable e-cigarettes. This can be attributed to their ability to refill the cartridges, swiftly charge via USB port, and produce less smoke in contrast to other types of e-cigarettes. Such a landscape is accelerating a shift towards rechargeable e-cigarettes, scaling their sales at a momentous pace. This, in turn, has created headways for the e-cigarette market, making substantial contributions to the market valuation.
Greater Demand for E-cigarettes among Youth Millennials Creates Favourable Business Environment
A steep inclination towards e-cigarettes from traditional counterparts is carving positive dynamics for the global e-cigarette market. Youth and millennials are showing a higher propensity for economic products. E-cigarettes eliminate recurring costs through the provision of long service life; refilling and reusing capabilities. The e-cigarette market is further propelled by the licence grants approved by the government and regulatory bodies on the production of e-cigarettes. To this end, the activities relevant to the marketing and production of ENDS products have witnessed drastic amplification. In the coming years, the manufacturers in the domain are envisioning to engage in growth agendas, including strategic partnerships, collaborations, alliances, and product launches. All factors combined are strengthening the growth prospects of the global e-cigarette market.
North America to Outdo Sales of Other Regions
With a steady rise in the sales of e-cigarettes, the e-cigarette market in North America is anticipated to witness robust growth. Throughout the projection timeframe, the regional market is likely to flourish with spiralling demand for e-cigarettes, more specifically among millennials and youth. This can be reasoned by the better affordability, longer service life, and usability offered by e-cigarettes, unlike their conventional counterparts. The region is highly lucrative with demand and sales of such products, positioning it at the forefront of the global market.
Major Market Players
Some of the leading market players in the global e-cigarette market include Altria Group Inc., JUUL Labs Inc., Japan Tobacco Inc., British American Tobacco Inc., Imperial Brands PLC, NicQuid, Philip Morris International Inc., International Vapour Group, Shenzhen IVPS Technology Co. Ltd., R.J. Reynolds Vapour Company, Shenzhen KangerTech Technology Co. Ltd., and Njoy Inc.
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