Hexa Research, a global market research and consultancy organisation, predicts that by 2014 the worldwide e-cig market will be worth $44.56 billion dollars, or £34.36 billion.
It has issued a new report titled: E-cigarette Market Analysis By Product (Disposable, Rechargeable, Modular), And Segment Forecasts, 2014 – 2024, an overview of vaping’s tremendous progression coupled with projections for its future.
The report segments e-cigarette categorisation by modular, rechargeable and disposable products.
As of last year, modular e-cigarettes were measured as the most popular, followed by rechargeable, followed by disposable, though rechargeable devices appear to have the most expansive potential.
The report says:
“Rising demand for rechargeable liquids and reusable devices on accounts of cost saving from consumers’ perspective is expected to drive the growth.”
On the issue of public perception, the researchers also confirm that pushing vaping as the go-to alternative for smokers who want to quit was and is a good judgement.
“High prevalence of vape users in these regions as a viable solution for consumers to quit smoking has resulted in the substantial demand for these products over the past few years,” it says.
In addition to providing clear graphs and cold, hard, numbers, the report goes into some detail on the reasons for the continual ascension of vaping devices.
“The prohibition on smoking in public places in a few nations coupled with the anti-smoking drives may affect the growth of electronic cigarette market.”
Despite the emerging Asia-Pacific market (over 20% of the revenues in 2016) and the still-developing role it has to play, Hexa also found that:
“North America and Europe together accounted for over 75% of the market in 2016,” but that “Europe would be a conspicuous market all throughout the predicted period, with nations, for example, the UK and Italy being significant growth contributors.”
Asia Pacific and the rest of the world comprise a smaller piece of the market, but its lighter-regulated and “less penetrated” territory have marked it as fertile ground for analysts and potential investors.