Global vapor market to reach $53.4 billion by 2024

The global e-cigarette market is expected to grow at a CAGR of 21.4 percent during the forecast period with its market size predicted to reach $53.4 billion by 2024, according to an article on globenewswire.com.

Increasing cancer cases related to smoking cigarettes, technological advancements in e-cigarettes, increasing disposable income, increasing awareness programs regarding the harmful effects of cigarette are the major factors leading to the high demand of e-cigarettes in the global market.

Based on product the market is categorized into cig-a-like, vaporizer and vape mode. Of all the products, the highest growth in the demand for the vape mod has been observed over the last five years which is anticipated to remain the highest among all e-cigarette products during the forecast period. The research and development leading to the product innovation have led to the development of highly differentiated vape mod, thus creating huge traction among consumers, according to the article.

Cig-a-like accounted for almost half of the revenue generated by the market players in 2018. The comparatively lower cost of these e-cigarettes makes them a popular choice among consumers. Cig-a-like e-cigarette market is further segmented into disposable and rechargeable cig-a-like. Among the two types, the market size for disposable cig-a-like is larger across the globe. The vaporizer market is categorized into open tank and closed system vaporizer.