Dublin, March 28, 2023 (GLOBE NEWSWIRE) -- The "U.S. Smart E-Cigarettes Market, by Type, by Application, Estimation & Forecast, 2017 - 2027" report has been added to ResearchAndMarkets.com's offering.
The U.S. smart e-cigarettes market is projected to reach USD 2,664.9 Million by the year 2027. The market is anticipated to grow with a CAGR of 39.3% from 2022 to 2027. Also, a total of 4,484.0 thousand units of smart e-cigarettes were sold in 2021 in the U.S.
A rising prevalence of cancer cases in the U.S. has been observed in recent years and among them a significant proportion attributed to the smoking. This is leading to increasing adoption of alternative options such as e-cigarettes.
Furthermore, approval from the U.S. FDA for e-cigarettes is also augmenting the market adoption and subsequently has been instrumental for the growth of the market during the study period. However, certain stringent government regulation can impact the market significantly.
Growth Influencers:
Smart e-cigarettes as a safer alternative than tobacco cigarette
According to American Cancer Society, the proportion of cancer death due to smoking ranged from 11.7% to 43.0% in U.S. men in 2021. Additionally, it was stated that, this percentage is lower for women population in the U.S. between 5.2%- 31.7%.
This is leading to increase the health consciousness among the U.S. population and resulting in the adoption of alternative options such as e-cigarettes. Also, according to a research study by University of Washington in May 2022, it was reported that e-cigarettes have the potential to promote health condition of the smokers.
This along with after taste of the flavoured e-cigarettes has significantly improved the adoption rate of e-cigarettes among the youth population in the U.S. in 2021. According to a report by American Academy of Pediatrics in 2021, it was reported that, almost 70% of the youth e-cigarettes users adopted e-cigarettes only due to the flavour.
Thus, rising demand and adoption of flavoured e-cigarettes and preference towards e-cigarettes as a preferable alternative for tobacco is boosting the growth of the market during the study period.
Growth Restraints:
Increasing demand and adoption of e-cigarettes has significantly drive the market growth. However, strict regulation by the U.S. government for the control of tobacco and related products use can offer a great hinderance for the market growth. Also, ban of certain e-cigarettes brand can go against the potential of the market growth during the study period.
Competitive Landscape
Major players in the U.S. smart e-cigarettes market include Pax Labs, DaVinci Vaporizer, Illest Vapes, Joyetech Group, Juul labs, Storz & Bickel, RELX, Reynolds American Inc. (RJRVC), Shenzhen IVPS Technology CO. Limited (SmokTech), VANDY VAPE, Japan Tobacco Inc., among others. The cumulative market share of the major players is close to 80.8%.
Focusing on the inorganic growth strategies including mergers and acquisition along with introduction of cutting edged technology in the e-cigarettes are some of the growth strategies adopted by the major players. For instance, stringent emphasis on providing devices for both oil concentrates and flowers. Also, development of next generation technology for e-cigarettes are one of the other strategies of the company.
Segments Overview:
The with screen segment is anticipated to grow with the highest CAGR of more than 50.0% during the forecast period. Presence of important details on the screen of the e-cigarettes along with aesthetic appearance are some of the key factors for the staggering growth of this segment. Without screen segment is also contributing a significant portion in the market due to low cost structure as compared to the with screen e-cigarettes.
The offline segment holds more than 50% of the market share in 2021 in the U.S. Availability of a large variety of e-cigarettes coupled with ease of access and presence of a number of off-level brands in the offline stores are some of the key reasons for the lion's share of this segment during the study period. The online segment is anticipated to grow with a significant CAGR owing to penetration of domestic brand through e-commerce channel in the U.S.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 69 |
| Forecast Period | 2021 - 2027 |
| Estimated Market Value (USD) in 2021 | $364.7 Million |
| Forecasted Market Value (USD) by 2027 | $2664.9 Million |
| Compound Annual Growth Rate | 39.4% |
| Regions Covered | United States |
Market Dynamics
Drivers
- Smart e-cigarette as a safer alternative than tobacco cigarette
- Increasing demand for flavored Smart E-cigarettes market
Restraints
- Government regulations will impact the market growth
Opportunity
- Surging demand among the young population
Trend
- Software or technology Launch Emerging as the Significant Marketing Strategies by the Key Players
A selection of companies mentioned in this report includes
- Pax Labs
- DaVinci Vaporizer
- Illest Vapes
- Joyetech Group
- Juul labs
- Storz & Bickel
- RELX
- Reynolds American Inc. (RJRVC)
- Shenzhen IVPS Technology CO. Limited (SmokTech)
- VANDY VAPE
- Japan Tobacco Inc
For more information about this report visit https://www.researchandmarkets.com/r/2hp0k7
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