Not a fan of conventional cigarettes? Well, surely you would have heard about its ever-growing alternative: The Vape. A vape is a form of an e-cigarette, but unlike a cigarette which is legal in almost every country in the world, countries haven’t yet totally approved of e-cigarettes, yet the fame and use of Vape is growing with a massive number.
In countries where Vape is still on its introductory level like in Thailand, Brazil or Seychelles, people vaping would probably end up paying up a fine or in worst case serve some time behind the doors. On the contrary, it is a largely growing industry with many people shifting to the vaping culture instead of our good (not really) old cigarettes.
This article should enlighten you with some major facts about e-cigarettes as to how many people are currently consuming these, and why they felt the need to switch.
E-Cigarettes are growing popular by the day
Maybe the number of smokers worldwide since 2000 might have declined from 1.14 billion to a 1.1 billion now, as per a report from the World Health Organization, but on the contrary, the number of people who have resorted to vaping has increased substantially.
There was a sharp increase from 10 to 20 million vape smokers from 2012 to 2013, after which the number of people vaping has been growing ever since, albeit at a slower rate.
Its estimated the number would rise from around 41 million currently to around 55 million by the end of 2021 as per a Market Research Group Euromonitor.
E-Cigarette Industry Market Cap is increasing
Since the number of e-cigarette smokers is increasing, and hence the market cap too. Just 5 years ago, the market cap stood at $4.2 billion for E-Cigarettes. Now it has grown to almost $22.6 billion, and that’s nearly a whopping 438% increase!
As you would expect, the largest markets for vaping is the US, UK and surprisingly Japan.
Open-System Vapes are more popular than Closed-System ones
As a vaper would know better, an open tank e-cigarette is favored against a closed system one. There is quite a valid reason for this, since you can easily refill the liquid in the open tank vape, when its all vaporized. On the contrary, you need to totally replace the refill on a closed end vape. This means that it can tend to be more expensive in terms of operating cost since you can easily buy the refill in bulk.
Research shows that people are adopting Open-System vapes more, so the gap between these two is only becoming larger.
In-store purchases account for most e-cigarette sales
Instead of an online purchase, people are likely to buy e-cigarettes off the shelves. This is mainly because of the presence of specialist shops as mentioned by Ernst & Young in their report. 3,000 vapers were surveyed and it leads to the point that just 21 percent had bought the vapes from an online store.
It is probably because maybe it is their first device, and they are far better off buying it in person with guidance from store-keepers which suit their needs. Let’s come to the real question now…
Why do people smoke E-cigarettes in the first place?
As some of you would have known, perhaps it is the notion that e-cigarettes are much less harmful than conventional ones is what provokes people to vape. Half of those surveyed also suggested that they are just trying vape to prevent them from smoking. E-cigarettes are certainly less harmful than regular cigarettes but that doesn’t yet still give a good reason to vape altogether.
It might have curbed the number of people smoking, but to be honest, it was just a shift in the market segment, as more and more will substitute cigarettes with vapes.