Product development and technological innovations, requirement for ash-less and smokeless vaping, and focus on health awareness will drive the U.K. e-cigarette market during the forecast period (2019–2024) at a CAGR of 19.6%. At this rate, the market will increase its size from $2.0 billion in 2018 to $6.4 billion by 2024. Currently, the market is observing the trends of the introduction of several flavors and fragrances, investment on research and development (R&D) of vaping technologies, and change in lifestyle preference.
Technological advancements in vaping products are one of the key factors that will drive the U.K. e-cigarette market growth during the forecast period. Moreover, tobacco manufacturers are also focusing on the development of novel technology to gain an edge over their competitors. Major players in the industry are introducing various innovative products that help in expanding their presence in emerging markets. Furthermore, the launch of advanced e-cigarette products is projected to fuel the market growth in coming years.
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Additionally, introduction of new flavor and fragrance by vendors will fuel the demand for e-cigarettes in the U.K. during the forecast period. These vendors offer flavors such as bubble gum, menthol, cola, mint, chocolate, and fusion of other substances and flavoring substances that attract customers. Due to this, the country is showing a positive shift toward flavored e-cigarettes. Moreover, increasing investments on R&D to innovate new products is driving the U.K. e-cigarette market growth.
Moreover, rising awareness regarding harmful effects of tobacco smoking will drive the U.K. e-cigarette market growth in coming years. Due to the surging awareness, the customers are quitting tobacco cigarettes and adopting vape products. Cancer is one of the key diseases caused by tobacco smoking that is affecting a large number of people in the country. Adoption of e-cigarette almost eliminates the risk of cancer and prevents the consumption of toxic chemicals that are present in traditional cigarettes.
Furthermore, the product segment of the U.K. e-cigarette market is divided into vaporizer, cig-a-like, vape mod, and t-vapor. Amongst these, the vape mod division is expected to display the highest growth during 2019–2024. This can be due to the features offered by the vape mod such as customized power modulation and flavor, which enable users to produce more smoke and vapor as per their taste preference. According to the National Statistics nearly 37% of the total U.K. population tried e-cigarette at least once in 2018.
Further, the gender segment of the U.K. e-cigarette market is bifurcated into male and female. In 2018, the male category held larger market share, due to the presence of more male smokers in the country. The traditional smokers are using e-cigarettes in large quantities. For instance, in 2018, the U.K. had around 3.2 million e-smokers, which was dominated by male customers. However, targeted campaigning in the country is expected to attract more female consumers in coming years.
Thus, the shift toward e-cigarettes from tobacco cigarettes will propel the market growth in future. This shift is primarily due to the increasing awareness regarding health implications caused by smoking tobacco cigarettes.