In the last couple of years, vaping has become popular around the globe. Electronic cigarettes are devices which are composed of atomizer, battery and an inhaler. It contains an e liquid, which can be flavored and is vaped by the vapers. By offering a healthy alternative to tobacco cigarettes, electronic cigarettes have coined a great name for themselves in the market. Naturally, the electronic cigarette industry is expanding. According to the report of electronic cigarette industry analysis named “Global E-cigarette and T-Vapor Market, Analysis and Forecast (2017-2025) (Focus on Product Segments, Distribution Channels and Country Analysis)”, the global market size of e cigarette industry was $11.4 billion in 2016 which jumped to around $15 billion in the year 2017. The report also shows a projection that electronic cigarette market will increase by 27.3% during the time span 2018-2023.

The key factors behind the growth of e cigarette industry are: better alternative to tobacco cigarettes, increasing number of vape shops and their easy availability all over the world. Better than smoking tar, which is cancer-causing is to vape nicotine that does not have any impact on the vaper’s health, right? According to the e cigarette industry analysis, it has also come to light that disposable e cigarettes are preferred by vapers over the rechargeable e cigarettes. The open tank vaporizers have more market share when compared to closed system vapers and had a market share of 61% in 2017, according to estimates. When it comes to the two types of t-vapor products, heat-not-burn vapor is less in demand than the infused type of e cigarettes.
Looking at the market share of e cigarette industry on a geographical scale, North American has turned out to be the biggest market for e cigarettes. In 2017, it had an estimated market size of 5.2% billion. Up till 2016, China, the United Kingdom and the United States remained the three biggest markets for e cigarettes. Collectively, the three counties had a global share of approximately 52% in the e cigarette industry by in 2017. Other countries which are also showing fast growth are Italy, Russia, Germany and Japan. The electronic cigarette analysis showed that Asia-Pacific region would eventually take the lead in having the biggest market share in the time period 2018-2023.
Shedding light on the market competitors in the vaping industry, it has been concluded that the e cigarette industry is fragmented. The top 3 vape companies had 60% of the total market share in 2017.  While British American Tobacco is the market leader, Imperial Brand and NJOY closely follow it. Several mergers have taken place in the vaping industry to create more flavors and offer better products to vapers.
Another reason why electronic cigarette industry is growing on such a rate is that it offers a lot of customization to vapers. They can have any e liquid flavor they want, and choose a vape according to their preferences (whether they want create dense clouds etc.).  Also the accessories, which can be bought with e cigarettes make vaping exceptionally cool to everyone.