Asia Pacific (APAC) region has a large number of smokers, despite this fact, the e-cigarette and vaporizer market has not gained as much popularity in the region as compared to the western countries, and is still at a nascent stage. Many associations and consortiums are now engaged in educating the populace of this region about the advantages and variety of e-cigarettes and vaporizers, as people lack the knowledge about e-cigarettes and its market. Despite regulations introduced to control tobacco consumption in countries like China, India and Indonesia, the number of smokers has increased considerably since 2006.
The current Asia Pacific e-cigarette market makes only a meagre share of the global e-cigarette market. Despite being the largest exporter of e-liquid across the globe, Asia Pacific region lags behind in the e-cigarette and vaporizer arena. The first commercially sold e-cigarette was invented in China in 2003, however, it gained popularity in the market only after 2012. Malaysia is the leading market of e-cigarette and vaporizer in the APAC region and registered the highest revenue in 2015. China and India are expected to show a significant growth in the coming years, due to the large smoking population in these countries, and are expected to turn into a multibillion dollar markets for vapour products.
Since the Asia Pacific region has a large smoking population, with a deeply entrenched habit of smoking, people are now trying to find an alternative to cigarettes. This factor has raised the curiosity of the populace towards e-cigarettes and vaporizers and is driving the market in a forward direction. Price sensitivity in the APAC region market, long term effectiveness of e-cigarettes, diverse distribution channels, and emergence of vape shops are some of the reasons for the growth of this market in the APAC region. Lack of stringent regulations in the region regarding e-cigarettes and related products, may also help in rapid expansion of the market.
The major market players in the Asia Pacific region are operating through tie ups with convenient stores and supermarkets in retail channels, and online through their own websites, online supermarkets and e-commerce websites to sell their products. However, retail channels are preferred channels currently and this is expected to grow exponentially by 2025. The nascent nature of the e-cigarette market is an advantage for the key players in the industry and it bodes well for the future potential of the APAC region market. Some of the key players in the APAC region market are Electronic Cigarette Just Fog Co. Ltd., Shenzhen FirstUnion Technology Co. Ltd., Innokin Technology Co. Ltd., Kanger Technology Co. Ltd. and Joyetech.
BIS Research has done an extensive report on ‘APAC E-cigarette and Vaporizer, Device and Aftermarket’. The report provides an in-depth analysis of the key development strategies and market trend dynamics which includes drivers, restraints and opportunities prevailing in the industry. For further queries, please write to us at [email protected] or call us at: +1 650 228 0182.