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US E Cigarette and Vaporizer Market

SKU: EC001A

Published Year: 2015

While China is home to the invention of e-cigarettes, it is the U.S. which gave the much needed impetus to the e-cigarette market in 2006. Since then the U.S. market has grown to become one of the most aggressively progressing markets involving some of the biggest names from the Big Tobacco, Big Pharma, and Governmental organizations. Where on one hand established tobacco players are securing their positions with acquisitions and introducing new brands, the Pharmaceutical monoliths have been identified as opposing the increasing trend of e-cigarette in this fledgling market. Amidst an overall non-uniformity in the regulatory framework, the companies are enjoying an increasing flow of revenue from a host of distribution channels.

The scope of the report has been aligned to the changing dynamics of the U.S. e-cigarette markets providing extensive insights into the market development activities that the key players in the industry are adopting in order to compete with one another directly and with tobacco and pharmaceutical companies indirectly. Having identified the importance of regulations, the report has dedicated an entire segment to the prominent regulatory bodies, consortiums, and state-wise laws for e-cigarettes in the U.S.

Following key questions have been answered in the report:

•How will the entry of new players affect the intensity of competitive rivalry in the U.S. e-cigarette market?

•How will the proposed regulations by the Food and Drug Administration (FDA) impact the market growth?

•Since Minnesota and North Carolina have been exposed to taxation policies similar to those of conventional cigarettes, how will hefty taxes challenge the growth of e-cigarette market in the country?

•Will the presence of established bands drive the market through the forecast period?

•How will the e-cigarette product type market grow through the forecast period?

•Which e-cigarette type will be claiming the market hegemony by the end of the forecast period?

•How will the emergence of vape shops contribute to the dominance of revenue generation via retail distribution channels through the forecast period?

The report also enlists the patents in the name of e-cigarettes and accessories filed in the U.S. to provide the general overview of the patent landscape in the country. Furthermore, porter’s five forces have been analyzed based on a set of key factors, presenting a detailed picture of the competitive intensity prevailing in the market.

While the market has been thoroughly analyzed for the e-cigarette product types, including the market values for individual e-cigarette product types, a separate segment of the report has been dedicated to the qualitative analysis of the e-cigarette components. The key players operating in the U.S. e-cigarette market such as British American Tonacco, Altria, Lorrilard, and NJOY among others have also been profiled in the company profile section of the report.

TABLE OF CONTENT
1	THE U.S. E-CIGARETTE MARKET ENTROPY
1.1	Introduction
1.2	Mergers & Acquisitions
1.3	Product Launch
1.4	Partnerships, Agreements, And Collaborations
1.5	Business Expansion
1.6	Lawsuits & Litigations
1.7	Financial Transactions
1.8	Others (Events & Recognitions)
2	MARKET DYNAMICS
2.1	Introduction
2.2	Market Drivers
2.2.1	Increase In The Number Of Dedicated E-Cigaretteretail Outlets (Vape Shops)
2.2.2	Finding Alternatives To Conventional Cigarettes/Tobacco- An Imperative Measure Much Needed In The U.S
2.2.2.1	Restriction To Smoke In Public Areas
2.2.2.2	For Smoking Cessation
2.2.2.3	Cost Effectiveness And Overall Novelty
2.2.3	Presence Of Established (Tobacco) Players/ Importance Of Brand Image
2.2.4	Scope Of Personalization And Customization/Product Diversification
2.2.5	Ease Of Access To Distribution Channels/Low Entry Barriers
2.3	Market Challenges
2.3.1	Increasing Number Of ‘Adverse Event Reports’ For E-Cigarettes/ Vaping Related Nicotine Poisoning Incidents
2.3.2	Increasing Number Of States Levying (Planning To Levy) Modest Taxes On E-Cigarettes
2.3.3	Pharmaceutical Industries Emerging As Strong Competitors
2.3.4	Food Brands Opposing The Manufacturing/ Supply Of Flavored E-Cigarettes Since They Are Largely Attracting Children
2.3.5	The Paucity Of Information Regarding Benefits And Health Effects Of E-Cigarettes
3	THE U.S. E-CIGARETTE MARKET SIZING, ANALYSIS, & FORECAST
3.1	Overall Market Statistics
3.2	The U.S. E-cigarette market by types
3.2.1	Market Statistics
3.2.2	Disposable E-Cigarettes
3.2.2.1	Key Players
3.2.3	Rechargeable E-Cigarettes
3.2.3.1	Key Players
3.2.4	E-Go And Tanks
3.2.4.1	Key Players
3.2.5	Personal Vaporizers And Mods
3.2.5.1	Key Players
3.2.6	Others (Hookahs, E-Cigars, And E-Pipes)
3.2.6.1	Key Players
3.3	The U.S. E-Cigarette Market By Distribution Channel
3.3.1	Market Statistics
3.4	The U.S. E-Cigarette Market By Components
3.4.1	Cartridge
3.4.1.1	Key Players
3.4.2	Battery
3.4.2.1	Key Players
3.4.3	Atomizer
3.4.3.1	Key Players
3.4.4	Clearomizer
3.4.4.1	Key Players
3.4.5	Cartomizer
3.4.5.1	Key Players
4	THE U.S. E-CIGARETTECONSORTIUMS, COMPLIANCES, ANDLEGAL & REGULATORY FRAMEWORK
4.1	Introduction
4.2	Consortiums
4.3	American Public Health Association (APHA)
4.3.1	Consumer Advocates For Smoke-Free Alternatives Association (CASAA)
4.3.2	Smoke Free Alternative Trade Association (SFATA)
4.3.3	Tobacco Control Legal Consortium(TCLC)
4.4	Regulatory Bodies
4.4.1	American E-Liquid Manufacturers' Standards Association (AEMSA)
4.4.2	Food And Drug Administration (FDA)
4.4.3	World Health Organization-Framework Convention On Tobacco Control (WHO-FCTC)
4.5	E-Cigarettes Compliances And Certifications
4.5.1	Federal Communications Commission (FCC)
4.5.2	SGS
4.5.3	Waste Electrical And Electronic Equipment Directive(WEEE) Compliance
4.6	State-Wise Regulations On E-Cigarettes In The U.S.
5	THE U.S. E-CIGARETTE RESEARCH INITIATIVES & STUDIES
5.1	Scientific Studies
5.1.1	Research Study By The Johns Hopkins Bloomberg School Of Public Health (2015)
5.1.2	Research Study By Professor Igor Burstyn, Drexel University School Of Public Health (2013):
5.2	Studies On Consumer Behavior
5.2.1	The National Youth Tobacco Survey (2011-2014)
5.2.2	Survey Results By E-Cigaretteforum
6	THE U.S. E-CIGARETTE MARKET PATENT LANDSCAPE
6.1	Alkaloid Composition For E-Cigarettearette
6.1.1	Abstract
6.2	Cotton Free E-Cigarette Vaporizer
6.2.1	Abstract
6.3	E-Cigarette With A Detachable Atomizer
6.3.1	Abstract
6.4	Battery Replacement Type E-Cigarettearette
6.4.1	Abstract
6.5	An Electronic Cigarette With An Improved Cartomizer, Led Indicators, And Memory Devices
6.5.1	Abstract
6.6	An Electronic Cigarette With A Controller For Enhancing Communication
6.6.1	Abstract
6.7	Inductive Charging For An Electronic Cigarette
6.7.1	Abstract
6.8	Electronic Cigarette Configured To Simulate The Texture Of The Tobacco Rod And Cigarette Paper Of A Traditional Cigarette
6.8.1	Abstract
6.9	Invention Of An Electronic Cigarette
6.9.1	Abstract
6.10	System And Method For Holding An Electronic Cigarette
6.10.1	Abstract
6.11	Imaging For Quality Control In An Electronic Cigarette
6.11.1	Abstarct
6.12	Cartomizer Flavor Enhancement For An E-Cigaretteraette
6.12.1	Abstract
6.13	Electronic Cigarette Having Multiple Ports
6.13.1	Abstract
6.14	Mouthpiece Device Of Electronic Cigarette
6.14.1	Abstract
6.15	Electronic Cigarette That Simulates Smoking With Power Control
6.15.1	Abstract
6.16	Bonding For An Electronic Cigarette Cartridge
6.16.1	Abstarct
6.17	Electronic Cigarette With Reduced Energy Consumption And Environmental Impact
6.17.1	Abstract
6.18	Application development for a network with an electronic cigarette
6.18.1	Abstract
6.19	One-Way Valve For Atomizer Section In An Electronic Cigarette
6.19.1	Abstract
6.20	Development Of An Electronic Simulated Cigarette
6.20.1	Abstract
6.21	One-Way Valve For Atomizer Section In An Electronic Cigarette
6.21.1	Abstract
6.22	Charger For An Electronic Cigarette
6.22.1	Abstract
6.23	Device For Vaporizing Liquid For Inhalation
6.23.1	Abstract
6.24	Heating Control Arrangement For An Electronic Cigarette
6.24.1	Abstract
6.25	Hot-Wire Control For An Electronic Cigarette
6.25.1	Abstract
6.26	Digital Marketing Applications For An Electronic Cigarette User
6.26.1	Abstract
6.27	Solid Core Electronic Cigarette
6.27.1	Abstract
6.28	Automated Cartomizer Structure For An Electronic Cigarette
6.28.1	Abstract
6.29	Atomizer For An Aerosol Delivery Device In An Electronic Cigarette
6.29.1	Abstract
6.30	Disposable Electronic Cigarette With Power Shut Off Protection
6.30.1	Abstract
6.31	Burning Prediction And Communications For An Electronic Cigarette
6.31.1	Abstract
6.32	Development Of An Electronic Cigarette Inhalation Rod
6.32.1	Abstract
6.33	Liquid Aerosol Formulation Of An Electronic Smoking Article
6.33.1	Abstract
6.34	Smoking System For An Electronic Cigarette
6.34.1	Abstract
6.35	Electronic Smoking Article With Improved Storage And Transport Of Aerosol Precursor Compositions
6.35.1	Abstract
7	KEY MARKET PLAYERS’ COMPANY PROFILES
7.1	Altria Group, Inc.
7.1.1	Altria Group, Inc. Summary
7.1.1.1	Mark Ten
7.1.1.2	Green Smoke LLC
7.1.2	Financials
7.1.2.1	Overall Financials
7.1.2.2	Business Segment Revenue Mix
7.1.2.3	Financial Summary
7.1.3	Key Strategies & Developments
7.2	Ballantyne Brands, LLC
7.2.1	Ballantyne Brands, LLC Summary
7.2.1.1	Mistic Electronic Cigarettes
7.2.1.2	Neo Electronic Cigarettes
7.2.2	Key Strategies & Developments
7.3	British American Tobacco Plc (BAT)
7.3.1	British American Tobacco Plc. Summary
7.3.1.1	Nicoventures Ltd.
7.3.1.2	Vype Electronic Cigarettes
7.3.1.3	Voke Nicotine Inhaler
7.3.2	Financials
7.3.2.1	Overall Financials
7.3.2.2	Geography Revenue Mix
7.3.2.3	Financial Summary
7.3.3	Key Strategies & Developments
7.4	Bull Smoke
7.4.1	Bull Smoke Summary
7.5	Cb Distributors, Inc.
7.5.1	Cb Distributors, Inc. Summary
7.5.2	Key Strategies & Developments
7.6	Cigavette
7.6.1	Cigavette Summary
7.7	Clearette Electronic Cigarette Co.
7.7.1	Clearette Electronic Cigarette Co. Summary
7.7.2	Key Strategies & Developments
7.8	Electronic Cigarettes International Group
7.8.1	Electronic Cigarettes International Group (ECIG) Summary
7.8.1.1	Vapestick
7.8.1.2	Ten Motives
7.8.1.3	Fin Branding
7.8.1.4	VIP
7.8.2	Financials
7.8.2.1	Overall Financials
7.8.2.2	Financial Summary
7.8.3	Key Strategies & Developments
7.9	Gamucci Electronic Cigarettes
7.9.1	Gamucci Electronic CigarettesSummary
7.9.2	Key Strategies & Developments
7.10	Imperial Tobacco Group Plc
7.10.1	Imperial Tobacco Group Plc Summary
7.10.1.1	Fontem Ventures Summary
7.10.1.2	Puritane
7.10.1.3	Blu Ecigs
7.10.2	Financials
7.10.2.1	Overall Financials
7.10.2.2	Geography Revenue Mix
7.10.2.3	Financial Summary
7.10.3	Key Strategies & Developments
7.11	International Vapor Group, Inc. (IVG)
7.11.1	International Vapor Group, Inc. (IVG) Summary
7.11.1.1	South Beach Smoke
7.11.1.2	Ever Smoke
7.11.1.3	Nutricigs
7.11.1.4	Vapor Zone
7.11.2	Key Strategies & Developments
7.12	Japan Tobacco, Inc. (JT)
7.12.1	Jti Company Summary
7.12.1.1	E-Lites
7.12.2	Financials
7.12.2.1	Overall Financials
7.12.2.2	Business Segments Revenue Mix
7.12.2.3	Financial Summary
7.12.3	Key Developments
7.13	Logic Technology Summary
7.13.1.1	Logic Technology
7.13.1.2	Key Strategies & Developments
7.15	Njoy, Inc.
7.15.1	Njoy, Inc.Summary
7.15.2	Key Strategies & Developments
7.16	Philip Morris International Inc. (PMI)
7.16.1	Philip Morris International Inc. (PMI) Summary
7.16.1.1	Marlboro Iqos E-Cigarette
7.16.1.2	Nicocigs
7.16.2	Financials
7.16.2.1	Overall Financials
7.16.2.2	Geography Revenue Mix
7.16.2.3	Financial Summary
7.16.3	Key Strategies & Developments
7.17	Provape
7.17.1	Provape Summary
7.17.2	Key Strategies & Developments
7.18	Reynolds American Inc. (RAI)
7.18.1	Reynolds American Inc. (RAI)Summary
7.18.1.1	Vuse Electronic Cigarettes
7.18.2	Financials
7.18.2.1	Overall Financials
7.18.2.2	Financial Summary
7.18.3	Key Strategies & Developments
7.19	Vapor Corp.
7.19.1	Vapor Corp. Summary
7.19.2	Financials
7.19.2.1	Overall Financials
7.19.2.2	Financial Summary
7.19.3	Key Strategies & Developments
7.20	Vmr Products LLC
7.20.1	Vmr Products LLC Summary
7.20.1.1	V2 Cigs
7.20.1.2	Vapor Couture
7.20.2	Key Strategies & Developments
7.21	Suppliers Information
LIST OF TABLES
TABLE 1	NON-USER ADVERSE EVENTS ASSOCIATED WITH E-CIGARETTES
TABLE 2	THE U.S. E-CIGARETTE MARKET VALUE AND MANUFACTURER’S OPERATING PROFIT ($ BILLION), 2015-2025
TABLE 3	THE U.S. E-CIGARETTE MARKET VALUE ($ MILLIONS) BY TYPE, 2015-2025
TABLE 4	THE U.S. E-CIGARETTE MARKET VALUE ($ BILLION), BY DISTRIBUTION CHANNEL, 2015-2025
TABLE 5	AVERAGE SELLING PRICE (ASP) FOR COMPONENTS OF AN E-CIGARETTE IN THE U.S.
TABLE 6	DIFFERENCE BETWEEN COMPONENTS OF AN ELECTRONIC CIGARETTE
TABLE 7	STATE WISE REGULATIONS ON USE/SALES OF E-CIGARETTES IN THE U.S.
TABLE 8	LEADING SUPPLIERS IN THE U.S.
LIST OF FIGURES
FIGURE 1	KEY MERGERS AND ACQUISITIONS IN THE U.S. E-CIGARETTE MARKET
FIGURE 2	KEY PRODUCT LAUNCH IN THE U.S. E-CIGARETTE MARKET
FIGURE 3	KEY BUSINESS EXPANSION ACTIVITIES IN THE U.S. E-CIGARETTE MARKET
FIGURE 4	ADVANTAGES OF VAPE SHOPS
FIGURE 5	THE EVOLUTION OF E-CIGARETTES THROUGH THREE GENERATIONS
FIGURE 6	NUMBER OF E-CIGARETTE ADVERSE EVENTS REPORTED BY USERS VS NON-USERS (2012-2014)
FIGURE 7	THE PROS AND CONS OF DISPOSABLE E-CIGARETTES
FIGURE 8	THE PROS AND CONS OF RECHARGEABLE ELECTRONIC CIGARETTES
FIGURE 9	DIFFERENT TYPES OF E-GO ELECTRONIC CIGARETTES BY JOYETECH
FIGURE 10	KEY DEVELOPMENTS IN THE U.S. CARTRIDGE MARKET
FIGURE 11	THE PROS AND CONS OF USING ATOMIZERS IN ELECTRONIC CIGARETTES
FIGURE 12	PROS AND CONS OF USING CLEAROMIZERS
FIGURE 13	KEY DEVELOPMENTS IN THE U.S. CARTOMIZER MARKET
FIGURE 14	KEY OPERATING PRINCIPLES OF SFATA
FIGURE 15	SUGGESTED POLICIES FOR E-CIGARETTEREGULATIONS BY TCLC
FIGURE 16	GUIDELINES FOR REGULATING THE MANUFACTURING OF E-LIQUID BY AEMSA
FIGURE 17	HEALTH RISKS OF ELECTRONIC NICOTINE DELIVERY SYSTEMS (ENDS) TO USERS AND NON USERS
FIGURE 18	EFFICACY OF ELECTRONIC NICOTINE DELIVERY SYSTEMS (ENDS) AS A SMOKING CESSATION TOOL
FIGURE 19	RESEARCH CONCLUSIONS
FIGURE 20	RESEARCH CONCLUSIONS
FIGURE 21	NATIONAL YOUTH TOBACCO SURVEY (2011-2014) RESULTS
FIGURE 22	CHANGING PERCENTAGES OF DIFFERENT TOBACCO AND NON-TOBACCO PRODUCTS AMONG HIGH AND MIDDLE SCHOOL CHILDREN (2011-2014)
FIGURE 23	ALTRIA: PRODUCTS & SERVICES- A SNAPSHOT
FIGURE 24	GREEN SMOKE LLC: PRODUCT SNAPSHOT
FIGURE 25	ALTRIA GROUP, INC.: OVERALL FINANCIALS($BILLION), 2012-2014
FIGURE 26	ALTRIA GROUP, INC.: NET REVENUE BY BUSINESS SEGMENTS($MILLION), 2012-2014
FIGURE 27	MISTIC ELECTRONIC CIGARETTES: PRODUCT SNAPSHOT
FIGURE 28	NEO ELECTRONIC CIGARETTES: PRODUCT SNAPSHOT
FIGURE 29	VYPE ELECTRONIC CIGARETTES: PRODUCT SNAPSHOT
FIGURE 30	BRITISH AMERICAN TOBACCO PLC (BAT): OVERALL FINANCIALS, 2012-2014 ($BILLION)
FIGURE 31	BRITISH AMERICAN TOBACCO PLC (BAT): NET REVENUE, BY GEOGRAPHY, 2012-2014 ($BILLION)
FIGURE 32	BULL SMOKE: PRODUCT SNAPSHOT
FIGURE 33	BULL SMOKE: E-LIQUID FLAVOURS- A SNAPSHOT
FIGURE 34	CB DISTRIBUTORS, INC.: PRODUCT SNAPSHOT
FIGURE 35	21ST CENTURY SMOKE: PRODUCT SNAPSHOT
FIGURE 36	CIGAVETTE: PRODUCT SNAPSHOT
FIGURE 37	CLEARETTE: PRODUCT SNAPSHOT
FIGURE 38	ECIG: PRODUCTS AND SERVICES- A SNAPSHOT
FIGURE 39	VAPESTICK: PRODUCT SNAPSHOT
FIGURE 40	TEN MOTIVES: PRODUCT SNAPSHOT
FIGURE 41	FIN: PRODUCT PORTFOLIO
FIGURE 42	ECIG : OVERALL FINANCIALS 2012-2014 ($MILLION)
FIGURE 43	FIN BRANDING GROUP LLC.: PRODUCT SNAPSHOT
FIGURE 44	GAMUCCI ELECTRONIC CIGARETTES: PRODUCT SNAPSHOT
FIGURE 45	IMPERIAL TOBACCO GROUP PLC : PRODUCT SNAPSHOT
FIGURE 46	IMPERIAL TOBACCO GROUP PLC: BRAND PORTFOLIO - A SNAPSHOT
FIGURE 47	IMPERIAL TOBACCO GROUP PLC: OVERALL FINANCIALS, 2012-2014 ($BILLION)
FIGURE 48	IMPERIAL TOBACCO GROUP PLC: NET REVENUE BY GEOGRAPHY, 2012-2014 ($BILLION)
FIGURE 49	EVERSMOKE: PRODUCT SNAPSHOT
FIGURE 50	NUTRICIGS: PRODUCT SNAPSHOT
FIGURE 51	JAPAN TOBACCO CORPORATION (JT): PRODUCT SNAPSHOT
FIGURE 52	E-LITES: PRODUCT SNAPSHOT
FIGURE 53	JAPAN TOBACCO CORPORATION (JT): OVERALL FINANCIALS, 2012-2014 ($BILLION)
FIGURE 54	JAPAN TOBACCO CORPORATION (JT): NET REVENUE BY BUSINESS SEGMENTS, 2011-2013 ($BILLION)
FIGURE 55	LOGIC TECHNOLOGY: PRODUCT SNAPSHOT
FIGURE 56	BLU ECIGS: PRODUCT SNAPSHOT
FIGURE 57	SKYCIG: PRODUCT SNAPSHOT
FIGURE 58	LORILLARD, INC.: OVERALL FINANCIALS, 2012-2014 ($BILLION)
FIGURE 59	NET REVENUE BY SEGMENTS, 2012-2014 ($MILLION)
FIGURE 60	NJOY: PRODUCT SNAPSHOT
FIGURE 61	PHILIP MORRIS INTERNATIONAL INC. (PMI): BRAND SNAPSHOT
FIGURE 62	NICOCIGS: PRODUCT SNAPSHOT
FIGURE 63	PHILIP MORRIS INTERNATIONAL INC. (PMI): OVERALL FINANCIALS, 2012-2014 ($BILLION)
FIGURE 64	PHILIP MORRIS INTERNATIONAL INC. (PMI): NET REVENUE BY GEOGRAPHY, 2012-2014 ($BILLION)
FIGURE 65	PROVAPE: PRODUCT SNAPSHOT
FIGURE 66	REYNOLDS AMERICAN INC. (RAI): PRODUCT SNAPSHOT
FIGURE 67	REYNOLDS AMERICAN INC. (RAI): BRAND SNAPSHOT
FIGURE 68	REYNOLDS AMERICAN INC. (RAI): OVERALL FINANCIALS, 2012-2014 ($BILLION)
FIGURE 69	VAPOR CORP.: BRAND SNAPSHOT
FIGURE 70	VAPOR CORP: OVERALL FINANCIALS, 2012-2014 ($MILLION)
FIGURE 71	V2 CIGS: PRODUCT SNAPSHOT
FIGURE 72	VAPOR COUTURE: PRODUCT SNAPSHOT

The U.S. is anticipated to continue with its hegemony in the global e-cigarette market value, poised to grow over $20.17 billion by 2025 at an estimated CAGR of 22.5% from 2015 to 2025. Being home to one of the largest distribution networks for the sale of e-cigarette and accessories, the country alone accounted for more than 45% share of the total revenue generation in 2014. Where on one hand the involvement of Big Tobacco companies through multiple acquisitions and brand image has given an impetus to the demand of e-cigarettes, on the other hand state policies proposals to levy modest taxes on e-cigarettes sales is expected to restrict the market growth during the forecast years.

Following the paradigm of the European Union Tobacco Product Directive (EU TPD), the Food and Drug Administration (FDA) has proposed a set of regulations for e-cigarettes. Moreover, an increasing number of adverse events reporting including poisoning due to accidental consumption of e-liquid and battery explosion is becoming a prominent pain point for the U.S. e-cigarette market. In spite of the regulatory, compatibility, and acceptability challenges surrounding the e-cigarette market in the U.S., the ease of access to distribution channels namely retail and online, continues to drive the market growth, accounting for revenue of $1.41 billion and $700 million in 2014 respectively. Moreover, the presence of established brands such as Lorillard and Altria among others further enables the new users to largely rely on the brand image of the product they are buying.

The e-cigarette market in the U.S. will continue to be in a state of turbulence amidst an overall non-uniformity of taxes and regulations; however, this scenario is likely to change from 2017 onwards. Most of the regulations and policies will fall in place by the end of 2016 and the market is expected to grow significantly through 2017 to 2025. Rechargeable e-cigarettes will be generating the maximum revenue among all other E-cigarette types, primarily because of the features of choosing one e-liquid flavor after another at a reasonable price. Rechargeable e-cigarettes generated revenue of $664.65 million in 2014 which is expected to grow over $7.95 billion by 2025 at an estimated CAGR of 25.31% from 2015 to 2025.

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