The already impressive UK electronic cigarette market is set to grow more dramatically still over the next few years.
TechNavio, a leading technology research and advisory company, is forecasting that the UK's e-cig market will grow at a compound annual growth rate (CAGR) of 39.8 per cent between 2014 and 2018.
Demand for electronic cigarette devices is growing, whatech.com notes, as an increasing number of traditional cigarette smokers seek alternatives. For its report, titled 'E-cigarette Market in the UK 2014-2018', TechNavio performed in-depth market analysis, including contributions from industry experts and an analysis of key e-cig vendors.
Predictions for industry growth have even taken into account new laws which could be implement during the forecast period, such as the banning of e-cigs in public places. The increase in revenue will stem from both the sales of electronic cigarettes, as well as the upselling of related products, such as e-liquids, cartridges and refills.
E-cig sales have been growing substantially in recent times. After the market achieved sales of Â£44 million in 2012, revenue quadrupled to Â£193 million in 2013, telegraph.co.uk notes.
Regarding the potential legal dynamics which could disrupt the predicted growth, Ann McNeill, a professor of tobacco addiction at King's College London, said: “The fact that in England we are not looking to ban e-cigarettes in public places is right and in line with the evidence.”