How Much Opportunity Is There?
People around the world are choosing the e cigarette as an alternative to smoking tobacco products, and many are using the device to quit smoking all together. E-cigarettes are completely free of smoke, tar, and carbon monoxide; plus they emit no offensive odor. Electronic cigarettes are on the cutting edge of modern technology. They offer convenience; save their users a great deal of money; and they provide the same pleasure customers are accustomed to with traditional cigarettes, but without all the health concerns that come with smoke.
The popularity of the e cigarette over conventional cigarettes is fast growing and wide spread. Sales have doubled every year since 2008. Bonnie Herzog with Wells Fargo Securities has estimated that e cigarette sales will surpass those of traditional cigarettes by 2023. Due to those numbers, large tobacco corporations have also latched on to the latest technology by buying established e-cigarette brands or starting their own. Reynolds American (RAI) estimates electronic products account for about 1 percent of U.S. cigarette sales and projects e-cig revenue will reach $3 billion within five years. Other forecasts show e-cig sales reaching more than $10 billion by 2017.