An electronic cigarette or vaporizer also alternatively known as an ENDS (Electronic Nicotine Delivery System) is a battery operated device that gives the essence of tobacco smoking to the user without inhaling the smoke. A vaporizer which is reckoned as a crucial alternative of the conventional cigarette emits nicotine in a vaporized form that is inhaled by the user. Though the effect of using vaporizer on human body is not fully known, it is considered as less toxic that the conventional tobacco cigarette as it produces vapor instead of smoke.
With the increasing demand of vaporizer, many technological advancement took place in order to protect the vaporizer for getting used by other users other than the owner. In 2014, Vapor Corp introduced the concept of biometric vaporizer. An advanced fingerprint unlock mechanism is integrated in a vaporizer that allows the owner to initiate the function of vaporizing using his fingerprint. In addition, it also protects the vaporizer from getting stolen as it will be of no use to that person. The demand of biometric vaporizer is predicted to experience a stable growth rate during the forecast period from 2018 to 2024 in order to protect the device and to keep kids away for using the vaporizer.
Though the product was scheduled to be launched by Vapor Corp in 2014, the product is still in the research stage at present and is anticipated to get commercially launched by the end of 2017 of beginning of 2018. Up to 2019 to 2020, the market is predicted to experience a sluggish growth rate due to lack of consumer awareness. However, from 2021, the biometric vaporizer market is expected to grow rapidly when majority of the regulatory framework will fall in its place, thereby generating significant revenue.
Initiatives taken by the parents consuming e-cigarettes to protect their children from using vaporizer considering the ill effects of tobacco is the most important factor predicted to boost the demand of biometric vaporizer during the forecast period from 2018 to 2025. Moreover, initiative taken by Vapor Corp to integrate other smart features that will keep a track of the amount of nicotine consumed or frequency of vaporizer usage is also predicted to create a better opportunity for the company to make their product salable. Furthermore, increasing health consciousness of the consumers is also predicted to boost the demand of biometric vaporizer after these advanced features are incorporated in order to keep a record of their nicotine consumption.
However, predated high price of the product coupled with complex usage along with with low market penetration at the initial stage will results in low revenue inflow of the manufacturers. This in turn is expected to limit many e-cigarette manufacturers to enter into the market, thereby affecting the market negatively. Moreover, the local government and various region’s proposal to impose hefty takes on e-cigarette is also anticipated to act as a restraining factor to the growth of this market in the coming years. In addition, immense competition in terms of price and product offerings of the already existing leading players of the e-cigarette market is also anticipated to deter the demand of biometric vaporizer to some extent during the forecast period.
The future growth of the biometric vaporizer market is largely dependent on the regulatory framework implemented by the Tobacco Control Legal Consortium, a recently established regulatory body and vaping association. Moreover, following the regulations of TPD (Tobacco Product Directive) implemented by the EU (European Union), various vaporizer company are expected to bring drastic changes in their distribution and marketing strategies which in turn is also predicted to effect the market demand of biometric vaporizer in the coming years.
Geographically, Asia Pacific region is anticipated to experience the most promising market in term of growth in the coming years owing to large consumer base of technologically advanced products. On the other hand, imposition of taxes in four major states of the U.S on e-cigarettes is expected to be the primary factor behind the anticipated sluggish demand of biometric vaporizer in North America during the forecast period from 2018 to 2025.