The Asia-Pacific e-cigarette market is expected to grow at a CAGR of 26.7% during the forecast period with its market size predicted to reach USD 13.5 billion by 2024. Increasing prevalence of cancer and cardiovascular diseases related to smoking, government initiatives to curb tobacco abuse, technological advancements are the major factors leading to the high demand of e-cigarettes in the Asia-Pacific market. Moreover, the booming e-commerce industries provide manufacturers to penetrate the market in different countries across Asia-Pacific.
High tobacco and drug abuse in the region creates the demand for alternatives or for smoking cessation
According to the World Health Organization (WHO), smoking causes 1 million cardiovascular deaths in Asia Pacific each year. Nearly 1 in 4 people in the Region are smokers, which puts them at risk of cardiovascular disease. However, non-smokers who are exposed to second-hand smoke also face an increased risk of heart disease and stroke, resulting in some 168 000 deaths in the Region each year.
Cig-a-like category holds the largest share in the Asia-Pacific e-cigarette market
Based on product the market is categorized into cig-a-like, vaporizer and vape mode. Of all the products, cig-a-like holds the largest share in the Asia-Pacific market, owing to their lower cost. Cig-a-like e-cigarette market is further segmented into disposable and rechargeable cig-a-like. Among the two types, the market size for disposable cig-a-like is larger across the globe. The vaporizer market is categorized into an open tank and closed system vaporizer. The vape mod market is expected to witness the highest growth during the forecast period. The research and development leading to the product innovation have led to the development of highly differentiated vape mod, thus creating huge traction among consumers.
Browse Market Insight and In-depth TOC on "Asia-Pacific E-Cigarette Market – Analysis and Forecast (2019-2024)"
Based on distribution channel, the e-cigarette market is subdivided into supermarkets, online, vape shops, and tobacconists. In 2018, the majority of e-cigarettes were distributed through vape shops and the trend is anticipated to remain the same during the forecast period. However, with the increasing number of supermarkets and the emergence of e-commerce, significant portion of sales will be through supermarkets and online sales channels. E-commerce provides consumers with a large number of options at a discounted rate which creates traction among the buyers. Therefore in the coming years, a large volume of e-cigarettes will be sold through online distribution channels.
The aftermarket for e-cigarette holds immense opportunities for the industry players, with its market anticipated to observe the higher growth than the actual e-cigarette market. Of the different aftermarket products, majority of sales are of refill and it is anticipated to remain during the forecast period. This is primarily due to the advancements in technology, and inclusion of a number of flavors and fragrances, and cost savings.
China accounts for the largest share in the Asia-Pacific e-cigarette market
China dominates the e-cigarette market due to the increasing awareness among the smokers to quit smoking, promotion or marketing of e-cigarettes as an alternative or as smoking cessation by manufacturers, technological advancements, and high prevalence of smoking-related diseases. According to the WHO, there are 300 million smokers in China, which illustrates that one in every three cigarettes smoked in the World is smoked in China.
Manufacturers investing in R&D and projecting e-cigarettes as a smoking cessation
Manufacturers of e-cigarettes are projecting e-cigarettes as a smoking cessation product. This leads to a large number of smokers to adopt these cigarettes to quit or lessen the effects of smoking. Asia-Pacific has the largest number of smokers, therefore it is anticipated to create immense opportunities for manufacturers to create new revenue pockets.
The key players operating in the Asia-Pacific e-cigarette market are China National Tobacco Corporation, Turning Point Brands, Inc. (International Vapor Group), British American Tobacco plc, VMR Products LLC, Altria Group Inc., Japan Tobacco Inc., Philip Morris International Inc., Imperial Brands plc, VAPETASIA, Puff E-Cig, ITC Limited, and Boluvaper Technology Co., Ltd.
Asia-Pacific E-Cigarette Market Coverage
Product Insight and Forecast 2014-2024
Distribution Channel Insight and Forecast 2014-2024
Aftermarket Insight and Forecast 2014-2024
E-Cigarette Market by Country
Rest of Asia-Pacific