|Status : Published
|Published On : Jan, 2024
|Report Code : VRSME9037
|Industry : Semiconductor & Electronics
|Available Format :
|Page : 216
The E-Cigarette Market is poised for significant growth in the coming years, with a projected CAGR of 21.6% during the forecast period. By 2030, the market size is expected to reach an impressive USD 55.4 billion. In the year 2022 the respective market was USD 21.6 billion. This growth can be attributed to several factors, including mounting health concerns related to traditional tobacco cigarettes, the appeal of ash-free and smoke-free vaping, advancements in technology driving product innovation, and the rising popularity of direct sales channels. Among the various product types available, disposable and rechargeable cig-a-likes play a pivotal role in driving the global e-cigarette market's expansion.
An electronic cigarette is enabled with the help of battery that further discharges nicotine, or non-nicotine solutions dosages in a vaporized form, that can be easily inhaled by the consumer. It does not create smoke although enables the user to get a similar manner of sensation as inhaled from the smoke of tobacco. This offers smokers a better alternative to avoid smoking and its ill effects.
Insight by Product
The cig-a-like, vaporizer and vape mode are the products offered by e-cigarette manufacturers. Among all these products, cig-a-like holds the largest share in the global market. The category accounted for almost half of the revenue generated by the market players in 2018. The comparatively lower cost of these e-cigarettes makes them a popular choice among consumers. The cig-a-like e-cigarette market is further segmented into disposable and rechargeable cig-a-like, of which disposable category is more popular, worldwide. The vaporizer market is categorized into an open tank and closed system vaporizer.
Significant growth in the demand for the vape mod has been observed over the last five years which is anticipated to remain the highest among all e-cigarette products 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.
Insight by Distribution Channel
Based on distribution channel, the 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-Cigarette Aftermarket Insights
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, the majority of sales are of refill and it is anticipated to remain during the forecast period.
Global E-Cigarette Market Report Coverage
2018 - 2023
Base Year Considered
2025 - 2030
Market Size in 2023
U.S.D. 21.6 Billion
Revenue Forecast in 2030
U.S.D. 55.4 Billion
Segments Covered in the Report
By Product, By Distribution Channel and By Aftermarket Products
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling
Regions Covered in the Report
North America, Europe, Asia-Pacific, Middle East, and Rest of the World
The growth of the e-cigarette market is driven by various factors, including increased awareness of the adverse health effects of smoking and changing lifestyle preferences. Technological advancements and product innovations have also played a significant role in boosting the market. Additionally, the rising popularity of direct sales has contributed to the increased adoption of e-cigarettes. Compared to traditional cigarettes, electronic cigarettes are considered less harmful, leading to the development of alternative options that aid consumers in quitting smoking. Cancer, a major global health concern associated with smoking, can be mitigated by using e-cigarettes, which eliminates the cancer risk and aligns with the changing lifestyles of consumers. The market is witnessing continuous progress as multiple vendors consistently introduce technological advancements, attracting consumers and driving their transition towards this industry.
Government rules and regulations on manufacturing of e-cigarette and increasing health concerns and mishappening are the key hurdles faced by e-cigarette market players, globally. Government regulations make the e-cigarettes more costly despite using cost-efficient techniques and making it tough to reach a large number of consumers in the market.
Globally industry players are fueling the growth of the e-cigarette market by providing new and regional flavors for the e-cigarettes. The major players are collaborating with high-end tobacco manufacturers to form monopoly. This gives them an edge to get ahead of the competition.
Geographically, North America dominates the e-cigarette market due to earlier advancements in the technology of this segment, and high disposable income of citizens of countries such as the U.S. and Canada. Moreover, the Asia-Pacific is anticipated to witness the fastest growth during the forecast period due to the huge population of young generation and their inclination towards the e-cigarettes.
Key players in e-cigarette are investing into research and development activities. Many prominent players are acquiring established business players to deliver next-generation products. For instance, in July 2017, British American Tobacco p.l.c. completed the acquisition of the remaining 57.8% of Reynolds American Inc. The prominent players operating in the e-cigarette market are 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, NJOY Inc., Vapor Hub International Inc., and FIN Branding Group LLC.
The E-Cigarette Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.
Segments Covered in the Report
Region Covered in the Report
PRIMARY RESEARCH INTERVIEWS - BREAKDOWN