E-Cigarette Market

The Global E-Cigarette Market Was Worth USD 22.17 Billion In 2022 And Is Estimated to Grow to USD 168.96 Billion By 2030, With A CAGR Of Approximately 28.9 % Over the Forecast Period From 2023 To 2030.

E-cigarette Market Overview

A battery, an atomizer, and an inhaler make up an electronic cigarette, which simulates tobacco smoking without releasing smoke into the air. It is thought to be less hazardous than traditional cigarettes since the device is filled with a nicotine-containing or nicotine-free liquid solution that is heated and turned into vapor before inhaling. Due to different research conducted by medical institutions and associations, it is expected that increased knowledge regarding e-cigarettes being safer than traditional cigarettes, particularly among the younger generation, will further fuel market expansion. The providers’ customization capabilities, including temperature control and nicotine dosages, are projected to boost product demand. Furthermore, new e-cigarette technologies such as pod systems and quonk mods have gained appeal and user adoption in recent years. The e-cigarette and vape market has grown significantly, with devices becoming more efficient in terms of battery life and the number of flavors available. Furthermore, diverse flavors such as menthol, tobacco, fruits and nuts, and chocolate are available on the market, attracting many customers.

E-cigarette Market Drivers:

Around the world, people are becoming more aware of the hazardous effects of regular smoking cigarettes. As a result, alternatives to regular cigarettes have been developed to assist people in quitting smoking. One of the greatest global issues is cancer induced by smoking. E-cigarettes eliminate the risk of cancer and avoid ingesting over 4,000 chemicals, including tobacco and many other toxins and carcinogens found in tobacco smoke, which cause cancer and lung illness. Furthermore, they exhale less harmful material and provide less risk to smokers with asthma.

E-cigarette Market: Restraints

Regulations imposed by local authorities in nations such as the United States and India on selling vaping products and e-liquids have stifled market growth. Furthermore, strict trading rules have made it difficult for retail consumers to import personal vaping equipment. However, traditional cigarette regulations are expected to recognize e-cigarettes as a healthy alternative to tobacco consumption, consequently regulating the technology for safe distribution and usage. Furthermore, the vaping business has formed several associations to combat anti-vaping regulations and to regularize the industry for monitoring, thereby promoting the growth of the e-cigarette and vaping markets.

E-cigarette Market: Segmentation

The global e-cigarette market has been segmented into product type, battery mode, and distribution channel.

• Based on product type, the completely disposable model, rechargeable but disposable cartomizer, and personalized vaporizer are segments of the global e-cigarette market. The rechargeable but disposable cartomizer segment held the largest market share in 2021. Since rechargeable devices are less expensive and don’t require repurchasing materials like cartridges, they are expected to become more popular. Customers do not need to purchase pre-filled cartridges if they produce their own e-liquid. For seasoned smokers, rechargeable e-cigarettes are extremely cost-efficient. Rechargeable e-cigarettes are also preferred by young people in many key nations since they generate less smoke and can be charged via a USB port. The personalized vaporizer category is expected to grow rapidly throughout the forecast period. The primary demand driver is that these gadgets provide extensive customization choices for combining various features and parts.
• Based on distribution, the market is classified into offline retail and online retail. The offline retail segment dominated the market in 2021. E-cigarettes are offered for purchase in retail locations including vape shops and petrol stations. These shops assisted customers in selecting from a selection of devices and e-liquids. Additionally, throughout the projection period, the rise of the retail store segment is projected to be boosted by vape shops that let customers test these devices before buying them. Besides, over the projected period, the online retail segment is expected to grow rapidly. People are more likely to buy e-cigarettes and vape online because of the advantages of online marketplaces in terms of competitive cost, convenience, and access to a greater choice of items.

E-cigarette Market: Regional Landscape

• In 2021, North America dominated the global market with a share. Major industry participants’ social media presence is regularly used to sell e-cigarettes and vaping products. The young generation has rapidly adopted vaping devices as a safer alternative to cigarettes, which should increase product acceptance, given that the majority of e-cigarettes are imported from China. Customers prefer to buy e-cigarettes in bulk through online sites, which is likely to fuel Asia-Pacific regional market growth. The European regional market is predicted to increase significantly throughout the forecast period.

COVID-19 Impact

• Amid the COVID-19 epidemic, e-cigarette and vape sellers have implemented several COVID-19-based marketing methods to boost product sales. Over the forecast period, the increased emphasis on adopting safer alternatives to smoking is expected to promote the use of e-cigarettes and vape devices. As e-cigarette and vape device supplies grew short in physical locations, sellers began selling their items online and giving out hand sanitizers and face masks in exchange for purchasing vaping products.

E-cigarette Market: Competitive Landscape

Some of the main competitors dominating the global e-cigarette market include-

1. Altria Group
2. British American Tobacco
3. Japan Tobacco
4. Imperial Brands
5. International Vapor Group
6. NicotekLlc
7. Njoy Inc
8. Philip Morris International Inc
9. Reynolds American Inc
10. VMR Flavors LLC.

Recent Developments

• September 2020: Japan Tobacco Inc. announced a collaboration with prototype and technology development Sauber Engineering AG. Through this collaboration, the firms will continue to work together on engineering initiatives to improve the performance of Japan Tobacco Inc. products. For example, Japan Tobacco Inc. announced the debut of new tobacco capsule flavors in March 2019. The two tastes are pineapple, peach, and menthol blend.
• April 2019: Philip Morris International plc announced that it would provide insurance premium discounts to cigarette smokers who switch to vaping goods. Under this scheme, the firm declared that people who switch to any of the company’s e-cigarettes would receive a 2.5% discount on premium plans. Furthermore, with the developing digital marketing trend in several nations such as China, the United Kingdom, and the United States, manufacturers are increasingly focusing on increasing the promotion of their items through e-commerce.

The Global E-cigarette Market is segmented as follows:

By Product Type Outlook (Revenue, USD Million, 2017 – 2030)

1. Completely Disposable Model
2. Rechargeable but Disposable Cartomizer
3. Personalized Vaporizer

By Battery Mode Outlook (Revenue, USD Million, 2017 – 2030)

1. Automatic E-cigarette
2. Manual E-cigarette

By Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)

1. Offline Retail
2. Online Retail

By Region Outlook (Revenue, USD Million, 2017 – 2030)

North America

1. The U.S.
2. Canada
3. Mexico

Europe

1. France
2. The UK
3. Spain
4. Germany
5. Italy
6. Rest of Europe

Asia Pacific

1. China
2. Japan
3. India
4. New Zealand
5. Australia
6. South Korea
7. Southeast Asia
8. Rest of Southeast Asia

The Middle East & Africa

1. Saudi Arabia
2. UAE
3. Egypt
4. Kuwait
5. South Africa
6. Rest of the Middle East & Africa

Latin America

1. Brazil
2. Argentina
3. Rest of Latin America