The Global E-cigarettes Market is projected to grow at a CAGR of around 3.3% during the forecast period, i.e., 2023-28. This detailed analysis offers valuable insights into the key growth drivers, geographical dynamics, and emerging trends that are poised to shape the market's trajectory in the coming years.
The growth of the market is likely to be driven primarily by the increasing urge in consumers to quit smoking tobacco products as well as their perception of e-cigarettes as a less risky alternative to traditional cigarettes owing to benefits, including no smoke pollution, reduced health-related issues, and the ability to smoke in public areas.
More more people are becoming aware of the harmful effects of conventional tobacco-based cigarettes, owing to which e-cigarettes are gaining traction, especially among the young generation adolescents. Several small companies that offer effective vaping products e-liquids are developing a sizable consumer base, and to keep their prices low, they are typically outsourcing e-cigarette production to China.
With growing consumer awareness of the health hazards associated with tobacco smoking, rechargeable e-cigarettes have gained popularity and witnessing high demand, owing mainly to their higher levels of flexibility than their single-use counterparts as well as cost-effectiveness. In addition, online retail channels are also creating profitable prospects for vendors in terms of security reliability and, in turn, thus boosting the demand for these products online.
To meet the mounting demand for vaping devices worldwide, flavor fragrance vendors are actively working on introducing a wide variety of e-liquids to attract consumers. Different flavors like menthol, mint, chocolate, cola, bubble gum, and fusions of other fruits flavoring substances are luring numerous consumers to adopt e-cigarettes.
Moreover, the mounting acceptance of e-cigarette technologies like pod systems squonk mods, notably rising sales of atomizers e-liquids, the growing number of vape shops where users can visit taste different e-liquid flavors before buying, and the ever-increased popularity of tank e-cigarettes in the UK are other prominent aspects projected to drive the global e-cigarette market in the forecast years.
Exploring the Market Dynamics: What’s Driving the Growth of E-Cigarette Market?
The growing urge in consumers to quit smoking, coupled with the rising awareness among them of the benefits of e-cigarettes like zero smoke pollution, reduced health-related issues, are the prime aspects expected to drive the E-Cigarette Market during 2023-28.
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Key Takeaways from the Market Study:
- Historical Data: 2018-21
- Base Year: 2022
- Forecast Period: 2023-28
- CAGR (2023-2028): 3%
- Key Players to Watch: British American Tobacco PLC, Philip Morris International Inc., Altria Group, Inc., Imperial Brands PLC, JWEI Group, J Well France, Japan Tobacco Inc., Ritchy Group Limited, Juul Labs Inc., Innokin Technology, NJOY Inc., R. J. Reynolds Vapor Company, Shenzhen Kanger Technology Co., Ltd, NicQuid, Others are expected to play a pivotal role in driving market growth through strategic investments, partnerships, and innovation.
Latest News in the E-Cigarette Industry:
- In February 2023, Philip Morris International (PMI) launched VEEBA in the UK market, i.e., a premium, responsible, sustainable disposable e-vapor device for use by adult smokers as well as existing adult nicotine users seeking a better alternative to continued smoking.
- In October 2022, British American Tobacco PLC launched Vuse Go in Germany. It is a pre-filled, pocket-sized disposable e-cigarette for adult nicotine users smokers looking for a reduced-risk alternative to cigarettes.
Market Segmentation of E-Cigarette Industry
The E-Cigarette market is segmented as follows:
- By Type
- Completely Disposable Model
- Rechargeable but Disposable Cartomizer
- Personalized Vaporizer
According to report , the rechargeable segment holds a larger share of the Global E-Cigarette Market mainly due to their lower costs.
- By Battery Mode
- Automatic E-cigarette
- Manual E-cigarette
- By Flavour
- Tobacco
- Botanical
- Fruit
- Sweet
- Beverage
- Others
- By Distribution Channel
- Online Retail
- Offline Retail
According to reports, offline retail holds the largest market share.
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E-Cigarette Market Geographical Analysis
North America
South America
Europe
Middle East Africa
Asia-Pacific
According to reports, North America holds a prominent share of the E-Cigarette Market
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