The global e-cigarette market reached a value of US$ 11.5 Billion in 2018. E-cigarettes are battery-powered devices that are considered less toxic than traditional cigarettes. Also known as e-cigs, e-vaping devices, vape pens and electronic cigarettes, these cigarettes consist of three main components, namely, a heating coil, battery and an e-liquid cartridge. These components help in delivering dosages of vaporized nicotine or flavored solutions to the users. E-cigarettes are gaining popularity, especially among young adults and adolescents, due to the rising awareness about the harmful effects of traditional tobacco-based cigarettes. However, researchers are still assessing the impact of e-cigarettes on the human body, which is not yet known.
The willingness of consumers to quit smoking tobacco products and their perception of e-cigarettes as a safer alternative to traditional cigarettes have led to the increased demand for these devices across the globe. In line with this, the manufacturers are introducing new-generation e-cigarettes which offer different strengths of nicotine and allow the users to refill the cartridge. Moreover, the leading manufacturers are acquiring or entering into partnerships with small and domestic vendors. For instance, Japan Tobacco International (JTI) acquired the UK-based e-cigarette brand E-Lites to develop new products and to commercialize its vaporizers worldwide. These players are also introducing an extensive range of flavors, such as tobacco, fruits and botanicals, in response to the evolving consumer preferences. Further, they are developing the designs of and technology used in e-cigarettes to improve their functioning. According to IMARC Group, the market value is expected to reach US$ 24.2 Billion by 2024, exhibiting a CAGR of around 13% during 2019-2024.
Historical, Current and Future Market Trends
Market Breakup by Product:
Next-generation e-cigarettes currently represent the most popular product type in the market as they provide significant technology upgrades and extended battery life.
Market Breakup by Flavor:
Amongst these, tobacco is the most preferred flavor among consumers since it offers a similar taste as that of conventional cigarettes.
Market Breakup by Battery Mode:
At present, automatic e-cigarettes dominate the market since these cigarettes have emerged as a user-friendly option for smokers and gives them the feel of an actual cigarette.
Market Breakup by Distribution Channel:
Presently, e-cigarettes are majorly distributed through specialty e-cigarette shops as the majority of customers are individuals who have quit smoking. The staff of these shops plays a central role in providing customers with product information and many provide smoking cessation advice.
Breakup by Region:
Region-wise, North America enjoys the leading position in the market, accounting for the majority of the overall market share.
The competitive landscape of the market is characterized by the presence of several manufacturers who compete in terms of price and quality. Some of the key players are:
Key Questions Answered in This Report:
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