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E-Cigarette Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

The global e-cigarette market size reached US$ 21.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 31.9 Billion by 2028, exhibiting a growth rate (CAGR) of 4.4% during 2023-2028.

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.

 

 
 

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E-Cigarette Market Drivers:

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.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global e-cigarette market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on product, flavor, mode of operation and distribution channel.

Breakup by Product:

 

 
 

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  • Modular E-Cigarette 
  • Rechargeable E-Cigarette
  • Next-Generation E-Cigarette
  • Disposable E-Cigarette
     

Next-generation e-cigarettes currently represent the most popular product type in the market as they provide significant technology upgrades and extended battery life.

Breakup by Flavor:

  • Tobacco
  • Botanical
  • Fruit
  • Sweet
  • Beverage
  • Others
     

Amongst these, tobacco is the most preferred flavor among consumers since it offers a similar taste as that of conventional cigarettes.

Breakup by Mode of Operation:

  • Automatic E-Cigarette
  • Manual E-Cigarette
     

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.

Breakup by Distribution Channel:

  • Speciality E-Cig Shops
  • Online
  • Supermarkets and Hypermarkets
  • Tobacconist
  • Others
     

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:

 

 
 

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  • Asia Pacific
  • Europe
  • North America
  • Middle East and Africa
  • Latin America
     

Region-wise, North America enjoys the leading position in the market, accounting for majority of the total global market.

Competitive Landscape:

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:

  • Philip Morris International Inc.
  • Altria Group Inc.
  • British American Tobacco PLC
  • Japan Tobacco, Inc.
  • Imperial Tobacco Group
  • International Vapor Group
  • Nicotek LLC
  • NJOY Inc.
  • Reynolds American Inc.
  • ITC Limited
  • J WELL France
     

Report Coverage:

Report Features Details
Base Year of the Analysis 2022
Historical Period 2017-2022
Forecast Period 2023-2028
Units US$ Billion
Segment Coverage Product, Flavor, Mode of Operation, Distribution Channel, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered Philip Morris International Inc., Altria Group Inc., British American Tobacco PLC, Japan Tobacco, Inc., Imperial Tobacco Group, International Vapor Group, Nicotek LLC, NJOY Inc., Reynolds American Inc., ITC Limited and J WELL France
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

1   Preface
2   Scope and Methodology

    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3   Executive Summary
4   Introduction

    4.1    Overview
    4.2    Key Industry Trends
5   Global E-Cigarette Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Breakup by Product 
    5.5    Market Breakup by Flavor 
    5.6    Market Breakup by Mode of Operation
    5.7    Market Breakup by Distribution Channel 
    5.8    Market Breakup by Region
    5.9    Market Forecast
6   Market Breakup Product 
    6.1    Modular E-Cigarette 
        6.1.1    Market Trends
        6.1.2    Market Forecast
    6.2    Rechargeable E-Cigarette 
        6.2.1    Market Trends
        6.2.2    Market Forecast
    6.3    Next-Generation E-Cigarette 
        6.3.1    Market Trends
        6.3.2    Market Forecast
    6.4    Disposable E-Cigarette 
        6.4.1    Market Trends
        6.4.2    Market Forecast
7   Market Breakup by Flavor
    7.1    Tobacco
        7.1.1    Market Trends
        7.1.2    Market Forecast
    7.2    Botanical
        7.2.1    Market Trends
        7.2.2    Market Forecast
    7.3    Fruit
        7.3.1    Market Trends
        7.3.2    Market Forecast
    7.4    Sweet
        7.4.1    Market Trends
        7.4.2    Market Forecast
    7.5    Beverage
        7.5.1    Market Trends
        7.5.2    Market Forecast
    7.6    Others
        7.6.1    Market Trends
        7.6.2    Market Forecast
8   Market Breakup by Mode of Operation
    8.1    Automatic E-Cigarette
        8.1.1    Market Trends
        8.1.2    Market Forecast
    8.2    Manual E-Cigarette
        8.2.1    Market Trends
        8.2.2    Market Forecast
9   Market Breakup by Distribution Channel
    9.1    Speciality E-Cig Shops
        9.1.1    Market Trends
        9.1.2    Market Forecast
    9.2    Online
        9.2.1    Market Trends
        9.2.2    Market Forecast
    9.3    Supermarkets and Hypermarkets
        9.3.1    Market Trends
        9.3.2    Market Forecast
    9.4    Tobacconist
        9.4.1    Market Trends
        9.4.2    Market Forecast
    9.5    Others
        9.5.1    Market Trends
        9.5.2    Market Forecast
10  Market Breakup by Region
    10.1    Asia Pacific
        10.1.1    Market Trends
        10.1.2    Market Forecast
    10.2    Europe
        10.2.1    Market Trends
        10.2.2    Market Forecast
    10.3    North America
        10.3.1    Market Trends
        10.3.2    Market Forecast
    10.4    Middle East and Africa
        10.4.1    Market Trends
        10.4.2    Market Forecast
    10.5    Latin America
        10.5.1    Market Trends
        10.5.2    Market Forecast
11  SWOT Analysis
    11.1    Overview
    11.2    Strengths
    11.3    Weaknesses
    11.4    Opportunities
    11.5    Threats
12  Value Chain Analysis
13  Porters Five Forces Analysis

    13.1    Overview
    13.2    Bargaining Power of Buyers
    13.3    Bargaining Power of Suppliers
    13.4    Degree of Competition
    13.5    Threat of New Entrants
    13.6    Threat of Substitutes
14  Price Analysis
    14.1    Price Indicators
    14.2    Price Structure
    14.3    Margin Analysis
15  Competitive Landscape
    15.1    Market Structure
    15.2    Key Players
    15.3    Profiles of Key Players
        15.3.1    Philip Morris International
        15.3.2    Altria Group Inc. 
        15.3.3    British American Tobacco PLC  
        15.3.4    Japan Tobacco, Inc. 
        15.3.5    Imperial Tobacco Group
        15.3.6    International Vapor Group
        15.3.7    Nicotek Llc, 
        15.3.8    Njoy Inc.
        15.3.9    Reynolds American Inc. 
        15.3.10      ITC Limited
        15.3.11      J Well France

List of Figures

Figure 1: Global: E-Cigarette Market: Major Drivers and Challenges
Figure 2: Global: E-Cigarette Market: Sales Value (in Billion US$), 2017-2022
Figure 3: Global: E-Cigarette Market: Breakup by Product (in %), 2022
Figure 4: Global: E-Cigarette Market: Breakup by Flavor (in %), 2022
Figure 5: Global: E-Cigarette Market: Breakup by Mode of Operation (in %), 2022
Figure 6: Global: E-Cigarette Market: Breakup by Distribution Channel (in %), 2022
Figure 7: Global: E-Cigarette Market: Breakup by Region (in %), 2022
Figure 8: Global: E-Cigarette Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 9: Global: E-Cigarette Industry: SWOT Analysis
Figure 10: Global: E-Cigarette Industry: Value Chain Analysis
Figure 11: Global: E-Cigarette Industry: Porter’s Five Forces Analysis
Figure 12: Global: E-Cigarette (Modular) Market: Sales Value (in Million US$), 2017 & 2022
Figure 13: Global: E-Cigarette (Modular) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 14: Global: E-Cigarette (Rechargeable) Market: Sales Value (in Million US$), 2017 & 2022
Figure 15: Global: E-Cigarette (Rechargeable) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 16: Global: E-Cigarette (Next-Generation) Market: Sales Value (in Million US$), 2017 & 2022
Figure 17: Global: E-Cigarette (Next-Generation) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 18: Global: E-Cigarette (Disposable) Market: Sales Value (in Million US$), 2017 & 2022
Figure 19: Global: E-Cigarette (Disposable) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 20: Global: E-Cigarette (Tobacco) Market: Sales Value (in Million US$), 2017 & 2022
Figure 21: Global: E-Cigarette (Tobacco) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 22: Global: E-Cigarette (Botanical) Market: Sales Value (in Million US$), 2017 & 2022
Figure 23: Global: E-Cigarette (Botanical) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 24: Global: E-Cigarette (Fruit) Market: Sales Value (in Million US$), 2017 & 2022
Figure 25: Global: E-Cigarette (Fruit) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 26: Global: E-Cigarette (Sweet) Market: Sales Value (in Million US$), 2017 & 2022
Figure 27: Global: E-Cigarette (Sweet) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 28: Global: E-Cigarette (Beverage) Market: Sales Value (in Million US$), 2017 & 2022
Figure 29: Global: E-Cigarette (Beverage) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 30: Global: E-Cigarette (Other Flavors) Market: Sales Value (in Million US$), 2017 & 2022
Figure 31: Global: E-Cigarette (Other Flavors) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 32: Global: E-Cigarette (Automatic) Market: Sales Value (in Million US$), 2017 & 2022
Figure 33: Global: E-Cigarette (Automatic) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 34: Global: E-Cigarette (Manual) Market: Sales Value (in Million US$), 2017 & 2022
Figure 35: Global: E-Cigarette (Manual) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 36: Global: E-Cigarette Market: Sales through Speciality E-Cig Shops (in Million US$), 2017 & 2022
Figure 37: Global: E-Cigarette Market Forecast: Sales through Speciality E-Cig Shops (in Million US$), 2023-2028
Figure 38: Global: E-Cigarette Market: Online Sales (in Million US$), 2017 & 2022
Figure 39: Global: E-Cigarette Market Forecast: Online Sales (in Million US$), 2023-2028
Figure 40: Global: E-Cigarette Market: Sales through Supermarkets and Hypermarkets (in Million US$), 2017 & 2022
Figure 41: Global: E-Cigarette Market Forecast: Sales through Supermarkets and Hypermarkets (in Million US$), 2023-2028
Figure 42: Global: E-Cigarette Market: Sales through Tobacconist (in Million US$), 2017 & 2022
Figure 43: Global: E-Cigarette Market Forecast: Sales through Tobacconist (in Million US$), 2023-2028
Figure 44: Global: E-Cigarette Market: Sales through Other Distribution Channels (in Million US$), 2017 & 2022
Figure 45: Global: E-Cigarette Market Forecast: Sales through Other Distribution Channels (in Million US$), 2023-2028
Figure 46: Asia Pacific: E-Cigarette Market: Sales Value (in Million US$), 2017 & 2022
Figure 47: Asia Pacific: E-Cigarette Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 48: Europe: E-Cigarette Market: Sales Value (in Million US$), 2017 & 2022
Figure 49: Europe: E-Cigarette Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 50: North America: E-Cigarette Market: Sales Value (in Million US$), 2017 & 2022
Figure 51: North America: E-Cigarette Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 52: Middle East and Africa: E-Cigarette Market: Sales Value (in Million US$), 2017 & 2022
Figure 53: Middle East and Africa: E-Cigarette Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 54: Latin America: E-Cigarette Market: Sales Value (in Million US$), 2017 & 2022
Figure 55: Latin America: E-Cigarette Market Forecast: Sales Value (in Million US$), 2023-2028

List of Tables

Table 1: Global: E-Cigarette Market: Key Industry Highlights, 2022 and 2028
Table 2: Global: E-Cigarette Market Forecast: Breakup by Product (in Million US$), 2023-2028
Table 3: Global: E-Cigarette Market Forecast: Breakup by Flavor (in Million US$), 2023-2028
Table 4: Global: E-Cigarette Market Forecast: Breakup by Mode of Operation (in Million US$), 2023-2028
Table 5: Global: E-Cigarette Market Forecast: Breakup by Distribution Channel (in Million US$), 2023-2028
Table 6: Global: E-Cigarette Market Forecast: Breakup by Region (in Million US$), 2023-2028
Table 7: Global: E-Cigarette Market Structure
Table 8: Global: E-Cigarette Market: Key Players


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Key Questions Answered in This Report

The global e-cigarette market was valued at US$ 21.8 Billion in 2022.

We expect the global e-cigarette market to exhibit a CAGR of 4.4% during 2023-2028.

The sudden outbreak of the COVID-19 pandemic has led to the changing consumer inclination from conventional brick-and-mortar distribution channels towards online retail platforms for the purchase of e-cigarettes.

The increasing consumer awareness towards the negative health impact of smoking tobacco, along with the advent of extensive range of innovative e-cigarette flavors, is primarily driving the global e-cigarette market.

Based on the product, the global e-cigarette market has been divided into modular e-cigarette, rechargeable e-cigarette, next-generation e-cigarette, and disposable e-cigarette. Among these, next-generation e-cigarette exhibits a clear dominance in the market.

Based on the flavor, the global e-cigarette market can be categorized into tobacco, botanical, fruit, sweet, beverage, and others. Currently, tobacco flavored e-cigarettes hold the majority of the total market share.

Based on the mode of operation, the global e-cigarette market has been segmented into automatic e-cigarette and manual e-cigarette, where automatic e-cigarette represents the largest market share.

Based on the distribution channel, the global e-cigarette market can be bifurcated into speciality e-cig shops, online, supermarkets and hypermarkets, tobacconist, and others. Among these, speciality e-cig shops account for the majority of the total market share.

On a regional level, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where North America currently dominates the global market.

Some of the major players in the global e-cigarette market include Philip Morris International Inc., Altria Group Inc., British American Tobacco PLC, Japan Tobacco, Inc., Imperial Tobacco Group, International Vapor Group, Nicotek LLC, NJOY Inc., Reynolds American Inc., ITC Limited, J WELL France, etc.

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