E-Cigarette Market

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. The rising demand for e-cigarettes among individuals to quit smoking, wide availability through various distribution channels, and introduction of innovative flavors represent some of the key factors driving the market.

E-cigarette, also known as e-cigs, refers to a battery-operated device that emits a vaporized solution to inhale and is less toxic as compared to a conventional cigarette. It comprises a mouthpiece, atomizer, battery, sensor, and a solution of liquid that assists in delivering dosages of vaporized nicotine or flavored solutions to users. It is widely available as a modular, rechargeable, next-generation, and disposable e-cigarette and in different sizes, shapes, and flavors, such as tobacco, botanical, fruit, and sweet. It produces an aerosol by heating a liquid that generally contains nicotine, ultrafine particles, flavoring, tin, lead, nickel, and volatile organic compounds (VOCs). It is utilized for providing the sensation of inhaling tobacco smoke without creating the smoke and is suitable for people who want to quit or cut down on smoking. It is also used by young adults and the geriatric population across the globe. 

E-Cigarette Market Trends:

At present, the rising preference for e-cigarettes over traditional cigarettes due to the presence of less toxic substances represents one of the key factors supporting the growth of the market. Besides this, the growing consumer awareness about safe, smokeless, and ashless tobacco is offering a positive market outlook. Additionally, there is a rise in the need for consuming alternative tobacco products among the masses around the world. This, coupled with the increasing demand for e-cigarettes among the masses who are trying to quit or reduce smoking, is propelling the growth of the market. Apart from this, the rising demand for e-cigarettes, as they are available in numerous flavors, such as menthol, tobacco, chocolate, cola, bubble gum, mint, and fruits and nuts, is offering lucrative growth opportunities to industry investors. Moreover, the wide availability of e-cigarettes through various distribution channels, such as specialty e-cig shops, supermarkets, hypermarkets, tobacconists, and online stores, across the globe is positively influencing the market. In addition, the increasing demand for new-generation e-cigarettes that provide different amounts of nicotine and allow consumers to refill the cartridge is contributing to the growth of the market. Furthermore, key players are introducing customized e-cigarettes that have temperature control and nicotine dosages, which are projected to strengthen the market growth in the coming years.

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.

Product Insights:

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

The report has provided a detailed breakup and analysis of the e-cigarette market based on the product. This includes modular e-cigarette, rechargeable e-cigarette, next-generation e-cigarette, and disposable e-cigarette. According to the report, next-generation e-cigarette represented the largest segment.

Flavor Insights:

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

A detailed breakup and analysis of the e-cigarette market based on the flavor has also been provided in the report. This includes tobacco, botanical, fruit, sweet, beverage, and others. According to the report, tobacco accounted for the largest market share.

Mode of Operation Insights:

• Automatic E-Cigarette
• Manual E-Cigarette
   

A detailed breakup and analysis of the e-cigarette market based on the mode of operation has also been provided in the report. This includes automatic e-cigarette and manual e-cigarette. According to the report, automatic e-cigarette accounted for the largest market share.

Distribution Channel Insights:

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

A detailed breakup and analysis of the e-cigarette market based on the distribution channel has also been provided in the report. This includes speciality e-cig shops, online, supermarkets and hypermarkets, tobacconist, and others. According to the report, specialty e-cig shops accounted for the largest market share.

Regional Insights:

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

The report has also provided a comprehensive analysis of all the major regional markets, which include Asia Pacific, Europe, North America, Middle East and Africa, and Latin America. According to the report, North America was the largest market for e-cigarette. Some of the factors driving the North America e-cigarette market included the increasing demand among young generation, shifting preference towards flavored products, wide availability of the product, etc.    

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global e-cigarette market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered 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. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the e-cigarette market from 2017-2028.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global e-cigarette market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the e-cigarette industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.