Global E-Cigarette Market to Reach US$ 38.8 Billion by 2032, Impelled by Introduction of Innovative Product Variants

April 27, 2022 | Retail

According to the latest report by IMARC Group, titled "E-Cigarette Market Report by Product (Modular E-Cigarette, Rechargeable E-Cigarette, Next-Generation E-Cigarette, Disposable E-Cigarette), Flavor (Tobacco, Botanical, Fruit, Sweet, Beverage, and Others), Mode of Operation (Automatic E-Cigarette, Manual E-Cigarette), Distribution Channel (Specialty E-Cig Shops, Online, Supermarkets and Hypermarkets, Tobacconist, and Others), and Region 2024-2032," the global e-cigarette market reached a value of US$ 23.3 Billion in 2023. An e-cigarette refers to a battery-operated device that is generally used by individuals as an alternative to conventional cigarettes for smoking. It is usually equipped with a heating element, a battery and a place to hold a liquid, which produces aerosol that the user inhales. It works by emitting a vaporized solution, such as nicotine, that is mixed with artificial flavorings. It is widely available across the globe in multiple variants that differ on the basis of shapes and sizes. The easy product availability via the online and offline distribution channels is providing a boost to the sales of e-cigarettes worldwide.

Global E-Cigarette Market Trends:

The global market is primarily driven by the increasing number of smokers. This can be accredited to the shifting lifestyle preferences and the inflating disposable income levels of the masses, which is creating a positive market outlook. Since e-cigarettes are reusable and cost-efficient as compared to conventional cigarettes, there has been a considerable rise in their adoption among individuals, especially young adults. Moreover, several leading manufacturers are heavily investing in continuous product innovations, such as launching e-cigarettes with a hit control feature for controlling the nicotine delivery. Besides this, the introduction of tobacco heating systems that produce nicotine-containing emissions without burning the tobacco is further gaining widespread prominence among smokers. Other factors, including rapid urbanization, the availability of a wide range of flavors and fragrances, the rising adoption of innovative and premium packaging solutions, and extensive research and development (R&D) activities conducted by key players, are also positively influencing the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 38.8 Billion by 2032, exhibiting a CAGR of 5.7% during 2024-2032. 

Market Summary:

  • On the basis of the product, the market has been segmented into modular, rechargeable, next-generation and disposable e-cigarettes. Among these, next-generation e-cigarettes are currently dominating the market segment.
  • Based on the flavor, the market has been segregated into tobacco, botanical, fruit, sweet, beverage and others. Presently, tobacco represents the largest market segment.
  • On the basis of the mode of operation, the market has been bifurcated into automatic and manual e-cigarettes. Presently, automatic e-cigarettes exhibit a clear dominance in the market.
  • Based on the distribution channel, the market has been categorized into speciality e-cig shops, online, supermarkets and hypermarkets, tobacconists and others. Among these, speciality e-cigarettes account for the largest market share.
  • On the basis of the region, the market has been divided into Asia Pacific, Europe, North America, Middle East and Africa and Latin America. North America is currently holding the leading position in the market.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these key players 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 and J WELL France.

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Global E-Cigarette Market to Reach US$ 38.8 Billion by 2032, Impelled by Introduction of Innovative Product Variants
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