The global E-Cigarette market size is projected to reach USD 46.98 billion by 2030 from its value of USD 18.32 billion in 2022, at a CAGR of 12.49% during the forecast period, according to Zion Market Research.
NEW YORK, United States, Sept. 27, 2023 (GLOBE NEWSWIRE) — Zion Market Research has published a new research report titled “E-Cigarette Market By Distribution Channel (Retail And Online), By Product (Modular Devices, Rechargeable, And Disposable), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.
“According to the latest research study, the global E-Cigarette Market size was valued at about USD 18.32 billion in 2022. The market is expected to grow at a CAGR of 12.49% and is anticipated to reach a value of USD 46.98 billion by 2030.”
E-Cigarette Market Overview:
E-cigarettes are electronic versions of traditional tobacco-containing cigarettes. In electronic cigarettes, also known as vapor pens, a battery is used to vaporize an aerosol containing a special liquid. The ultimate product is then inhaled using an inhaler. E-cigarettes are distinct from traditional water vapor because the liquid in the cartridges contains nicotine. It originates from tobacco. E-cigarettes also contain certain compounds, flavorings, and propylene glycol. Due to the shrewd marketing strategies employed by e-cigarette manufacturers, electronic cigarettes have gained immense popularity among the younger generation.
Recent studies have shown, however, that even products marketed as nicotine-free contain at least trace amounts of the addictive substance. Although the e-cigarette industry is expanding rapidly, it confronts a number of challenges and growth barriers, particularly as a result of recent research-related developments concerning the safety of these electronic vapes. During the forecast period, the demand for e-cigarettes is likely to continue rising, but may be subject to stricter restrictions than in the past.
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|Report Attribute||Report Details|
|Market Size in 2022||USD 18.32 Billion|
|Market Forecast in 2030||USD 46.98 Billion|
|Growth Rate||CAGR of 12.49%|
|Forecast Years||2023- 2030|
|Key Companies Covered||Japan Tobacco International (JTI), Juul Labs, NJOY LLC, Reynolds American Inc., British American Tobacco (BAT), Philip Morris International (PMI), Vaporesso, Imperial Brands (Blu), Aspire, Logic Technology, Eleaf Development LLC, KangerTech, SMOK, Mig Vapor, Vuse, and others.|
|Segments Covered||By Distribution Channel, By Product, and By Region|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa|
|Customization Scope||Avail customized purchase options to meet your exact research needs.|
Key Insights from Primary Research
- The e-cigarette market is projected to grow at a significant rate due to the marketing of e-cigarettes as substitutes for tobacco cigarettes
- Based on distribution channel segmentation, retail was predicted to show maximum market share in the year 2022
- Based on product segmentation, rechargeable was the leading segment in 2022
- On the basis of region, Europe was the leading revenue generator in 2022
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E-Cigarette Market: Growth Drivers
- Marketing e-cigarettes as substitutes for tobacco cigarettes to promote market growth
The global e-cigarette market is anticipated to expand as a result of the increasing marketing of electronic cigarettes as effective tobacco-free alternatives to traditional cigarettes. According to studies, the majority of the world’s population is tobacco dependent. Recent research conducted by the Pennsylvania State University found that 85 percent of smokers were addicted to tobacco to a mild, moderate, or severe degree. According to the World Health Organization (WHO), more than 1.27 billion people worldwide are habituated to smoking, which is known to be detrimental to human health over time. Lung diseases, oral cancer, stroke, heart disease, diabetes, and chronic pulmonary diseases (CPDs) are a few of the medical conditions that are brought on by smoking.
E-Cigarette Market: Restraints
- Studies indicating e-cigarettes to contain harmful components may restrict the market
More studies and research have been conducted in recent years to determine whether e-cigarettes are as safe as advertised. Several indicate that e-cigarettes also contain harmful compounds and they can be as addictive as traditional cigarettes. Specifically, according to a report published by the Centers for Disease Control and Prevention, e-cigarette aerosols contain potentially harmful substances, such as nicotine. It is not recommended for use in children, adolescents, expectant women, or individuals with a medical history. These restrictions are identical to those placed on standard cigarettes. However, there is limited research on the precise difference between cigarettes and their electronic equivalents, and more research is required to determine the exact dangers posed by e-cigarette abuse.
E-Cigarette Market: Segmentation
The global e-cigarette market is segmented based on distribution channel, product, and region.
Based on distribution channel, the global e-cigarette market segments are retail and online. In 2022, the highest growth was observed in the retail segment which dominated over 83.5% of the total share. E-cigarettes are readily available in gas stations and vape stores.
Based on product, the e-cigarette industry divisions are modular devices, rechargeable, and disposable. In 2022, the rechargeable segment held control over 43.5% of the total revenue since these units are more affordable than their counterparts.
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- Europe to dominate with the highest growth rate during the forecast period
Europe is anticipated to have the fastest development rate in the global e-cigarette market. The region accounted for 44.5% of global revenue in 2022. This is because Europe has more lenient regulations regarding the production, distribution, and use of electronic cigarettes than other regions. For instance, e-vapes can be sold, but the sale of e-cigarette containers with a capacity of more than 2ml is restricted by law, and nicotine content is limited to 20 mg/ml or less. Since they are switching to e-cigarettes, the majority of cigarette smokers in Europe are the dominant consumers in the regional market. According to a report by the National Institutes of Health, more than 48,5 million Europeans have used electronic cigarettes, and nearly 76.8% have used nicotine-containing electronic cigarettes.
Due to stringent restrictions on the sale of e-cigarettes, it is anticipated that revenue in Asia-Pacific will be severely constrained. Even though China permits the sale of e-cigarettes, there are several restrictions, such as a prohibition on sales near educational facilities and a minimum age for purchases. In India, the government has prohibited the manufacture and use of electronic cigarettes in all forms. Recently, the government of India introduced a website for reporting the sale of electronic cigarettes.
The report contains qualitative and quantitative research on the global E-Cigarette market, as well as detailed insights and development strategies employed by the leading competitors.
Some of the main players in the global E-Cigarette market include;
- Japan Tobacco International (JTI)
- Juul Labs
- NJOY LLC
- Reynolds American Inc.
- British American Tobacco (BAT)
- Philip Morris International (PMI)
- Imperial Brands (Blu)
- Logic Technology
- Eleaf Development LLC
- Mig Vapor
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The global E-Cigarette market is segmented as follows:
By Distribution Channel
- Modular Devices
- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
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Key questions answered in this report:
- What is the market size and growth rate forecast for E-Cigarette industry?
- What are the main driving factors propelling the E-Cigarette Market forward?
- What are the leading companies in the E-Cigarette Industry?
- What segments does the E-Cigarette Market cover?
- How can I receive a free copy of the E-Cigarette Market sample report and company profiles?
- Full in-depth analysis of the parent market
- Important changes in market dynamics
- Segmentation details of the market
- Former, on-going, and projected market analysis in terms of volume and value
- Assessment of niche industry developments
- Market share analysis
- Key strategies of major players
- Emerging segments and regional markets
- Testimonials to companies in order to fortify their foothold in the market
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