Global E-Cigarette Market – Size, Outlook, Trends and Forecast (2024 – 2032)

Electronic cigarettes are gaining popularity across the world as an alternative or replacement to traditional tobacco filled cigarettes. These are usually battery powered or operated devices and due to the seamless design of electronic cigarettes and their disassociation with the smoke created by conventional cigarettes, these are considered to be less harmful to health. Players in the global electronic cigarettes market are experimenting with the design of their products to boost their sales and to strengthen their position.

Global E-Cigarettes Market Segments Size & Growth:

Global e-cigarettes market value is estimated to reach up to $30 billion by the end of 2024 from approximately $13 billion in the year 2017 with a CAGR of approximately 25% during 2018-2024. Growing health awareness, advancement in electronic device technology, smoke & ashless vaping are some of the factors driving the growth of the global e-cigarette market. The availability of a multitude of flavors and nicotine levels is also playing a vital role in the growth of the global market. Moreover, the rising prices of regular cigarettes and enjoyment of the experience of electronic cigarettes use are augmenting the market growth from the past three years across the globe. However, several government organizations haven’t approved the use of e-cigarettes as smoking cessation tools which is restraining the penetration of e-cigarettes, especially in the emerging economies.

Global E-Cigarettes Market Segments Share:

E-cigarettes market is segregated on the basis of product type, distribution, and geography. On the basis of type, the market is categorized into rechargeable, disposable, ego e-cigarettes, APVs or mods, and some others. Disposable devices are expected to witness sluggish growth in the market on account of recurring expenses of purchasing the products after every single use. Rechargeable type cigarettes are projected to witness brisk growth rate during the forecast period 2018-2024.

Modular e-cigarettes are allowing for greater customizations and are being available as per the customer expectation which made them account for the dominant share in the overall market. As per the industrial publications, during 2014 e-cigarettes were the fastest growing product category in British supermarkets and tobacconists/vape shops were amongst those opening most branches during 2015.

E-cigarettes became commercially available in Europe and the Americas region around since 2006 and reported use of e-cigarettes has increased dramatically in recent years although globally use remains low. U.S., Russia, and Germany accounted for over 50% of the total market share in the year 2017 in terms of e-cigarettes market value. Despite the presence of a large number of smokers in the region owing to the high population in the economies including China and India, the e-cigarette market in APAC is still at the nascent stage.

The growth of Asia Pacific is primarily fuelled by the increasing demand for electronic cigarettes in countries such as China, Malaysia, and South Korea. Europe followed by American region to be the leaders in the overall market with U.K., Germany, Poland, Russia, France, and Italy being major revenue contributors from Europe and the U.S. will be a centralized market from the Americas region accounting for over half of the America’s market value. Americas and Europe region are accounted for over 75% of the total market value in the year 2017.

Global E-Cigarettes Market Industry Analysis:

The market has evolved drastically over the past three decades and is standing at the point of influx, wherein a plethora of companies have entered the market either largely due to the unstructured government policies and low capital requirements and to utilize the demand for these cigarettes by releasing advanced products and to be a pioneer in the market. Moreover, an overall non-uniformity of taxation and regulation policies has enabled a large number of players to enter the market, significantly intensifying the competitive rivalry.

The market was then taken over by the leading tobacco giants through a series of mergers and acquisitions, bringing immediate value to the fledgling market. Big Tobacco companies started competing aggressively acquiring the top e-cigarettes brands and rolled out their own brands with newer and technologically advanced products.

Global E-Cigarettes Market Trends:

• In May 2016, the FDA deemed e-cigarettes to be regulated “tobacco products” under the Family Smoking Prevention and Tobacco Control Act of 2009
• The acquisition of the e-cigarette brand “Blu” by the third largest cigarette manufacturer in the US, Lorillard for $135 million was marked as the tobacco industry’s first major foray into the e-cigarette market in April 2012
• Altria and Philip Morris International (PMI) teamed up in December 2013 to market electronic cigarettes and other ‘reduced risk’ tobacco products.

Global E-Cigarettes Research Report includes:

• An executive summary condensing the whole report such that essential authority can rapidly twist up doubtlessly acquainted with brief overview and conclusion.
• To have complete market analysis, industry value chain analysis, Porter’s Five Force Analysis, PESTLE, SWOT analysis, and Y-o-Y analysis were carried to understand the market more comprehensively.
• Regional and global diversity is analyzed with the major countries and the unions. Scrutinizing the revenue generation on Year-On-Year
• Identifying DROC in the current market and their impact in altering the market dynamics.
• Competitive landscape analysis to identify the mergers and acquisitions which will have a comparative financial analysis with major competitors.
• Expertise investment opportunities by an analyst to the individual and organization to have a better foothold in the market.
• Key players are as follows
• Reynolds American, Inc.
• Imperial Brands PLC
• Japan Tobacco, Inc.
• Altria Group, Inc.
• NJOY, Inc.