NEW
YORK, July 11, 2024 /PRNewswire/ -- The
global E-cigarette market size is estimated to grow by
USD 35.90 billion from
2024-2028, according to Technavio. The market is estimated to grow
at a CAGR of about 18.09% during the forecast
period. The global e-cigarette market is poised for
significant growth, driven by factors such as the perceived safety
of e-cigarettes compared to traditional tobacco products. This
trend is bolstered by the emergence of hybrid vaping devices, which
offer enhanced user experience and customization. Key players like
Altria Group Inc., British American Tobacco Plc, and JUUL Labs Inc.
Are leading innovation in this space. However, challenges related
to health issues associated with e-cigarettes remain a concern,
potentially impacting market expansion despite robust growth
projections.
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segments, customer landscape, and companies- View the
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E-Cigarette Market
Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
18.09%
|
Market growth
2024-2028
|
USD 35904.7
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
14.06
|
Regional
analysis
|
North America, Europe,
APAC, South America, and Middle East and Africa
|
Performing market
contribution
|
North America at
37%
|
Key
countries
|
US, UK, France,
Germany, and China
|
Key companies
profiled
|
Altria Group Inc.,
British American Tobacco Plc, ePuffer Ltd., GD SIGELEI Electronic
Tech Co. Ltd., Geekvape, ICCPP, Imperial Brands Plc, Innokin
Technology Ltd., ITC Ltd., Japan Tobacco Inc., JUUL Labs Inc., JWEI
Group, OXVA, PhixVapor, Shenzhen IVPS Technology Co. Ltd., Shenzhen
KangerTech Technology Co. Ltd., Shenzhen Runfree Technology Co.
Ltd., Shenzhen UWELL Technology Co. Ltd., SMOORE International
Holdings Ltd., and White Cloud Electronic Cigarettes
|
Market Driver
Hybrid vaping devices have gained significant traction in the
E-cigarette market, catering to vapers desiring versatility and
flexibility in their vaping experience. These devices merge
elements from conventional e-cigarettes and advanced vaping
gadgets, offering users the best of both worlds. A defining feature
of hybrid vaping devices is their compatibility with various coils
and atomizers. Users can switch between mouth-to-lung (MTL) and
direct-to-lung (DTL) vaping styles, catering to individual
preferences. MTL vaping mimics smoking traditional cigarettes,
while DTL vaping generates larger clouds and a more direct lung
hit. By supporting diverse coil types and resistance levels, hybrid
devices accommodate a broad spectrum of vaping styles. Moreover,
these devices often include adjustable wattage and voltage
settings, enabling users to customize their vaping experience
further. By fine-tuning power output, vapers can regulate the
intensity and warmth of the vapor, tailoring it to their taste.
Advanced settings like temperature control (TC) and bypass mode
further attract vaping aficionados. TC ensures consistent vaping by
setting a temperature limit to prevent overheating. Bypass mode
emulates mechanical mode performance, delivering maximum power
output based on battery current voltage level. These advanced
features fuel the expansion of the global E-cigarette market.
The E-Cigarette market has seen significant growth on a global
scale over the past decade, with individuals, particularly young
adult consumers, showing increasing acceptance of these
reduced-risk products as an alternative to traditional tobacco
products. According to trade data and survey results from Statista
Consumer Insights, the E-Cigarettes segment of the Tobacco Products
market is expected to continue its exponential trend, with
forecasts indicating a medium-term S-curve function. Key players in
the market include V-Nix Vape Pen, ANYX GO, Juul, Vuse, blu, Logic,
and NJOY. Pricing, flavors, and performance factors are crucial
performance indicators for this market. Regulations and consumer
spending are also important considerations, with the consumer price
index and current exchange rates influencing purchasing decisions.
As the younger generations embrace sustainable vaping devices, the
industry is taking a bottom-up approach to address concerns around
harmful substances and nicotine levels. Companies are innovating
with refillable cartridges and next-generation e-cigarettes to meet
evolving consumer needs. New and relevant data should be monitored
on an ad hoc basis for significant changes in smoking rates and
consumer preferences.
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Market Challenges
- The E-cigarette market faces significant challenges due to
health concerns, which have negatively influenced its growth. While
some consider e-cigarettes as potential alternatives to traditional
cigarettes for adult smokers, others express skepticism due to
safety and effectiveness concerns. E-cigarettes, though less
harmful than combustible cigarettes, have potential long-term
health risks. Limited research on e-cigarette aerosol inhalation
and the reported cases of vaping-related lung injuries (EVALI) have
raised public anxiety. E-cigarettes can cause burns, injuries from
malfunctioning batteries, and inhale harmful substances like
nicotine, chemicals, and heavy metals. The long-term health effects
of e-cigarettes are not fully understood, and ongoing research is
essential. These health concerns may negatively impact the global
E-cigarette market's growth during the forecast period.
- The e-cigarette market is experiencing significant growth, with
next-generation devices like automatic and manual e-cigarettes
leading the charge. Disposable e-cigarettes continue to gain
popularity, especially among young adults and adolescents. Zero
smoke and various flavors, including tobacco, botanical, fruit,
sweet, beverage, and menthol, attract consumers. However,
challenges persist, such as health-related problems, nicotine
dependence, and public areas restrictions. Online age verification
and cost-effective solutions like rechargeable starter kits and
liquid refill kits are crucial. Single-use counterparts, vaping
devices, e-liquids, and fragrances remain key market drivers.
Middle school and high school students are targeted by tobacco
product companies, fueling concerns. Professional vapers prioritize
fashion appeal and nicotine-free e-liquids. Regardless, the
industry faces hurdles, including addressing nicotine dependence
and ensuring proper regulation.
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Segment Overview
This e-cigarette market report extensively covers market
segmentation by
- Distribution Channel
- Product
- 2.1 Modular E-cigarette
- 2.2 Next-generation products
- 2.3 Rechargeable E-cigarette
- 2.4 Disposable E-cigarette
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Offline- The e-cigarette market continues to
evolve, offering consumers a range of vaping devices and e-liquids
with varying levels of aerosol/vapor production, toxic substances,
and harmful chemicals. Customization and a vast array of flavors,
including tobacco, botanical, fruit, sweet, beverage, menthol,
mint, chocolate, cola, bubble gum, and fruits, cater to diverse
cultural preferences and individual tastes. Modular rechargeable
e-cigarettes, such as modular and next-generation e-cigarettes,
provide an enhanced vaping experience with customizable features
like adjustable voltage, battery strength, and e-liquid juice
intake. These devices are gaining popularity among young adults and
adolescents, despite health-related concerns and smoking cessation
efforts. Convenience stores and online retailers offer
cost-effective solutions through rechargeable starter kits and
liquid refill kits. However, the rise in usage among middle school
students and the availability of single-use counterparts pose
challenges to public health. Online age verification and strict
regulations are essential to mitigate nicotine dependence and
associated health risks. Automatic and manual e-cigarettes cater to
different user preferences, adding to the market's complexity.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2017-2021) - Download a Sample Report
Research Analysis
In the last decade, the E-Cigarette market has grown
significantly worldwide, particularly among young adult consumers.
This segment of the Tobacco Products market appeals to younger
generations with its promise of reduced-risk products and the
allure of "Zero smoke." However, regulations vary, leading to
concerns over the safety of these devices. E-Cigarettes produce
aerosol/vapor containing nicotine and harmful substances, including
toxic chemicals and additives. High nicotine levels in refillable
cartridges can lead to addiction, especially among Adolescents.
Next-generation e-cigarettes, like vaping devices and single-use
counterparts, have gained popularity. Despite claims of reduced
harm, health-related problems linked to e-cigarettes are emerging,
including lung injuries and nicotine dependence. Public concerns
have led to stricter regulations, including online age verification
and bans in public areas. As the E-Cigarette market continues to
evolve, it's crucial to ensure these products are safe and marketed
responsibly to prevent harm to individuals, particularly young
consumers.
Market Research Overview
Over the past decade, the E-Cigarette market has grown
exponentially on a global scale, with individuals, particularly
young adult consumers, embracing this alternative to traditional
tobacco products. According to Statista Consumer Insights, the
E-Cigarettes segment of the Tobacco Products market is projected to
continue this trend in the medium term, with forecasts showing an
S-curve function and exponential trend smoothing. Regulations vary
worldwide, with some countries implementing stricter rules on
pricing, flavors, and nicotine levels. Brands like V-Nix Vape Pen,
ANYX GO, Juul, Vuse, blu, Logic, and NJOY dominate the market,
offering reduced-risk products through a bottom-up approach. Trade
data and survey results indicate acceptance of e-cigarettes is
increasing, with performance factors such as customization, variety
of flavors, and convenience driving demand. However, concerns over
harmful substances, addiction, and nicotine intake persist. In the
next-generation e-cigarette landscape, sustainable vaping devices
like modular, rechargeable, and disposable e-cigarettes are gaining
popularity. Flavors range from tobacco to botanical, fruit, sweet,
beverage, and even zero-smoke options. As the market evolves, it's
essential to consider significant changes, such as new regulations,
consumer preferences, and cultural norms, on an ad hoc basis.
Harmful chemicals and toxic substances remain concerns, but
next-generation e-cigarettes, refillable cartridges, and
aerosol/vapor technology offer potential solutions. However, it's
crucial to address nicotine dependence, youth access, and
health-related problems, including nicotine intake and harm from
harmful chemicals. Online age verification and single-use
counterparts are steps towards mitigating these concerns. In
conclusion, the E-Cigarette market is a complex and dynamic
landscape, requiring ongoing research and analysis to understand
its impact on individuals, public health, and the broader Tobacco
Products market.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Distribution Channel
-
- Product
-
- Modular E-cigarette
- Next-generation Products
- Rechargeable E-cigarette
- Disposable E-cigarette
- Geography
-
- North America
- Europe
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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