Electronic Cigarette Market

The global electronic cigarette market size was valued at $17,301.0 million in 2020, and is projected to reach $94,316.6 million by 2031, registering a CAGR of 16.8% from 2022 to 2031.Modular segment was the highest revenue contributor to the market, with $9,161.9 Million in 2020, and is estimated to reach $53,391.8 Million by 2031, with a CAGR of 17.5%.

An electronic cigarette is a device that consists of a battery, an atomizer, and an inhaler that simulates tobacco smoking without the inhalation of smoke. The device is loaded with a nicotine-containing or nicotine-free liquid solution, which is heated and transformed into vapor before being breathed, and is considered less dangerous than traditional cigarettes. This device has been recognized as an alternative to traditional cigarettes since it provides benefits such as zero smoke, no pollution, reduced health-related problems, and the ability to be smoked in public areas. Increased knowledge about the negative effects of traditional cigarettes, reduced tar &carbon monoxide absorption via electronic cigarettes, rise in affluence, and technological advancements by electronic cigarette producers promote market expansion.

The increased knowledge of e-cigarettes being safer than traditional cigarettes, particularly among the younger population, as a result of numerous research conducted by medical institutions and associations, is expected to fuel market expansion further. Furthermore, the manufacturers' offering of customization capabilities such as temperature control and nicotine dosages is projected to boost product demand. Moreover, players' continual improvement in new product development is expected to accelerate market expansion.

The e-cigarette and vape market has grown significantly in recent years, as devices have gotten more efficient in terms of battery life and the variety of flavors offered. Furthermore, a wide range of flavors, including menthol, tobacco, fruits and nuts, and chocolate, are available on the market, attracting a significant number of clients. When used in an e-cigarette or a vape device, these flavors emanate fragrances. Furthermore, the decreasing cost-effectiveness of these devices has increased customer acceptance and is likely to fuel market expansion during the projection period.

The increased knowledge of e-cigarettes being safer than traditional cigarettes, particularly among the younger population, as a result of numerous research conducted by medical institutions and associations, is expected to fuel market expansion further. Furthermore, the manufacturers' offering of customization capabilities such as temperature control and nicotine dosages is projected to boost product demand. Furthermore, players' continual improvement in new product development is expected to accelerate electronic cigarette market expansion.

In recent years, market participants have placed an emphasis on raising knowledge of e-cigarettes and vape devices, particularly among adult smokers. JUUL Labs, Inc., for example, launched a marketing effort in January 2019 to educate adult smokers about the negative effects of traditional combustible cigarettes and encourage them to transition to e-cigarettes and vape devices. Over the forecast period, such marketing strategies are expected to boost market expansion.

Segment review

The global electronic cigarette market is segmented on the basis of product type, flavor, distribution channel, and region. Based on product type, the market is divided into disposable, rechargeable, and modular. Flavor in electronic cigarette market includes tobacco, botanical, fruit, sweet, beverage, and others. Based on distribution channel, the market is categorized into specialist e-cig shops, online, supermarkets, tobacconist, and others. The market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

On the basis of product type, the market is divided into disposable, rechargeable, and modular.Modular electronic cigarette is the most popular among others as it can be refilled and allows the user to regulate the power delivered from the system’s battery to the atomizer. As a result,electronic cigarette products production is expected to be the leading segment during the forecast period.

On the basis of flavor, the market is divided into tobacco, botanical, fruit, sweet, beverage, and others. Tobacco flavored e-liquid enhances the taste and lowers the adverse effects of tobacco products, making them more enticing and accessible to new users. Tobacco-flavored e-liquid provides the true tobacco essence, as opposed to the burnt taste and smell of fire &ash while smoking cigarettes. The FDA regulates the nicotine added to tobacco flavors.

On the basis of sales channels, market is divided into specialist E-Cig shops, online, supermarkets, tobacconist, and others. Physical routes to market continue to be the most popular channel for purchasing electronic cigarettes. While making their initial purchase, consumers are reassured by specialized e-cig businesses to acquire familiarity with the product. E-cigarette specialty stores have a unique selection of electronic cigarette devices market and other accessories.

The Market analysis focuses on the electronic cigarette market growth prospects, restraints, and opportunities of the global market. The study provides Porter’s five forces analysis to understand the impact of various factors such as competitive intensity of competitors, bargaining power of suppliers, threat of substitutes, threat of new entrants, and bargaining power of buyers of the Electronic Cigarette market Share.

The key players profiled in the report include Altria Group, British American Tobacco, Imperial Brands, International Vapor Group, Japan Tobacco, NicotekLlc, Njoy Inc., Philip Morris International Inc., Reynolds American Inc., and VMR Flavors LLC

Covid-19 Impact Analysis

• The COVID-19 pandemic disrupted the sales of electronic cigarette industry via brick and mortar stores,which resulted in shift of consumers toward online sales channels to purchase consumer electronic products, thus driving the growth of online sales in e-cig products.
• However, with ease in lockdown restrictions and improved logistics considering the preventive measures for COVID-19, the consumer goods industry is expected to grow that is anticipated to increase the sales of e--cig products during the forecast period.

Key Benefits For Stakeholders

• The report provides an extensive analysis of the current and emerging electronic cigarette market trends and opportunities.
• The report provides detailed qualitative and quantitative analysis of the currenttrends and future estimations that help evaluate the prevailing electronic cigarette market opportunities in the market.
• The electronic cigarette market forecast is offered along with information related to key drivers, restraints, and opportunities.
• The electronic cigarette market analysis is conducted by following key product positioning and monitoring the top competitors within the market framework.
• The electronic cigarette market provides extensive qualitative insights on the potential and niche segments or regions exhibiting favorable growth.

 Electronic Cigarette Market Report Highlights