According to a new report by Expert Market Research titled, “Global E-Cigarette Market Share, Size, Report and Forecast 2024-2032″, the global e-cigarette market reached a value of USD 16.86 billion in 2023. Aided by easy availability through online retail portals and introduction of various flavoured variants, the market is projected to further grow at a CAGR of 13% between 2024 and 2032 to reach a value of USD 35.11 billion by 2032.
E-cigarettes, commonly referred to as vapes, are electronic devices that vaporise a flavoured liquid—usually containing nicotine—to mimic the act and sensation of smoking. They have rapidly gained attention as a popular alternative to conventional cigarettes, primarily due to the perception that they are a safer alternative and can potentially aid in smoking cessation.
A prominent factor in the e-cigarette market growth has been the global shift in consumer preferences towards healthier lifestyles. With mounting evidence highlighting the dire consequences of tobacco consumption, many smokers have been on the lookout for safer alternatives, thus favouring the demand for e-cigarette.
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Furthermore, e-cigarette market trends highlight an increasing acceptance of these devices amongst younger adults, primarily driven by aggressive marketing strategies, a wide range of flavoured e-liquids, and the notion that e-cigarettes are modern and stylish. Notably, the design and technological innovations in the e-cigarette industry, such as pod systems and smart devices with apps, have furthered their appeal to the tech-savvy generation.
Diving deeper into the e-cigarette market analysis, it is evident that regulations play a crucial role. Many countries are still deliberating the health implications of e-cigarettes and, as a result, are continually updating regulations concerning their sales, advertisement, and usage. While tighter regulations can pose challenges, they also offer the industry a clearer framework within which to operate.
There is a rise in the e-cigarette market demand, due in part to the potential of these devices to assist in smoking cessation, coupled with the continuous introduction of innovative products. New product launches catering to varying consumer preferences ensure that e-cigarettes remain a topic of interest for both consumers and investors.
A significant segment fuelling this market is the rise of vape shops and online retail platforms that cater exclusively to e-cigarettes and their accessories. These dedicated platforms provide users with a wide variety of choices in terms of flavours, nicotine strengths, and device types, further propelling the market growth.
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Market Segmentation
The market can be divided based on product, flavour, battery mode, distribution channel, and region.
Market Breakup by Product
• Modular E-Cigarette
• Rechargeable E-Cigarette
• Next-Generation E-Cigarette
• Disposable E-Cigarette
Market Breakup by Flavour
• Tobacco
• Botanical
• Fruit
• Sweet
• Others
Market Breakup by Battery Mode
• Automatic E-Cigarette
• Manual E-Cigarette
Market Breakup by Distribution Channel
• Specialist E-Cig Shops
• Online
• Supermarkets and Hypermarkets
• Tobacconist
• Others
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global e-cigarette market. Some of the major players explored in the report by Expert Market Research are as follows:
• Philip Morris Products S.A.
• British American Tobacco Plc
• Japan Tobacco, Inc.
• ITC Limited
• Others
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