In 2018, the global e-cigarette market reached a value of $11.5 billion and is expected to advance at a 21.6% CAGR during the forecast period (2019-2024).
The market is growing because of the social acceptability & eco-friendliness of e-cigarettes, rising health awareness, product innovation and advancement in technology, smokeless & ashless vaping, and the increasing number of vape shops and designated stores.
E-cigarettes or electronic cigarettes are an alternative to conventional tobacco cigarettes and heat liquid nicotine or flavors to produce mist instead of burning tobacco.
Some of the Major Key Players:
- Philip Morris International Inc.
- British American Tobacco p.l.c.
- Altria Group Inc.
- Japan Tobacco Inc.
- Imperial Brands PLC, JUUL Labs Inc.
- NJOY LLC, Turning Point Brands Inc.
- Vapor Hub International, Inc.
- FIN Branding Group
- Shenzhen iSmoka Electronics Co., Ltd.
- Shenzhen IVPS Technology Corporation Ltd.
- Innokin Technology Co. Ltd
- Shenzhen Kanger Technology Co., Ltd
In terms of product, the e-cigarette market is categorized into t-vapor, cig-a-like, vape mod, and vaporizer.
Out of these, the vaporizer category dominated the market during the historical period (2014-2018), both in terms of value and volume, and is further expected to account for the largest share of the market during the forecast period.
The popularity of these vaporizers is rising due to their moderate cost, flexibility with types of flavors, and dense aerosol production. A vape mod is projected to advance at the fastest pace during the forecast period, in terms of volume.
When the geographical scenario is taken into consideration, Europe dominated the e-cigarette market during the historical period and is further expected to account for the largest revenue share of the market during the forecast period.
The Asia-Pacific region is projected to witness the fastest growth during the forecast period. On the basis of the distribution channels, the market is divided into hypermarket/supermarket, tobacconist, online, vape shops, and others.
The tobacconist division held the largest revenue share of the market during the historical period. However, the vape shops division is predicted to dominate the market in 2024.