Global E-Cigarette Market Outlook, 2028

Global E-Cigarette Market Outlook, 2028

An E-Cigarette is a device that has the shape of a cigarette, a cigar, a pen, or a pipe and does not contain tobacco. It uses a battery and contains a solution of nicotine, flavorings, and other chemicals, some of which may be harmful. With the advances in e-cigarette technology, coupled with the availability of e-cigarettes in various types and of various flavors, which allows customers to choose the type and flavor of their own choice, the demand for e-cigarettes is increasing and the e-cigarette market is seeing growth. Also, with the rising awareness of safer alternatives for tobacco consumption, the adoption of e-cigarettes is rising in the world. E-cigarettes are gaining popularity among young adults and adolescents, as traditional tobacco-based cigarettes have harmful effects. However, research is still going on e-cigarettes’ impact on the human body, which is yet to be known.

According to the report titled, “Global E-Cigarette Market Outlook, 2028”, published by Bonafide research, the market was valued at more than USD 24.36 in 2022 and it is anticipated to grow with a CAGR of more than 19.41% from 2023 to 2028, reaching USD 68.84 Billion. The willingness of people to quit traditional tobacco-based cigarettes and their perception of e-cigarettes as a safer way than tobacco-based cigarettes is leading to an increase in the demand for e-cigarettes in the whole world. In the product segment, the e-cigarette market has been divided into Modular E-Cigarette, Rechargeable E-Cigarette, Next-Generation E-Cigarette, Disposable E-Cigarette, and Others. The Modular E-cigarette looks the same as a traditional cigarette, which has the largest share in the e-cigarette market, i.e. at more than 45%. This e-cigarette can be refilled and it also allows the user to regulate the power which is delivered from the system’s battery to an atomizer.

The flavor types which are considered in the e-cigarette market are Tobacco, Botanical, Fruit, Sweet, Beverage, and Others. The tobacco flavor is dominating the market of e-cigarettes with more than 25% market share currently. Tobacco flavor enhances the taste and also lowers the effects of tobacco products, which makes the flavor more popular and accessible to new customers of e-cigarettes. Tobacco flavor gives the same tobacco essence as it gets when burnt and smoked from traditional tobacco-based cigarettes.

On the basis of battery type, the e-cigarette market has been bifurcated into two types i.e. Automatic e-cigarettes and Manual e-cigarettes. Automatic e-cigarettes are powered by drag and it includes a built-in switch that activates the e-cigarette each time a user draws an e-cigarette. This allows the customers to have a quick smoke by eliminating the issue of buttons, dripping and complicated mods. Also, automatic e-cigarettes have the possibility of holding the charge longer than manual e-cigarettes. And due to all these advantages, automatic e-cigarettes are dominating the e-cigarette market with a higher market share.

The distribution channels which are taken into consideration in the e-cigarette market are Specialty E-Cig Shops, Supermarkets, Hypermarkets, Tobacconist, Online, and Others. The distribution channel which is dominating the e-cigarette market with a market share of more than 93% currently is an offline segment. And after the Covid-19 pandemic, the online distribution channel is showing significant growth in the forecasted period, as people have now started using online mode more due to the high discounts and availability of a variety of products.

The regions which are considered in the e-cigarette market are North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is the region that is dominating the e-cigarette market with a market share of more than half of the market. As the number of youth is growing the demand for the product is also increasing, as the youth are the major consumer group of e-cigarettes. The Asia Pacific region is the fastest-growing region in the e-cigarette market in the forecasted period.

Due to the Covid 19 pandemic, the whole supply chain of all the products was disturbed due to the restrictions laid by various countries. And so, due to it, the e-cigarette was also not available in some regions. Also due to the restrictions supermarkets/hypermarkets were closed, due to which the customers shifted from the traditional mode of sales to the online mode. And so the online distribution channel is forecasted to grow.
Recent Developments

• Philip Morris International Inc. introduced IQOS 3 DUO, to broaden its smoke-free portfolio. The most recent update, IQOS 3 DUO, is equipped with new functions to assist adult smokers in making a smooth transition away from cigarettes, in 2019.
• Philip Morris International Inc. announced the launch of IQOS ILUMA in Japan. The new IQOS ILUMA became the brand’s first tobacco-heating system to introduce induction-heating technology, which utilizes no blade and requires no cleaning, in 2021.
• Japan Tobacco Inc. launched Ploom X, its next-generation heated tobacco device. Ploom X is made available across Japan, including convenience stores and select tobacco retail stores, in 2021.

Major Companies present in the market:
British American Tobacco, Turning Point Brands Inc., Philip Morris International Inc., imperial brands, ITC, White Cloud Electronic Cigarettes, Japan Tobacco, Shenzhen IVPS Technology Co. Ltd., KangerTech, Ald Group Limited, PhixVapor, Innokin Technology, Altria Group, Inc

Considered in this report
• Geography: Global
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report
• Global E-Cigarette market with its value and forecast along with its segments
• Region-wise e-cigarette appliances market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Regions covered in the report
• North America (United States, Canada)
• Europe (Germany, United Kingdom, France, Spain, Italy, Russia)
• Asia-Pacific (China, Japan, Australia, South Korea)
• South America (Chile, Ecuador, Paraguay)
• Middle East & Africa (UAE, Saudi Arabia, South Africa)

By Product
• Modular E-Cigarette
• Rechargeable E-Cigarette
• Next-Generation E-Cigarette
• Disposable E-Cigarette
• Others

By Flavor
• Tobacco
• Botanical
• Fruit
• Sweet
• Beverage
• Others

By Battery Mode
• Automatic E-cigarette
• Manual E-cigarette

By Distribution Channel
• Offline
• Online

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual reports of companies, and analyzing government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the e-cigarette industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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