E-Cigarette Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

E-Cigarette Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global e-cigarette market size reached US$ 21.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 31.9 Billion by 2028, exhibiting a growth rate (CAGR) of 4.4% during 2023-2028.

E-cigarettes are battery-powered devices that are considered less toxic than traditional cigarettes. Also known as e-cigs, e-vaping devices, vape pens and electronic cigarettes, these cigarettes consist of three main components, namely, a heating coil, battery and an e-liquid cartridge. These components help in delivering dosages of vaporized nicotine or flavored solutions to the users. E-cigarettes are gaining popularity, especially among young adults and adolescents, due to the rising awareness about the harmful effects of traditional tobacco-based cigarettes. However, researchers are still assessing the impact of e-cigarettes on the human body, which is not yet known.

E-Cigarette Market Drivers:
The willingness of consumers to quit smoking tobacco products and their perception of e-cigarettes as a safer alternative to traditional cigarettes have led to the increased demand for these devices across the globe. In line with this, the manufacturers are introducing new-generation e-cigarettes which offer different strengths of nicotine and allow the users to refill the cartridge. Moreover, the leading manufacturers are acquiring or entering into partnerships with small and domestic vendors. For instance, Japan Tobacco International (JTI) acquired the UK-based e-cigarette brand E-Lites to develop new products and to commercialize its vaporizers worldwide. These players are also introducing an extensive range of flavors, such as tobacco, fruits and botanicals, in response to the evolving consumer preferences. Further, they are developing the designs of and technology used in e-cigarettes to improve their functioning.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global e-cigarette market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on product, flavor, mode of operation and distribution channel.

Breakup by Product:

Modular E-Cigarette
Rechargeable E-Cigarette
Next-Generation E-Cigarette
Disposable E-Cigarette

Next-generation e-cigarettes currently represent the most popular product type in the market as they provide significant technology upgrades and extended battery life.

Breakup by Flavor:

Tobacco
Botanical
Fruit
Sweet
Beverage
Others

Amongst these, tobacco is the most preferred flavor among consumers since it offers a similar taste as that of conventional cigarettes.

Breakup by Mode of Operation:

Automatic E-Cigarette
Manual E-Cigarette

At present, automatic e-cigarettes dominate the market since these cigarettes have emerged as a user-friendly option for smokers and gives them the feel of an actual cigarette.

Breakup by Distribution Channel:

Speciality E-Cig Shops
Online
Supermarkets and Hypermarkets
Tobacconist
Others

Presently, e-cigarettes are majorly distributed through specialty e-cigarette shops as the majority of customers are individuals who have quit smoking. The staff of these shops plays a central role in providing customers with product information and many provide smoking cessation advice.

Breakup by Region:

Asia Pacific
Europe
North America
Middle East and Africa
Latin America

Region-wise, North America enjoys the leading position in the market, accounting for majority of the total global market.

Competitive Landscape:
The competitive landscape of the market is characterized by the presence of several manufacturers who compete in terms of price and quality. Some of the key players are:

Philip Morris International Inc.
Altria Group Inc.
British American Tobacco PLC
Japan Tobacco, Inc.
Imperial Tobacco Group
International Vapor Group
Nicotek LLC
NJOY Inc.
Reynolds American Inc.
ITC Limited
J WELL France

Key Questions Answered in This Report
1. What was the size of the global e-cigarette market in 2022?
2. What is the expected growth rate of the global e-cigarette market during 2023-2028?
3. What has been the impact of COVID-19 on the global e-cigarette market?
4. What are the key factors driving the global e-cigarette market?
5. What is the breakup of the global e-cigarette market based on the product?
6. What is the breakup of the global e-cigarette market based on the flavor?
7. What is the breakup of the global e-cigarette market based on the mode of operation?
8. What is the breakup of the global e-cigarette market based on the distribution channel?
9. What are the key regions in the global e-cigarette market?
10. Who are the key players/companies in the global e-cigarette market?