Global E-Cigarette Market

Global E-Cigarette Market (by Product Type, Category, Composition, Distribution Channel, & Region): Insights and Forecast with Potential Impact of COVID-19 (2022-2027)


Market Insight:

E-cigarettes are battery-powered electronic cigarettes that are less harmful than regular cigarettes. These cigarettes, also known as e-cigs, e-vaping devices, vape pens, and electronic cigarettes, are made up of three primary components: a heating coil, a battery, and an e-liquid cartridge. These components aid in the delivery of vaporized nicotine or flavoured solutions to the users.

The emergence of flavored e-cigarettes, as well as the launch of low-cost HNB products, rising government initiatives to implement indoor smoking bans, and rising demand for different flavors and open vape systems by the young population are some of the other factors that are likely to drive the market growth for injectable in coming years. The global e-cigarette market is estimated to reach US$28.24 billion in 2023, progressing at a CAGR of 17.65%, during the forecast period.

Segment Covered:
  • By Product Type: According to the product type, the global e-cigarette market has been categorized into three different segments: Modular, Rechargeable and Disposable. The Modular segment held the maximum share of the e-cigarette market. Wide adoption of modular devices by users as these devices have larger batteries and hold more e-liquid, rising awareness campaigns about health risks along with prohibitive taxation to curb tobacco use, and new product innovations would support the e-cigarette product market growth.
  • By Category: In terms of category, the market report bifurcates the global e-cigarette market into two segments: Heat not Burn (HNB) and Vape. The Heat not Burn (HNB) segment held the largest share in the global e-cigarette market. Rising demand for possibly Reduced Risk Products (RRPs,) and rising taxation on tobacco products by government in various nations are the primary growth factors that would help in the expansion of Heat not Burn (HNB) market.
  • By Composition: The report splits the global market into two segments on the basis of composition: Nicotine and Non-Nicotine, where the Nicotine segment accounted for highest share in global e-cigarette market. Growing preference for electronic cigarettes on account of low cost and fewer negative effects on the health and increasing number of millennials who prefer tobacco smoking are some of the factors anticipated to drive the demand for nicotine based e-cigarettes.
  • By Distribution Channel: The report segmented the global e-cigarette market in the four distribution channels: Tobacconist, Vape Shops, Online and Others. Tobacconist channel held the dominating share of the e-cigarette market. Tobacconist distribution would develop in the future because these shops sell a large amount of cigarettes that are damaging to people's health, thus tobacconists can convey information directly to customers to use e-cigarettes and increase demand for the e-cigarette market in the future.
Geographic Coverage:

According to this report, the global e-cigarette market can be divided into five major regions: Asia Pacific, North America, Europe, Latin America and Middle East and Africa. The countries covered in Asia Pacific region are the China, South Korea and Rest of Asia Pacific, while North America includes the US and Mexico. Moreover, Germany, UK, France, Spain, Italy and Rest of Europe are included in the Europe region.

The North America e-cigarette market enjoyed the largest market share, primarily owing to the individuals' increased knowledge of the hazardous effects of traditional cigarettes. While the US continues to be a prominent region of North America’s e-cigarette market, accounting for the increasing awareness of safer tobacco alternatives and rising demand for smokeless vaping in the region. Availability of e-cigarettes in more than 4000 flavors and increased customer acceptance due to cost-efficiency of these devices were the major factors responsible for the growth of e-cigarettes in the US.

Top Impacting Factors:

Growth Drivers
  • Changing Consumer Perception Towards Combustible Cigarettes
  • Upsurge in Working Population
  • Growing Popularity of E-Cigarettes
  • Peer Influence on Youngsters
Challenges
  • Stringent Regulations
  • Surging Concerns Over Side Effects of E-Cigarettes and Vapor Products
Trends
  • Upswing in Gen Z Income
  • Increasing Influence of Social Media
  • Rise in Technological Developments by E-Cigarette Manufacturers
  • Driver: Upsurge in Working Population
A huge demand for e-cigarettes comes from people falling in the 15-64 years age brackets. This is because this range of demographics consists of people with diversified tastes, high purchasing power and exclusive preferences. As the lifestyles are centered around work and offices, stress and anxiety levels are growing among working individuals, which leads to growing consumption of stress relieving agents such as nicotine. Moreover, e-cigarettes can be used indoors as these do not do not produce tar or carbon monoxide, two of the most harmful elements in tobacco smoke. Thus, an upsurge in working population indicates increase in demand for e-cigarettes, which in turn, provided a boost to the overall market growth.
  • Challenge: Surging Concerns Over Side Effects of E-Cigarettes and Vapor Products
Side effects caused due to the use of e-cigarettes and vapor products are acting as a restraining factor on the e-cigarette market. E-cigarettes and vapor products contain harmful chemicals and toxins that have health risks. The chemicals and toxins may cause serious health problems, including cancer. In 2019, an outbreak is occurring in the U.S. of a very serious lung disease associated with the use of vaping devices. The specific cause of this outbreak has yet to be determined, it is unclear whether the outbreak is caused by e-fluids that contain nicotine/THC or whether the harmful products were purchased “off the street” or in retail outlets. The side effects of using e-cigarettes and vapor products also include nausea, vomiting, abdominal pain, itchiness, dry eyes, cough and nosebleeds. Some of the side effects are caused due to the body’s resistance to accept vapor and may take a few days to disappear. These side effects are limiting the use of e-cigarettes affecting growth of the market.
  • Trend: Increasing Influence of Social Media
Social network is a forum which simplifies the transfer of information on any related issues, enables small, large and emerging businesses to reach target customers more easily. Users are checking social media feeds regularly and bloggers, influencers are finding the latest trends and advertising products. Customers are not limiting social media platforms to inspiration, they are also shopping through social media platforms. Social media is also being increasingly used to create awareness related to health benefits of switching to e-cigarettes and vapor products from combustible smoking. This has risen the accessibility and reachability of individuals towards different brands, thereby increasing the demand for e-cigarettes, which is estimated to help in the market expansion in coming years.

The COVID-19 Analysis:

Due to the COVID-19 pandemic, the global e-cigarette market witnessed a sharp decline. The pandemic forced people to pay attention to their health and quit habits like smoking in order to tackle this situation. Thus, it impeded the demand for e-cigarettes throughout the pandemic period. Further, retail stores and outlets also stopped offering their products in order to abide by the government rules, which hampered the growth of the e-cigarette market. On the contrary, the ease of lockdown restrictions has increased the sales of e-cigarettes like before.

Analysis of Key Players:

The e-cigarette market is concentrated with the presence of few number of players dominating worldwide. Key players of the e-cigarette market are:
  • British American Tobacco PLC,
  • Altria Group Inc.,
  • Imperial Brands PLC,
  • Japan Tobacco Inc.,
  • J WELL France,
  • Turning Point Brands Inc.,
  • NicQuid,
  • Shenzhen IVPS Technology CO. Limited
  • NJOY Inc.
In September 2020, Japan Tobacco Inc. announced its partnership with Sauber Engineering AG, a prototype and technology developer. Through this partnership, the companies would continue to collaborate on developing engineering projects to increase the performance of Japan Tobacco Inc. products.


1. Executive Summary
2. Introduction
2.1 E-Cigarette: An Overview
2.1.1 Benefits of E-Cigarette
Table 1: Benefits of E-Cigarette
2.2 E-Cigarette Segmentation: An Overview
2.2.1 E-Cigarette Segmentation
Table 2: E-Cigarette Segmentation
3. Global Market Analysis
3.1 Global E-Cigarette Market: An Analysis
3.1.1 Global E-Cigarette Market: An Overview
3.1.2 Global E-Cigarette Market by Value
Table 3: Global E-Cigarette Market by Value; 2017-2021 (US$ Billion)
Table 4: Global E-Cigarette Market by Value; 2022-2027 (US$ Billion)
3.1.3 Global E-Cigarette Market by Product Type (Modular, Rechargeable and Disposable)
Table 5: Global E-Cigarette Market by Product Type; 2021 (Percentage, %)
3.1.4 Global E-Cigarette Market by Category (Heat not Burn (HNB) and Vape)
Table 6: Global E-Cigarette Market by Category; 2021 (Percentage, %)
3.1.5 Global E-Cigarette Market by Composition (Nicotine and Non-Nicotine)
Table 7: Global E-Cigarette Market by Composition; 2021 (Percentage, %)
3.1.6 Global E-Cigarette Market by Distribution Channel (Tobacconist, Vape Shops, Online, and Others)
Table 8: Global E-Cigarette Market by Distribution Channel; 2021 (Percentage, %)
3.1.7 Global E-Cigarette Market by Region (North America, Europe, Asia Pacific, Middle East and Africa and Latin America)
Table 9: Global E-Cigarette Market by Region; 2021 (Percentage, %)
3.2 Global E-Cigarette Market: Product Type Analysis
3.2.1 Global E-Cigarette Market by Product Type: An Overview
3.2.2 Global Modular E-Cigarette Market by Value
Table 10: Global Modular E-Cigarette Market by Value; 2017-2021 (US$ Billion)
Table 11: Global Modular E-Cigarette Market by Value; 2022-2027 (US$ Billion)
3.2.3 Global Rechargeable E-Cigarette Market by Value
Table 12: Global Rechargeable E-Cigarette Market by Value; 2017-2021 (US$ Billion)
Table 13: Global Rechargeable E-Cigarette Market by Value; 2022-2027 (US$ Billion)
3.2.4 Global Disposable E-Cigarette Market by Value
Table 14: Global Disposable E-Cigarette Market by Value; 2017-2021 (US$ Billion)
Table 15: Global Disposable E-Cigarette Market by Value; 2022-2027 (US$ Billion)
3.3 Global E-Cigarette Market: Category Analysis
3.3.1 Global E-Cigarette Market by Category: An Overview
3.3.2 Global Heat not Burn (HNB) E-Cigarette Market by Value
Table 16: Global Heat not Burn (HNB) E-Cigarette Market by Value; 2017-2021 (US$ Billion)
Table 17: Global Heat not Burn (HNB) E-Cigarette Market by Value; 2022-2027 (US$ Billion)
3.3.3 Global Vape E-Cigarette Market by Value
Table 18: Global Vape E-Cigarette Market by Value; 2017-2021 (US$ Billion)
Table 19: Global Vape E-Cigarette Market by Value; 2022-2027 (US$ Billion)
3.3.4 Global Vape E-Cigarette Market by Segments (Closed Vape System and Open Vape System)
Table 20: Global Vape E-Cigarette Market by Segments; 2021 (Percentage, %)
3.3.5 Global Open Vape System E-Cigarette Market by Value
Table 21: Global Open Vape System E-Cigarette Market by Value; 2017-2021 (US$ Million)
Table 22: Global Open Vape System E-Cigarette Market by Value; 2022-2027 (US$ Billion)
3.3.6 Global Closed Vape System E-Cigarette Market by Value
Table 23: Global Closed Vape System E-Cigarette Market by Value; 2017-2021 (US$ Billion)
Table 24: Global Closed Vape System E-Cigarette Market by Value; 2022-2027 (US$ Billion)
3.4 Global E-Cigarette Market: Composition Analysis
3.4.1 Global E-Cigarette Market by Composition: An Overview
3.4.2 Global Nicotine E-Cigarette Market by Value
Table 25: Global Nicotine E-Cigarette Market by Value; 2017-2021 (US$ Billion)
Table 26: Global Nicotine E-Cigarette Market by Value; 2022-2027 (US$ Billion)
3.4.3 Global Non-Nicotine E-Cigarette Market by Value
Table 27: Global Non-Nicotine E-Cigarette Market by Value; 2017-2021 (US$ Billion)
Table 28: Global Non-Nicotine E-Cigarette Market by Value; 2022-2027 (US$ Billion)
3.5 Global E-Cigarette Market: Distribution Channel Analysis
3.5.1 Global E-Cigarette Market by Distribution Channel: An Overview
3.5.2 Global Tobacconist E-Cigarette Market by Value
Table 29: Global Tobacconist E-Cigarette Market by Value; 2017-2021 (US$ Billion)
Table 30: Global Tobacconist E-Cigarette Market by Value; 2022-2027 (US$ Billion)
3.5.3 Global Vape Shops E-Cigarette Market by Value
Table 31: Global Vape Shops E-Cigarette Market by Value; 2017-2021 (US$ Billion)
Table 32: Global Vape Shops E-Cigarette Market by Value; 2022-2027 (US$ Billion)
3.5.4 Global Online E-Cigarette Market by Value
Table 33: Global Online E-Cigarette Market by Value; 2017-2021 (US$ Billion)
Table 34: Global Online E-Cigarette Market by Value; 2022-2027 (US$ Billion)
3.5.5 Global Others E-Cigarette Market by Value
Table 35: Global Others E-Cigarette Market by Value; 2017-2021 (US$ Billion)
Table 36: Global Others E-Cigarette Market by Value; 2022-2027 (US$ Billion)
4. Regional Market Analysis
4.1 North America E-Cigarette Market: An Analysis
4.1.1 North America E-Cigarette Market: An Overview
4.1.2 North America E-Cigarette Market by Value
Table 37: North America E-Cigarette Market by Value; 2017-2021 (US$ Billion)
Table 38: North America E-Cigarette Market by Value; 2022-2027 (US$ Billion)
4.1.3 North America E-Cigarette Market by Region (The US and Mexico)
Table 39: North America E-Cigarette Market by Region; 2021 (Percentage, %)
4.1.4 The US E-Cigarette Market by Value
Table 40: The US E-Cigarette Market by Value; 2017-2021 (US$ Billion)
Table 41: The US E-Cigarette Market by Value; 2022-2027 (US$ Billion)
4.1.5 The US E-Cigarette Market by Product Type (Modular, Rechargeable and Disposable)
Table 42: The US E-Cigarette Market by Product Type; 2021 (Percentage, %)
4.1.6 The US Modular E-Cigarette Market by Value
Table 43: The US Modular E-Cigarette Market by Value; 2017-2021 (US$ Billion)
Table 44: The US Modular E-Cigarette Market by Value; 2022-2027 (US$ Billion)
4.1.7 The US Rechargeable E-Cigarette Market by Value
Table 45: The US Rechargeable E-Cigarette Market by Value; 2017-2021 (US$ Billion)
Table 46: The US Rechargeable E-Cigarette Market by Value; 2022-2027 (US$ Billion)
4.1.8 The US Disposable E-Cigarette Market by Value
Table 47: The US Disposable E-Cigarette Market by Value; 2017-2021 (US$ Million
Table 48: The US Disposable E-Cigarette Market by Value; 2022-2027 (US$ Billion)
4.1.9 Mexico E-Cigarette Market by Value
Table 49: Mexico E-Cigarette Market by Value; 2017-2021 (US$ Billion)
Table 50: Mexico E-Cigarette Market by Value; 2022-2027 (US$ Billion)
4.2 Asia Pacific E-Cigarette Market: An Analysis
4.2.1 Asia Pacific E-Cigarette Market: An Overview
4.2.2 Asia Pacific E-Cigarette Market by Value
Table 51: Asia Pacific E-Cigarette Market by Value; 2017-2021 (US$ Billion)
Table 52: Asia Pacific E-Cigarette Market by Value; 2022-2027 (US$ Billion)
4.2.3 Asia Pacific E-Cigarette Market by Region (China, South Korea and Rest of Asia Pacific)
Table 53: Asia Pacific E-Cigarette Market by Region; 2021 (Percentage, %)
4.2.4 China E-Cigarette Market by Value
Table 54: China E-Cigarette Market by Value; 2017-2021 (US$ Million)
Table 55: China E-Cigarette Market by Value; 2022-2027 (US$ Billion)
4.2.5 South Korea E-Cigarette Market by Value
Table 56: South Korea E-Cigarette Market by Value; 2017-2021 (US$ Million)
Table 57: South Korea E-Cigarette Market by Value; 2022-2027 (US$ Million)
4.2.6 Rest of Asia Pacific E-Cigarette Market by Value
Table 58: Rest of Asia Pacific E-Cigarette Market by Value; 2017-2021 (US$ Billion)
Table 59: Rest of Asia Pacific E-Cigarette Market by Value; 2022-2027 (US$ Billion)
4.3 Europe E-Cigarette Market: An Analysis
4.3.1 Europe E-Cigarette Market: An Overview
4.3.2 Europe E-Cigarette Market by Value
Table 60: Europe E-Cigarette Market by Value; 2017-2021 (US$ Billion)
Table 61: Europe E-Cigarette Market by Value; 2022-2027 (US$ Billion)
4.3.3 Europe E-Cigarette Market by Region (UK, Germany, France, Spain, Italy and Rest of Europe)
Table 62: Europe E-Cigarette Market by Region; 2021 (Percentage, %)
4.3.4 UK E-Cigarette Market by Value
Table 63: UK E-Cigarette Market by Value; 2017-2021 (US$ Billion)
Table 64: UK E-Cigarette Market by Value; 2022-2027 (US$ Billion)
4.3.5 Germany E-Cigarette Market by Value
Table 65: Germany E-Cigarette Market by Value; 2017-2021 (US$ Billion)
Table 66: Germany E-Cigarette Market by Value; 2022-2027 (US$ Billion)
4.3.6 France E-Cigarette Market by Value
Table 67: France E-Cigarette Market by Value; 2017-2021 (US$ Million)
Table 68: France E-Cigarette Market by Value; 2022-2027 (US$ Billion)
4.3.7 Spain E-Cigarette Market by Value
Table 69: Spain E-Cigarette Market by Value; 2017-2021 (US$ Million)
Table 70: Spain E-Cigarette Market by Value; 2022-2027 (US$ Million)
4.3.8 Italy E-Cigarette Market by Value
Table 71: Italy E-Cigarette Market by Value; 2017-2021 (US$ Million)
Table 72: Italy E-Cigarette Market by Value; 2022-2027 (US$ Million)
4.3.9 Rest of Europe E-Cigarette Market by Value
Table 73: Rest of Europe E-Cigarette Market by Value; 2017-2021 (US$ Billion)
Table 74: Rest of Europe E-Cigarette Market by Value; 2022-2027 (US$ Billion)
4.4 Latin America E-Cigarette Market: An Analysis
4.4.1 Latin America E-Cigarette Market: An Overview
4.4.2 Latin America E-Cigarette Market by Value
Table 75: Latin America E-Cigarette Market by Value; 2017-2021 (US$ Million)
Table 76: Latin America E-Cigarette Market by Value; 2022-2027 (US$ Million)
4.5 Middle East and Africa E-Cigarette Market: An Analysis
4.5.1 Middle East and Africa E-Cigarette Market: An Overview
4.5.2 Middle East and Africa E-Cigarette Market by Value
Table 77: Middle East and Africa E-Cigarette Market by Value; 2017-2021 (US$ Billion)
Table 78: Middle East and Africa E-Cigarette Market by Value; 2022-2027 (US$ Billion)
5. Impact of COVID-19
5.1 Impact of COVID-19 on E-Cigarette Market
5.1.1 Impact of COVID-19 on E-Cigarette
Table 79: Global Total Unit Sales of E-Cigarettes; May’19-May’20 (Million)
5.1.2 Reduction in Usage of E-Cigarettes
Table 80: Current Use of Selected Tobacco Products among High School Students in the US; 2019-2020 (Percentage, %)
5.1.3 Impact on Regional Markets
5.1.4 Post COVID-19 Impact
6. Market Dynamics
6.1 Growth Drivers
6.1.1 Changing Consumer Perception towards Combustible Cigarettes
Table 81: Global Profit from E-Cigarettes and Combustible Cigarettes; 2017-2023 (US$ Billion)
6.1.2 Upsurge in Working Population
Table 82: Global Number of People Employed; 2018-2022 (Billion)
6.1.3 Growing Popularity of E-Cigarettes
6.1.4 Peer Influence on Youngsters
6.1.5 Shift towards Next Generation Products
6.1.6 Mounting-Up Prices of Tobacco Cigarettes
6.1.7 Declining Consumption of Cigarettes
6.2 Challenges
6.2.1 Stringent Regulations
Table 83: Global E-Cigarette Regulations (2019-2020)
6.2.2 Surging Concerns over Side Effects of E-Cigarettes and Vapor Products
6.2.3 Nicotine Exposure in E-Cigarette
6.3 Market Trends
6.3.1 Upswing in Gen Z Income
Table 84: Gen Z Income of Selected Countries; 2020-2025 (US$ Trillion)
6.3.2 Increasing Influence of Social Media
Table 85: Global Number of Social Media Users; 2017-2025 (Billion)
6.3.3 Rise in Technological Developments by E-Cigarette Manufacturers
7. Competitive Landscape
7.1 Global Vape Market Share by Key Players (Brands)
Table 86: Global Vape Market Share by Key Players (Brands); 2021 (Percentage, %)
7.2 Global E-Vapour Market Share by Key Players (Brands)
Table 87: Global E-Vapour Market Share by Key Players (Brands); 2021 (Percentage, %)
7.3 Global HNB Market Share by Key Players (Brands)
Table 88: Global HNB Market Share by Key Players (Brands); 2021 (Percentage, %)
7.4 The US E-Cigarette Market Share by Key Players (Brands)
Table 89: The US E-Cigarette Market Share by Key Players (Brands); 2021 (Percentage, %)
7.5 The US E-Cigarette Market Volume Share by Key Players (Brands)
Table 90: The US E-Cigarette Market Volume Share by Key Players; 2021 (Percentage, %)
7.6 The US E-Vapour Market Share by Key Players
Table 91: The US E-Vapour Market Share by Key Players; 2021 (Percentage, %)
7.7 China Vape Market Share by Key Players
Table 92: China Vape Market Share by Key Players; 2021 (Percentage, %)
7.8 China HNB Market Share by Key Players
Table 93: China HNB Market Share by Key Players; 2021 (Percentage, %)
8. Company Profiles
8.1 Imperial Brands PLC
8.1.1 Business Overview
8.1.2 Operating Segments
Table 94: Imperial Brands PLC by Segments; 2021 (Percentage, %)
8.1.3 Business Strategy
8.2 British American Tobacco PLC
8.2.1 Business Overview
8.2.2 Operating Regions
Table 95: British American Tobacco PLC Revenue by Regions; 2021 (Percentage, %)
8.2.3 Business Strategy
8.3 Altria Group Inc.
8.3.1 Business Overview
8.3.2 Operating Segments
Table 96: Altria Group Inc. Net Revenue by Segments; 2021 (Percentage, %)
8.3.3 Business Strategy
8.4 Japan Tobacco Inc.
8.4.1 Business Overview
8.4.2 Operating Segments
Table 97: Japan Tobacco Inc. Revenue by Segment; 2021 (Percentage)
8.4.3 Business Strategy
8.5 Turning Point Brands Inc.
8.5.1 Business Overview
8.5.2 Operating Segments
Table 98: Turning Point Brands Inc. by Segments; 2021 (Percentage, %)
8.5.3 Business Strategy
8.6 J WELL France
8.6.1 Business Overview
8.6.2 Business Strategy
8.7 NJOY Inc.
8.7.1 Business Overview
8.8 NicQuid
8.8.1 Business Overview
8.9 Shenzhen IVPS Technology CO. Limited
8.9.1 Business Overview

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