Global E-cigarette and T-Vapor Market, Analysis and Forecast (2017-2025) (Focus on Product Segments, Distribution Channels and Country Analysis)

  • ID: 4471809
  • Report
  • Region: Global
  • 314 pages
  • BIS Research
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Global E-cigarette and T-Vapor Market to Grow at a Double-Digit CAGR from 2017 to 2025

FEATURED COMPANIES

  • Altria Inc.
  • International Vapor Group
  • JUUL Labs
  • Nicopure Labs LLC
  • PAX Labs, Inc.
  • Product Mapping
  • MORE

High prevalence of tobacco related mortality and growing health concerns have compelled governments across the globe to take measures to curb tobacco use by implementing prohibitive taxation, indoor smoking bans, and awareness campaigns about health risks, among others. Innovative products such as, e-cigarettes and t-vapor products are being developed, to explore alternate smoking cessation methods, that substitute the nicotine intake of smokers but eliminate or reduce the harm caused by tobacco cigarettes.

The e-cigarette and t-vapor market amounted to $11.44 billion in 2016 and is expected to witness a double-digit growth throughout the forecast period of 2017-2025.

The research study is a compilation of various segmentations including the market breakdown by product segment, by components, by distribution channel, and by region. This report provides a detailed market analysis and forecast of various product segments, namely disposable e-cigarettes, rechargeable cig-a-likes, closed tank systems, open tank systems, and t-vapor. Additionally, it also includes sub-segmentation of each product type by components such as, e-liquid, battery, atomizers, and tobacco sticks.

The market has been analyzed based on various micro and macro trends influencing it. While highlighting the key driving and restraining forces for this dynamic market, the report also provides a comprehensive section on competitive landscape, industry attractiveness, market share analysis, competitive benchmarking, and the position of the competitors within the global e-cigarette and t-vapor market.

The following key questions have been addressed in the report:

  • How has the e-cigarette and t-vapor market evolved in the past and how is it anticipated to evolve during the forecast period from 2017 to 2025?
  • What are the major market factors propelling the growth of the market?
  • What are the various challenges that are faced by the industry that need to be addressed?
  • Who are the key players across product segments and regions in the e-cigarette and t-vapor market?
  • What are the key developmental strategies adopted by the key players to stand out in this market?
  • What were the market shares of the different e-cigarette types and their components across countries in 2016 and 2017?
  • How will the market and aftermarket for each product type of the global e-cigarette and t-vaporizer market grow during the forecast period? What will be the revenue generated by each segment by the end of 2025?
  • Which distribution channels are used by players to market their products across regions and why? What will be the revenue generated through each channel through the forecast period?

The report also includes an exhaustive analysis of the market for each geographical region, namely North America, Europe, Asia-Pacific, Latin America and RoW. Each geographical region analysis details the individual push and pull forces, and market and aftermarket for each product type, in addition to the key players from that region.

The report also examines the role of the leading market players involved in the industry. The company profiles section highlights significant information about the key companies such as their product portfolio, financial positions, and the SWOT analysis of these players. Some of the key players in the e-cigarette and t-vapor market are Japan Tobacco Inc., Altria Inc., Philip Morris International, British American Tobacco, Njoy, Apollo Ecigs, JUUL, Innokin, PAX Labs, and Flavortech.


Enterprisewide customers will receive an Excel spreadsheet containing data in the report such as tables/market numbers.
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FEATURED COMPANIES

  • Altria Inc.
  • International Vapor Group
  • JUUL Labs
  • Nicopure Labs LLC
  • PAX Labs, Inc.
  • Product Mapping
  • MORE

Executive Summary

1 Report Scope and Methodology
1.1 Scope of the Report
1.2 Key Learnings
1.3 Research Methodology
1.3.1 Key Data Points From Primary Sources
1.3.2 Key Data Points from Secondary Sources
1.3.3 Data Triangulation
1.3.4 Bottom-Up Approach (Segmental Analysis)
1.3.5 Top-Down  Approach (Segmental Analysis)
1.3.6 Assumptions and Limitations
1.3.7 Assumptions and Limitations for Market Estimation and Forecast

2 Market Overview
2.1 Introduction
2.2 Evolution of E-cigarettes
2.3 Addressable Market Size and Growth Potential

3 Market Dynamics
3.1 Impact Analysis of Market Drivers and Challenges
3.2 Market Drivers
3.3 Market Challenges
3.4 Market Opportunities

4 Competitive Landscape
4.1 Key Developments and Strategies
4.1.1 Product Launches
4.1.2 Mergers and Acquisitions
4.1.3 Business Expansions
4.1.4 Partnerships and Agreements
4.1.5 Awards and Recognitions
4.2 Market Share Analysis

5 Industry Analysis
5.1 Industry Attractiveness
5.1.1 Threat of New Entrants
5.1.2 Bargaining Power of Buyers
5.1.3  Bargaining Power of Suppliers
5.1.4 Threat of Substitutes
5.1.5 Intensity of Competitive Rivalry
5.2 Regulatory Bodies
5.3 Compliance and Certifications
5.4 Consortia

6 Global E-cigarette and T-Vapor Market by Product Type
6.1 E-cigarette Market
6.1.1 Disposable Cigarettes
6.1.2 Rechargeable Cig-a-likes
6.1.3 Closed Tank Systems
6.1.4 Open Tank Systems
6.2 T-Vapor Market
6.2.1 T-Vapor Product by Type (Next Generation Products and Infused Products)
6.2.2 T-Vapor Market by Brand
6.2.2.1 IQOS
6.2.2.2 iFuse and Glo
6.2.2.3 PloomTech

7 Global E-cigarette and T-Vapor Market by Component Type
7.1 E-cigarette Aftermarket
7.1.1 E-liquids
7.1.1.1 Pre-filled E-liquids
7.1.1.2 Bottled E-liquids
7.1.2 Atomizers
7.1.3 Batteries
7.2 T-Vapor Device and Tobacco Sticks/Capsules Market

8 Global E-cigarette and T-Vapor Market by Distribution Channel
8.1 E-cigarette Market By Distribution Channel
8.1.1 Online Distribution Channel
8.1.2 Retail Distribution Channel
8.1.2.1 Vape Shops and Tobacco Shops
8.1.2.2 Supermarkets and Convenience Stores
8.1.2.3 Others
8.2 T-Vapor Market by Distribution Channels

9 Global E-cigarette and T-Vapor Market by Region
9.1 Global E-cigarette Market
9.1.1 North America E-cigarette Market
9.1.1.1 The U.S.
9.1.1.2 Canada
9.1.2 Europe E-cigarette Market
9.1.2.1 The U.K.
9.1.2.2 Germany
9.1.2.3 France
9.1.2.4 Poland
9.1.2.5 Italy
9.1.2.6 Rest of Europe
9.1.3 APAC E-cigarette Market
9.1.3.1 China
9.1.3.2 India
9.1.3.3 Japan
9.1.3.4 Rest of APAC
9.1.4 Latin America E-cigarette Market
9.1.5 Rest of the World E-cigarette Market
9.2 Global T-Vapor Market
9.2.1 North America T-Vapor Market by Country
9.2.2 Europe T-Vapor Market by Country
9.2.3 APAC T-Vapor Market by Country
9.2.4 Rest of the World (RoW)

10 Company Profiles
10.1 Altria Inc.
10.1.1 Overview
10.1.2 Product Portfolio
10.1.3 Financials
10.1.3.1 Financial Summary
10.1.4 SWOT Analysis
10.2 Apollo Future Technology Limited
10.2.1 Overview
10.2.2 Product Portfolio
10.2.3 SWOT Analysis
10.3 British American Tobacco Company
10.3.1 Overview
10.3.2 Product Portfolio
10.3.3 Financials
10.3.3.1 Financial Summary
10.3.4 SWOT Analysis
10.4 Eleaf Electronics Co., Ltd.
10.4.1 Overview
10.4.2 Product Portfolio
10.4.3 SWOT Analysis
10.5 Flavourtec SP. Z.O.O.
10.5.1 Overview
10.5.2 Product Portfolio
10.5.3 SWOT Analysis
10.6 Japan Tobacco Inc.
10.6.1 Overview
10.6.2 Product Portfolio
10.6.3 Financials
10.6.3.1 Financial Summary
10.6.4 SWOT Analysis
10.7 JUUL Labs
10.7.1 Overview
10.7.2 Product Portfolio
10.7.3 SWOT Analysis
10.8 International Vapor Group
10.8.1 Overview
10.8.2 Product Mapping
10.8.3 SWOT Analysis
10.9 Innokin Technology Co.Ltd.
10.9.1 Overview
10.9.2 Product Portfolio
10.9.3 SWOT Analysis
10.10 Molecule Labs Inc.
10.10.1 Overview
10.10.2 Product Portfolio
10.10.3 SWOT Analysis
10.11 Nicopure Labs LLC
10.11.1 Overview
10.11.2 Product Portfolio
10.11.3 SWOT Analysis
10.12 NJOY
10.12.1 Overview
10.12.2 Product Portfolio
10.12.3 SWOT Analysis
10.13 Philip Morris International, Inc.
10.13.1 Overview
10.13.2 Product Portfolio
10.13.3 Financials
10.13.3.1 Financial Summary
10.13.4 SWOT Analysis
10.14 PAX Labs, Inc.
10.14.1 Overview
10.14.2 Product Portfolio
10.14.3 SWOT Analysis
10.15 VMR Products, LLC
10.15.1 Overview
10.15.2 Product Portfolio
10.15.3 SWOT Analysis
10.16 Snapshots
10.16.1 Gamucci Electronic Cigarettes
10.16.2 Healthier Choices Management Corp.
10.16.3 Korea Tobacco & Ginseng Corporation
10.16.4 Pillbox 38 U.K. Ltd.

List of Tables
1 Impact Analysis of Drivers
2 Impact Analysis of Challenges
3 Average Cost of E-cigarettes and their Components
4 Product Launches
5 Mergers and Acquisitions
6 Business Expansions and Fund Raising
7 Partnership and Agreements
8 Awards and Recognitions
9 HEETs Shipment Volume, 2016 & 2017
10 Revenue Generation from Reduced Risk Products, 2016 & 2017
11 Overview - Altria Group, Inc.
12 Overview - Apollo Future Technology Ltd.
13 Overview - British American Tobacco
14 Overview - Eleaf Electronics Co., Ltd.
15 Overview - Flavortec SP. Z O.O.
16 Overview - Japan Tobacco Inc.
17 Overview - JUUL Labs, Inc.
18 Overview - International Vapor Group
19 Overview - Innokin Technology Co., Ltd.
20 Overview - Molecule Labs, Inc.
21 Overview - Nicopure Labs, LLC
22 Overview - NJOY
23 Overview - Philip Morris International, Inc.
24 Overview - PAX Labs, Inc.
25 Overview - VMR Products, LLC
26 Overview - Gamucci Electronic Cigarettes
27 Overview - Healthier Choices Management Corp.
28 Overview - Korea Tobacco & Ginseng Corporation
29 Overview - Pillbox38 U.K. Ltd.

List of Figures
1 Global E-cigarette and T-Vapor Market
2 Market Snapshot, Global E-cigarette Market, 2016
3 Global E-cigarette Market by Product Type, 2016
4 Global E-cigarette Market by Product Type, 2025
5 Global E-cigarette Market by Components, 2016
6 Global E-cigarette Market by Components, 2025
7 Global E-cigarette Market by Distribution Channels, 2016
8 Global E-cigarette Market by Distribution Channels, 2025
9 Global T-Vapor Market by Component, 2016
10 Global T-Vapor Market by Components, 2025
11 Global T-Vapor Market by Product Type, 2016
12 Global T-Vapor Market by Product Type, 2025
13 Global T-Vapor Market by Region ($Million), 2016, and 2025
14 The U.S. E-cigarette Market Share Analysis, 2017
15 Scope of the Report
16 Research Methodology
17 Secondary Data Sources
18 Bottom-Up Approach
19 Top-Down Approach
20 Market Dynamics: E-cigarettes and T-Vapor Market
21 Cost of Smoking/Vaping Equivalent to One Pack of Cigarettes per Day for a Year
22 Share of Different Strategies in the Market
23 The U.S. : Market Share of Leading E-cigarette Brands (2017) 
24 The U.S. : Market Share of Leading E-cigarette Brands in Convenience Stores and Supermarkets (2017)
25 EU TPD Proposed Guidelines for European E-Cigarette Market
26 Guidelines Supervising Supply and Import of E-Cigarettes in Australia, by TGA
27 Health Risks of Electronic Nicotine Delivery Systems (ENDS) to Users and Non- Users
28 Efficacy of Electronic Nicotine Delivery Systems (ENDS) as a Smoking Cessation Tool
29 Guidelines for Regulating the Manufacturing of E-liquid by AEMSA
30 Irish Vape Vendors Association: Goals
31 Key Operating Principles of SFATA
32 Suggested Policies for E-Cigarette Regulations by TCLC
33 E-Cigarette Compliance Regulations by TVECA
34 Global E-cigarette Market by Product Type 2016-2025 ($Million)
35 Advantages and Disadvantages of Disposable E-cigarettes 
36 Global Disposable E-cigarette Market, 2016-2025 ($Million)
37 Advantages and Disadvantages of Rechargeable E-cigarettes 
38 Global Rechargeable E-cigarette Market by Components, 2016-2025 ($Million)
39 Advantages and Disadvantages of Closed Tank Systems
40 Global Closed Tank E-cigarette Market by Components, 2016-2025 ($Million)
41 Advantages and Disadvantages of Open Tank Systems
42 Global Open Tank E-cigarette Market by Components, 2016-2025 ($Million)
43 Global T-Vapor Market, 2016-2025 ($Million)
44 Global T-Vapor Market by Product Type, 2016-2025 ($Million)
45 Global T-Vapor Market by Brand, 2016-2025 ($Million)
46 Contribution of IQOS Sales to Total Revenue of the Company
47 Markets Where IQOS is Available
48 HEETs Production and Commercialization Volume (Billion Units), 2016-2018
49 Global E-cigarette Aftermarket by Components 2016-2025 ($Million)
50 Global Pre-filled and Bottled E-liquid Market 2016-2025 ($Million)
51 Advantages and Disadvantages of Pre-filled E-liquid
52 Advantages and Disadvantages of Bottled E-liquid
53 Global T-Vapor Market by Component ($Million), 2016-2025
54 Market Segmentation by Distribution Channel
55 Global E-cigarette Market by Distribution Channel , 2016-2025 ($Million)
56 Advantages of Online Distribution Channels
57 Global E-cigarette Market by Online Distribution Channel, 2016-2025 ($Million)
58 Advantages of Retail Distribution Channels
59 Global E-cigarette Market by Retail Distribution Channels, 2016-2025 ($Million)
60 Number of Vape Shops in the U.S. by State
61 Global T-Vapor Market by Distribution Channel , 2016-2025 ($Million)
62 Global T-Vapor Market by Distribution Channel , 2016-2025 ($Million)
63 Market Segmentation by Region
64 North America E-cigarette Market by Country , 2016-2025 ($Million)
65 Smoking Rate among Adults (%) in the U.S.
66 The U.S. E-cigarette Device Market and Aftermarket, 2016-2025 ($Million)
67 The U.S. E-cigarette Market by Product Type, 2016-2025 ($Million)
68 The U.S. Rechargable E-cigarette Market by Components, 2016-2025 ($Million)
69 The U.S. Closed Tank E-cigarette Market by Components, 2016-2025 ($Million)
70 The U.S. Open Tank E-cigarette Market by Components, 2016-2025 ($Million)
71 Canada E-cigarette Device Market and After Market, 2016-2025 ($Million)
72 Canada  E-cigarette Market by Product Type, 2016-2025 ($Million)
73 Canada E-cigarette Rechargeable E-cigarette Market by Component, 2016-2025 ($Million)
74 Canada Closed Tank E-cigarette Market by Components, 2017-2025 ($Million)
75 Canada Open Tank E-cigarette Market by Components, 2016-2025 ($Million)
76 Europe E-cigarette Market by Country 2016-2025 ($Million)
77 The U.K. E-cigarette Device Market and After Market, 2016-2025 ($Million)
78 The U.K. Market by Product Segment , 2016-2025 ($Million)
79 The U.K. Rechargeable E-cigarette Market by Component, 2017-2025 ($Million)
80 The U.K. Closed Tank E-cigarette Market by Components, 2017-2025 ($Million)
81 The U.K. Open Tank E-cigarette Market by Components, 2017-2025 ($Million)
82 Use of Electronic Cigarettes for Different Age Groups In Germany
83 Germany E-cigarette Device Market and After Market, 2017-2025 ($Million)
84 Germany E-cigarette Market by Product Type, 2017-2025 ($Million)
85 Germany Rechargeable E-cigarette Market by Components, 2017-2025 ($Million)
86 Germany Closed Tank E-cigarette Market by Components, 2016-2025 ($Million)
87 Germany Open Tank E-cigarette Market by Components, 2017-2025 ($Million)
88 France E-cigarette Device Market and After Market, 2017-2025 ($Million)
89 France E-cigarette Market by Product Type, 2016-2025 ($Million)
90 France Rechargeable E-cigarette Market by Components, 2016-2025 ($Million)
91 France Closed Tank E-cigarette Market by Components, 2016-2025 ($Million)
92 France Open Tank E-cigarette Market by Components, 2016-2025 ($Million)
93 Poland E-cigarette Device Market and After Market, 2016-2025 ($Million)
94 Poland E-cigarette Market by Product Type, 2016-2025 ($Million)
95 Poland Rechargeable E-cigarette Market by Components, 2016-2025 ($Million)
96 Poland Closed Tank E-cigarette Market by Components, 2016-2025 ($Million)
97 Poland Open Tank E-cigarette Market by Components, 2016-2025 ($Million)
98 Italy E-cigarette Device Market and After Market , 2016-2025 ($Million)
99 Italy E-cigarette Market by Product Type, 2016-2025 ($Million)
100 Italy Rechargeable E-cigarette Market by Components, 2016-2025 ($Million)
101 Italy Closed Tank E-cigarette Market by Components, 2016-2025 ($Million)
102 Italy Open Tank E-cigarette Market by Components, 2016-2025 ($Million)
103 Rest of Europe E-cigarette Device Market and After Market , 2016-2025 ($Million)
104 Rest of Europe E-cigarette Market by Product Type, 2016-2025 ($Million)
105 Rest of Europe Rechargeable E-cigarette Market by Components, 2016-2025 ($Million)
106 Rest of Europe Closed Tank E-cigarette Market by Components, 2016-2025 ($Million)
107 Rest of Europe Open Tank E-cigarette Market by Components, 2016-2025 ($Million)
108 APAC E-cigarette Market by Country, 2016-2025 ($Million)
109 China E-cigarette Device Market and After Market, 2016-2025 ($Million)
110 China E-cigarette Market by Product Type, 2016-2025 ($Million)
111 China Rechargeable E-cigarette Market by Components, 2016-2025 ($Million)
112 China Closed Tank E-cigarette Market by Components, 2016-2025 ($Million)
113 China Open Tank E-cigarette Market by Components, 2016-2025 ($Million)
114 India E-cigarette Device Market and After Market, 2016-2025 ($Million)
115 India E-cigarette Market by Product Type, 2016-2025 ($Million)
116 India Rechargeable E-cigarette Market by Components, 2016-2025 ($Million)
117 India Closed Tank E-cigarette Market by Components, 2016-2025 ($Million)
118 India Open Tank E-cigarette Market by Components, 2016-2025 ($Million)
119 Japan Device Market and After Market, 2016-2025 ($Million)
120 Japan E-cigarette Market by Product Type, 2016-2025 ($Million)
121 Japan Rechargeable E-cigarette Market by Components, 2016-2025 ($Million)
122 Japan Closed Tank E-cigarette Market by Components, 2016-2025 ($Million)
123 Japan Open Tank E-cigarette Market by Components, 2016-2025 ($Million)
124 Rest of APAC E-cigarette Device Market and After Market, 2016-2025 ($Million)
125 Rest of APAC E-cigarette Market by Product Type, 2016-2025 ($Million)
126 Rest of APAC Rechargeable E-cigarette Market by Components, 2016-2025 ($Million)
127 Rest of APAC Closed Tank E-cigarette Market by Components, 2016-2025 ($Million)
128 Rest of APAC Open Tank E-cigarette Market by Components, 2016-2025 ($Million)
129 Latin America E-cigarette Device Market and After Market , 2016-2025 ($Million)
130 Latin America E-cigarette Market by Product Type, 2016-2025 ($Million)
131 Latin America Rechargeable E-cigarette Market by Components, 2016-2025 ($Million)
132 Latin America Closed Tank E-cigarette Market by Components, 2016-2025 ($Million)
133 Latin America Open Tank E-cigarette Market by Components, 2016-2025 ($Million)
134 RoW E-cigarette Market and After Market, 2016-2025 ($Million)
135 Others E-cigarette Market by Product Type, 2016-2025 ($Million)
136 T- Vapor Market Segmentation by Region
137 Global T-Vapor Market, 2016-2025 ($Million)
138 Global T-Vapor Market by Region, 2016-2025 ($Million)
139 North America T-Vapor Market by Country, 2016-2025 ($Million)
140 Europe T-Vapor Market by Country, 2016-2025 ($Million)
141 APAC T-Vapor Market by Country, 2016-2025 ($Million)
142 RoW T-Vapor Market by Region, 2016-2025 ($Million)
143 Altria Group, Inc.: Product Portfolio
144 Altria Group, Inc.: Overall Financials (2014-2016)
145 Altria Group, Inc.:  Net Revenue by Business Segment (2014-2016)
146 Altria Group, Inc.: SWOT Analysis
147 Apollo Future Technology Ltd.: Overall Product Portfolio
148 Apollo Future Technology Ltd.: SWOT Analysis
149 British American Tobacco: Product Portfolio
150 British American Tobacco: Overall Financials (2014-2016)
151 British American Tobacco: Net Revenue by Region (2014-2016)
152 British American Tobacco: SWOT Analysis
153 Eleaf Electronics Co., Ltd.: Overall Product Portfolio
154 Eleaf Electronics Co., Ltd.: SWOT Analysis
155 Flavortec SP. Z O.O.: Overall Product Portfolio
156 Flavortec SP. Z O.O.: SWOT Analysis
157 Japan Tobacco Inc.: Product Portfolio
158 Japan Tobacco Inc. : Overall Financials (2014-2016)
159 Japan Tobacco Inc.:  Net Revenue by Region (2014-2016)
160 Japan Tobacco Inc.:  Net Revenue by Business Segment (2014-2016)
161  Japan Tobacco Inc.: SWOT Analysis
162 JUUL Labs, Inc.:Overall Product Portfolio
163 JUUL Labs, Inc:. SWOT Analysis
164 International Vapor Group: Overall Product Portfolio
165 International Vapor Group: SWOT Analysis
166 Innokin Technology Co., Ltd:. Overall Product Portfolio
167 Innokin Technology Co., Ltd.: SWOT Analysis
168 Molecule Labs, Inc.: Overall Product Portfolio
169 Molecule Labs, Inc.: SWOT Analysis
170 Nicopure Labs, LLC: Overall Product Portfolio
171 Nicopure Labs, LLC: SWOT Analysis
172 NJOY: Overall Product Portfolio
173 NJOY: SWOT Analysis
174 Philip Morris International Inc.: Product Portfolio
175 Philip Morris International Inc.: Overall Financials (2014-2016)
176 Philip Morris International Inc.:  Net Revenue by Region (2014-2016)
177 Philip Morris International, Inc.: SWOT Analysis
178 PAX Labs, Inc.: Overall Product Portfolio
179 PAX Labs, Inc.: SWOT Analysis
180 VMR Products, LLC : Overall Product Portfolio
181 VMR Products, LLC  SWOT Analysis

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FEATURED COMPANIES

  • Altria Inc.
  • International Vapor Group
  • JUUL Labs
  • Nicopure Labs LLC
  • PAX Labs, Inc.
  • Product Mapping
  • MORE

Smoking rates and the consumption volume of cigarettes have been declining on the global scale. In 2016, 5.5 billion cigarettes were consumed, a volume decline of 1.5% from the previous year and declined further by another 3-4% in 2017. Despite the decline in the cigarette market, tobacco related mortality remains the leading preventable cause of death across the globe. Consequently, health organizations and governments are on a look out for efficient smoking cessation products to reduce tobacco use. E-cigarettes and tobacco vapor products imitate the look and feel of the cigarettes but are assumed to release less harmful chemicals than tobacco cigarettes and are being touted as safe alternatives to tobacco cigarettes and thus as the future of the tobacco industry.

Increasing prices of cigarettes, rising health awareness, and product innovation and technological advancements of e-cigarettes are propelling the growth of the market. The ease of access to distribution channel, especially online websites and e-commerce sites, which provide market players with the scope to expand both locally and globally, continues to be one of the key drivers for the market. However, in the current scenario retail channels such as, convenience stores, vape shops, and tobacco users generate over 60% of the revenue, and remain the primary form of distribution. However, the growth of the market is dependent on the legal and regulatory framework, and taxation policies, which have been tightening across the globe.

Open tank systems have become the predominant product type in the market due to their advanced technology, and features of customization and interoperability. However, closed tank systems which combine the pros of rechargeable e-cigarettes and open tank systems with their long battery life, more vapor formation, and large tanks are expected to be the fastest growing e-cigarette product segment. The market for t-vapor products, the adoption rates of which have increased multifold in 2017 in countries such as Japan, South Korea and Russia, are expected to triple in size by 2021. Over 70% of the revenue of t-vapor products comes from device sales, while rest is contributed by the sales of tobacco capsules and sticks.

While North America and Europe have been the leading markets for e-cigarettes due to early adoption of vape products in the regions, APAC is anticipated to dominate the market in t-vapor products. In Japan, which was the first country where t-vapor products were launched countrywide, approximately 30% smokers have already switched to t-vapor. Of the world’s 1 billion smokers, 700 million reside in APAC, and the region is currently grappling high smoking related morbidity and mortality, of the 5.5 million people who die from smoking-related illnesses each year, half are in Asia, thus making the tobacco pandemic a major concern to all stakeholders in public health sector. Moreover, most countries still have lax regulations and low taxation rate for tobacco products, thus providing players with an opportunity to introduce smoking alternatives in the market.

There  lies opportunity for introduction of t-vapor products in the European region, which has the highest smoking rate, globally. Moreover, since only a handful of players have launched closed tank systems and tobacco vaporizers, there lies immense untapped potential for the growth of these products in the market  across the globe. Furthermore, while e-cigarettes are cost effective, the price of t-vapor products are on the exorbitant side, providing opportunity to smaller players to launch more economical products to consumers.

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  • Altria Inc.
  • Apollo Future Technology Limited
  • British American Tobacco Company
  • Eleaf Electronics Co., Ltd.
  • Flavourtec SP. Z.O.O.
  • Gamucci Electronic Cigarettes
  • Healthier Choices Management Corp.
  • Innokin Technology Co.Ltd.
  • International Vapor Group
  • JUUL Labs
  • Japan Tobacco Inc.
  • Korea Tobacco & Ginseng Corporation
  • Molecule Labs Inc.
  • NJOY
  • Nicopure Labs LLC
  • PAX Labs, Inc.
  • Philip Morris International, Inc.
  • Pillbox 38 U.K. Ltd.
  • Product Mapping
  • VMR Products, LLC
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