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E-Cigarettes Market - Forecasts from 2024 to 2029

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  • 131 Pages
  • February 2024
  • Region: Global
  • Knowledge Sourcing Intelligence LLP
  • ID: 5649030

The E-cigarettes market is evaluated at US$18.326 billion for the year 2022 growing at a CAGR of 15.06% reaching the market size of US$48.916 billion by the year 2029.

E-cigarettes are battery-operated electronic cigarettes that are less hazardous than regular cigarettes. Electronic cigarettes, commonly known as e-vaping devices, e-cigs, vape pipes, and electronic cigarettes, are made up of three primary parts: a heating coil, a battery, and an e-liquid cartridge. These elements assist in delivering liquefied nicotine or flavoured fluids to users. Due to growing knowledge of the adverse effects of traditional tobacco-based cigarettes, e-cigarettes are gaining popularity, particularly among young adults and adolescents.

Increased demand due to improved terms of battery life and flavour variety

A wide selection of flavours, such as menthol, tobacco, and fruits, are also available on the market, appealing to a large number of customers. These flavours emit aromas when it is used in an e-cigarette. Flavoured products continue to drive child usage; according to the 2021 National Young Tobacco Survey (NYTS), 85 percent of young e-cigarette users report consuming flavoured products, especially fruit, candy/desserts/other sweets, mint, and menthol being the most popular flavours. Furthermore, the increasing cost-effectiveness of these devices has enhanced customer acceptance, which is expected to drive market growth during the forecast period. Furthermore, the US Food and Drug Administration announced in October 2021 that it had approved the selling of three new tobacco products, marking the first time the FDA had approved a set of electronic nicotine delivery system (ENDS) products through the Premarket Tobacco Product Application (PMTA) pathway. The market will be driven by such regulations in support of e-cigarettes.

The rising awareness of e-cigarettes as they are safer than traditional cigarettes

It is anticipated that the continuous advancement in new product development by companies will accelerate the market expansion of electronic cigarettes. For example, the National Youth Tobacco Survey (NYTS) indicates that in the first half of 2021, about 2 million middle and high school students - including 11.3 percent of high school students - reported using e-cigarettes. Demand for the product is also anticipated to increase due to the manufacturer's customization options, which include temperature control and nicotine dosage.

Companies have focused on increasing awareness of electronic cigarettes, particularly among adult smokers, in recent years. Leading brands' market expansion is projected to be aided by such marketing initiatives over the forecast period. Furthermore, with the rising number of health-conscious consumers around the world, prominent players are employing a variety of techniques to attract customers' attention by offering new technologically advanced products.

The rechargeable category is expected to have the largest market share by product.

Rechargeable e-cigarettes are likely to become more popular as they are less expensive and eliminate the need to repurchase consumables like cartridges. Customers who make their e-liquid do not need to buy pre-filled cartridges. Rechargeable e-cigarettes, which emit minimal smoke and can be charged using a USB port, are also gaining popularity among adolescents in several significant countries.

Tobacco is expected to have a significant market share among adult smokers based on flavour.

Tobacco-flavoured e-liquid improves the taste of tobacco products while reducing their negative effects, making them more appealing and available to new users. Flavoured items, on the other hand, are driving youth usage. Fruit, candy/desserts/other sweets, mint, and menthol are the most popular flavours among youth e-cigarette users, with 85 percent of them using flavoured products. According to the NYTS report, 30% of high schoolers who reported consuming flavoured e-cigarettes used menthol-flavoured products.

By distribution channel, the offline segment is anticipated to have the largest proportion of the market.

Previously, e-cigarettes were sold in stores like vape shops & gas stations. Customers could choose from a broad variety of devices & e-liquids at these locations. Additionally, shops that allow customers to test and try out these devices before making a purchase choice are likely to promote retail store growth throughout the forecast period. Furthermore, over the projected period, the internet segment is expected to grow at a high rate. People buy e-cigarettes and vapes online because of the advantages of internet marketplaces in terms of competitive cost, convenience, and access to a greater choice of items.

North America is expected to grow at a high rate during the forecast period.

Youth involvement in the consumption of these items has increased demand. In the United States, for example, youngsters are the primary users of e-cigarettes. In 2023, e-cigarette products accounted for 7.7% of all tobacco products used by middle and high school students (2.13 million). Cigarettes, pipe tobacco, nicotine pouches, smokeless tobacco, other oral nicotine products, hookahs, heated tobacco products, and cigarettes (1.6%), cigars (1.6%), and nicotine pouches (1.5%) were the next most popular products among these students. E-cigarettes account for most tobacco products; there are currently over 3,000 e-cigarette varieties available in the US marketplace, with new tastes being added every year. In the North American market, the link of e-cigarettes with fashion appeal boosts e-cigarette demand further.

Market key launches

  • In June 2023, the vaping company NJOY Holdings, Inc. was acquired by Altria Group, Inc. The business will sell NJOY e-vapor goods under the name NJOY, LLC (NJOY), a division of Altria. Furthermore, Altria Group Distribution Company will handle the distribution of NJOY's products.
  • In June 2022, in a deal valued at GBP 14.75 million, Supreme agreed to purchase the vaping company Liberty Flights Holdings. Initial consideration of GBP 7.75 million, deferred consideration of GBP 2 million, and performance-related earn-out payments of up to GBP 5 million will all be paid as part of the acquisition.


By Product

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

By Flavour

  • Tobacco
  • Mint
  • Menthol
  • Others

By Distribution Channel

  • Online
  • Offline

By Geography

  • North America
  • USA
  • Canada
  • Chile
  • Others
  • Europe
  • United Kingdom
  • Germany
  • France
  • Others
  • Middle East and Africa
  • Egypt
  • UAE
  • Others
  • Asia Pacific
  • China
  • Japan
  • Indonesia
  • Philippines
  • Vietnam
  • Malaysia
  • Others

Table of Contents

1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Market Segmentation
1.5. Currency
1.6. Assumptions
1.7. Base, and Forecast Years Timeline
1.8. Key Benefits to the Stakeholder
2.1. Research Design
2.2. Research Processes
3.1. Key Findings
3.2. CXO Perspective
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
4.5. CXO Perspective
5.1. Introduction
5.2. Modular E-Cigarette
5.2.1. Market Trends and Opportunities
5.2.2. Growth Prospects
5.2.3. Geographic Lucrativeness
5.3. Rechargeable E-Cigarette
5.3.1. Market Trends and Opportunities
5.3.2. Growth Prospects
5.3.3. Geographic Lucrativeness
5.4. Next-Generation E-Cigarette
5.4.1. Market Trends and Opportunities
5.4.2. Growth Prospects
5.4.3. Geographic Lucrativeness
5.5. Disposable E-Cigarette
5.5.1. Market Trends and Opportunities
5.5.2. Growth Prospects
5.5.3. Geographic Lucrativeness
6.1. Introduction
6.2. Tobacco
6.2.1. Market Trends and Opportunities
6.2.2. Growth Prospects
6.2.3. Geographic Lucrativeness
6.3. Mint
6.3.1. Market Trends and Opportunities
6.3.2. Growth Prospects
6.3.3. Geographic Lucrativeness
6.4. Menthol
6.4.1. Market Trends and Opportunities
6.4.2. Growth Prospects
6.4.3. Geographic Lucrativeness
6.5. Others
6.5.1. Market Trends and Opportunities
6.5.2. Growth Prospects
6.5.3. Geographic Lucrativeness
7.1. Introduction
7.2. Online
7.2.1. Market Trends and Opportunities
7.2.2. Growth Prospects
7.2.3. Geographic Lucrativeness
7.3. Offline
7.3.1. Market Trends and Opportunities
7.3.2. Growth Prospects
7.3.3. Geographic Lucrativeness
8.1. Introduction
8.2. Americas
8.2.1. By Product
8.2.2. By Flavour
8.2.3. By Distribution Channel
8.2.4. By Country USA Market Trends and Opportunities Growth Prospects Canada Market Trends and Opportunities Growth Prospects Chile Market Trends and Opportunities Growth Prospects Others Market Trends and Opportunities Growth Prospects
8.3. Europe
8.3.1. By Product
8.3.2. By Flavour
8.3.3. By Distribution Channel
8.3.4. By Country United Kingdom Market Trends and Opportunities Growth Prospects Germany Market Trends and Opportunities Growth Prospects France Market Trends and Opportunities Growth Prospects Others Market Trends and Opportunities Growth Prospects
8.4. Middle East and Africa
8.4.1. By Product
8.4.2. By Flavour
8.4.3. By Distribution Channel
8.4.4. By Country Egypt Market Trends and Opportunities Growth Prospects UAE Market Trends and Opportunities Growth Prospects Others Market Trends and Opportunities Growth Prospects
8.5. Asia Pacific
8.5.1. By Product
8.5.2. By Flavour
8.5.3. By Distribution Channel
8.5.4. By Country China Market Trends and Opportunities Growth Prospects Japan Market Trends and Opportunities Growth Prospects Indonesia Market Trends and Opportunities Growth Prospects Philippines Market Trends and Opportunities Growth Prospects Vietnam Market Trends and Opportunities Growth Prospects Malaysia Market Trends and Opportunities Growth Prospects Others Market Trends and Opportunities Growth Prospects
9.1. Major Players and Strategy Analysis
9.2. Market Share Analysis
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Competitive Dashboard
10.1. Philip Morris International Inc.
10.2. Altria Group Inc. (JUUL Labs)
10.3. British American Tobacco PLC (Reynolds American Inc.)
10.4. Japan Tobacco, Inc.
10.5. Imperial Tobacco Group
10.6. Altria Group (NJOY Inc.)
10.7. ITC Limited
10.8. J WELL France

Companies Mentioned

  • Philip Morris International Inc.
  • Altria Group Inc. (JUUL Labs)
  • British American Tobacco PLC (Reynolds American Inc.)
  • Japan Tobacco, Inc.
  • Imperial Tobacco Group
  • Altria Group (NJOY Inc.)
  • ITC Limited
  • J WELL France



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