E-cigarettes, also known as electronic cigarettes or vaping devices, are battery-operated devices that simulate the sensation of smoking by heating a liquid solution (e-liquid) to produce an aerosol referred to as vapor that the user inhales.
The market for e-cigarettes caters to smokers and ex-smokers, as well as a growing demographic of new users who are attracted by the flavors, technology and perceived lower health risks compared to traditional cigarettes. The usage of e-cigarettes can be seen across various settings, from personal use at home or in designated vaping areas in social gatherings and public venues where smoking is prohibited. This adaptability in usage, coupled with the convenience of no ash or smoke, contributes to their growing popularity.
The global e-cigarettes market was valued at $14,447.2 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 8.0%.
Health Risks With Cigarettes And Chewing Tobacco
The health risks associated with cigarettes and chewing tobacco drove the growth of the e-cigarette market during the historic period. The awareness of the health risks of smoking and chewing tobacco has grown and many people have turned to e-cigarettes as a safer way to consume nicotine. E-cigarettes have fewer health risks as they do not involve combustion or the inhalation of tobacco smoke, which contains numerous harmful chemicals and carcinogens, allowing users to gradually reduce their nicotine intake by choosing e-liquids with lower nicotine concentrations. For instance, in July 2022, according to the Centers for Disease Control and Prevention (CDC), a US-based government agency, cigarette smoking remains the leading cause of preventable disease, disability and death in the United States. It accounts for more than 480,000 deaths annually, which is approximately 1 in 5 deaths in the country. Additionally, in July 2022, according to Statistics Canada, a Canada-based government agency, cigarette production increased by 5.8% compared to June 2021. Also, the total number of cigarettes sold rose 1.3% from May 2022, reaching 1.4 billion in June 2022. Therefore, the health risks associated with cigarettes and chewing tobacco supported the growth of the e-cigarette market.
Introduction Of E-Cigarettes With Additional Features And Flavors
Major companies operating in the e-cigarettes market are developing e-cigarettes with additional features such as transparent tank and a child safety lock and introducing additional flavors to sustain their position in the market. For example, in December 2023, Vozol, a China-based manufacturer of high-quality electronic cigarettes and accessories, introduced a new pod system called Switch Pro in the European market. The Switch Pro offers 45 different flavor options, with a 2ml capacity for e-liquid and a 400mAh battery capacity. It contains 20mg/ml nicotine, allowing users to enjoy 700 puffs of e-liquid. Additionally, it comes equipped with a transparent tank and a child safety lock. The Switch Pro is set to officially enter the European market in January 2024.
The global e-cigarettes market is fairly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 24.87% of the total market in 2022.
E-Cigarettes Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global e-cigarettes market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for e-cigarettes? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The e-cigarettes market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider e-cigarettes market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by product type, by composition used and by distribution channel.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario- The report provides an analysis of the impact of the Russia-Ukraine war, impact of the COVID-19 pandemic and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the e-cigarettes market.
- Global Market Size And Growth- Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis - Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by product type, by composition used and by distribution channel in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Growth Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Competitive Benchmarking - Briefs on the financials comparison between major players in the market.
- Other Major And Innovative Companies - Details on the company profiles of other major and innovative companies in the market.
- Competitive Dashboard - Briefs on competitive dashboard of major players.
- Key Mergers And Acquisitions - Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for e-cigarettes providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- a) By Product Type: Disposable; Rechargeable; Modular
- B) By Composition: Nicotine; Nicotine-Free
- C) By Distribution Channel: E-Cig Shops; Online; Supermarkets; Tobacconist; Other Distribution Channels
- Companies Mentioned: Philip Morris International Inc.; Altria Group Inc.; JUUL Labs; British American Tobacco PLC; Japan Tobacco Inc.
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; Italy; Spain; UK; Russia.
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; e-cigarettes indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.