Global E-Cigarette Market Size [2022-2028] To Reach USD 43.65 Billion at a CAGR of 16.5% | Industry Trends, Share, And Growth Analysis | Vantage Market Research
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WASHINGTON, May 24, 2022 (GLOBE NEWSWIRE) -- Growing urbanization and changing lifestyles have increased the demand for using e-cigarettes in different societies and cultures and thus are expected for market growth. An increase in the young population and influencing media and marketing companies is expected to witness a robust growth in the Electronic Cigarette Market. The emerging trend among consumers to adopt western culture is another factor fueling the market growth. Owing to these factors in acceptance, e-ciggarete are gaining huge importance on a global market, states Vantage Market Research, in a report, titled “Electronic Cigarette Market Size, Share & Trends Analysis Report by Product Type (Disposable, Rechargeable, Modular), by Flavor (Tobacco, Botanical, Fruit, Sweet), by Distribution Channel (Specialist E-Cig Shops, Online, Supermarkets, Tobacconist), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
The Global Electronic Cigarette Market revenue size stood at USD 17.46 Billion in the year 2021. The Global Electronic Cigarette Market size is expected to reach USD 43.65 Billion by the year 2028 and the Market is forecasted to grow exhibiting a Compound Annual Growth Rate (CAGR) of 16.5% during the forecast period.
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Market Dynamics:
Driver: Increasing Trend for E-Cigarette is Propelling the Growth of Electronic Cigarette Market
Often considered reduced-risk products, e-cigarettes have made up one of the most rapidly growing segments of tobacco products in the last decade. The E-Cigarettes market in North America is facing volatility and uncertainty due to a scandal concerning the popularity of these products amongst adolescents in the U.S., whereas the European market remains stable. The penetration rates of e-cigarettes remain low in the African, Asian, and South American market.
In global comparison, most of the revenue for e-ciggarette is generated in the United States. Between 2011 and 2018, e-cigarettes were the second most advertised product in magazines (16%), behind cigarettes (55%). E-cigarette companies have been increasing their marketing expenditures since 2010 and increasing between 2015 and 2020 from USD 95 million to USD 250 million, although this is still lower than smokeless tobacco expenditures.
Key Insights & Findings from the Report:
According to our primary respondents’ research, the Electronic Cigarette market is predicted to grow at a CAGR of roughly 16.5% during the forecast period.
The Electronic Cigarette market was estimated to be worth roughly USD 17.46 Billion in 2021 and is expected to reach USD 43.65 Billion by 2028; based on primary research.
On the basis of region, Asia Pacific is projected to dominate the worldwide Electronic Cigarette market.
Restrain: Increasing Social Issues and High Cost of E-Cigarette
factors such as the limited battery life of the devices, high cost of the devices, and health concerns are expected to hamper the market growth. The high costs of devices impact the ability of manufacturers to launch their products in the market, thus resulting in limited production. These e-cigarettes are costly, which restricts various consumers from purchasing these devices. Additionally, the rising competition in the market and low awareness about the product are further limiting the market growth.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the healthcare industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
Impact Assessment of COVID-19 Pandemic
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
Key Strategies Undertaken by Companies to Tackle COVID-19
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The report on Electronic Cigarette Market highlights:
Assessment of the market
Premium Insights
Competitive Landscape
COVID Impact Analysis
Historic Data, Estimates and Forecast
Company Profiles
Global and Regional Dynamics
Regional Analysis:
North America Dominates the Global Electronic Cigarette Market
North America held the largest market share in 2021. Most of the manufacturers are based in the United States. Increasing exposure and ease of availability of e-cigarette have created a strong market in this region. This industry has witnessed a high rise in atomizers and e-liquids owing to high demand in regions such as North America and Europe.
Countries such as the U.K. have legalized the consumption of e-cigarettes, which has stimulated market growth significantly. Additionally, vape shops have been established where customers can personally visit and test the devices and e-liquid flavors before purchase.
For instance in England, tank e-cigarettes have remained the most popular device type; however, pod e-cigarettes have become the most popular, owing to the surge in JUUL (Juul Labs, Inc. is an American electronic cigarette company) use.
List of Prominent Players in Electronic Cigarette Market:
Altria Group
British American Tobacco
Imperial Brands
International Vapor Group
Japan Tobacco
Nicotek LLC
Njoy Inc.
Philip Morris International Inc.
Reynolds American Inc.
VMR Flavors LLC
Browse market data Tables and Figures spread through 147 Pages and in-depth TOC on "Electronic Cigarette Market Size, Share & Trends Analysis Report by Product Type (Disposable, Rechargeable, Modular), by Flavor (Tobacco, Botanical, Fruit, Sweet), by Distribution Channel (Specialist E-Cig Shops, Online, Supermarkets, Tobacconist), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/electronic-cigarette-market-105806
Recent Developments:
In 2021, Philip Morris International Inc. launched IQOS ILUMA in Japan. This product was the brand's first tobacco-heating system that introduced induction-heating technology, eliminating the use of blades, which, in turn, required no cleaning.
In 2021, Japan Tobacco Inc. launched its next-generation heated tobacco device, namely Ploom X. The product was made available across Japan, including convenience stores and different tobacco retail stores.
In 2020, Aspire launched the Aspire Nautilus GT Kit, the latest box mod kit combining the Nautilus GT tank system and the new 75W Glint Mod. This new Nautilus GT Kit is powered by an ingle 18650 battery mod, and this mod has an OLED 0.91 screen to easily set the mod wattage.
Key questions answered in the report:
Which regional market will show the highest and rapid growth?
Which are the top five players of the Electronic Cigarette Market?
How will the Electronic Cigarette Market change in the upcoming six years?
Which application and product will take a lion’s share of the Electronic Cigarette Market?
What is the Electronic Cigarette market drivers and restrictions?
What will be the CAGR and size of the Electronic Cigarette Market throughout the forecast period?
This market titled “Electronic Cigarette Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
Parameter
Details
Market Size Provided for Years
2016-2028
Base Year
2021
Historic Years
2016-2020
Forecast Years
2022-2028
Segments Covered
• Product Type • Disposable • Rechargeable • Modular
• Region • North America • Europe • Asia Pacific • Latin America • Middle East & Africa
Region & Counties Covered
• North America • U.S. • Canada • Mexico
• Europe • U.K • France • Germany • Italy • Spain • Rest Of Europe
• Asia Pacific • China • Japan • India • South Korea • South East Asia • Rest Of Asia Pacific
• Latin America • Brazil • Argentina • Rest Of Latin America
• Middle East & Africa • GCC Countries • South Africa • Rest Of Middle East & Africa
Companies Covered
• Altria Group
• British American Tobacco
• Imperial Brands
• International Vapor Group
• Japan Tobacco
• Nicotek LLC
• Njoy Inc.
• Philip Morris International Inc.
• Reynolds American Inc.
• VMR Flavors LLC
Report Coverage
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
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