Electronic Cigarette Market Size, Share, Growth, Analysis -2023

According to a new report published by Allied Market Research, titled, Electronic Cigarette Market by Product Type, Flavor, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global electronic cigarette market was valued at $8,610 million in 2016, and is projected to reach $26,839 million by 2023, registering a CAGR of 17.4% from 2017 to 2023. In 2016, the modular product type accounted for more than half of the share in global market.

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High affluence and awareness about the electronic cigarette in North America, and Europe has led to its penetration in these regions. Moreover, electronic cigarette is perceived as smoking cessation product, which further fuels the market growth in North America and Europe. Moreover, with relaxed regulatory administration and deep-seated smoking habit rooted in majority of its population, Asia-Pacific has massive potential to turn into the hub for electronic cigarettes and related products.
Thus, untapped market in Asia-Pacific and large smoking population seeking for tobacco alternatives are the factors expected to open new avenues for the manufacturers of electronic cigarette.

Increase in awareness about harmful effects of tobacco cigarettes, improvements in lifestyle, and growth in technological developments by electronic cigarette manufacturers are the various factors, which boost the growth of the market.

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In 2016, modular electronic cigarette accounted for the largest share in the market and is expected to maintain its dominance during the forecast period. Modular electronic cigarette is the most popular among others as it can be refilled and allows the user to regulate the power delivered from the systems battery to the automizer.

Countries such as China and India consist of large smoking population, which look out for tobacco alternatives. Thus, untapped market in emerging economies may open new avenues for the manufacturers of electronic cigarette. Whereas, prohibition on sales, promotion, and distribution of electronic cigarette in various countries and implementation of strict legal framework hampers the market growth.

Key findings of the Electronic Cigarette Market:

• North America is expected to maintain its dominant position in the market
during the forecast period, followed by Europe.

• The tobacco flavor segment generated the highest revenue in 2016, and is
projected to grow at a CAGR of 18.0% during the forecast period.

• Online distribution channel is anticipated to grow at the highest CAGR of
18.1% from 2017 to 2023.

• The U.S. accounted for more than two-fifths of the market share growing at
a significant CAGR of 17.4%.

• Asia-Pacific is expected to grow at a significant CAGR of 16.9% during the
forecast period.

Asia-Pacific and LAMEA collectively contributed approximately one-fifth share of the global market in 2016.

The key players profiled in the report include Altria Group, British American Tobacco, Imperial Brands, International Vapor Group, Japan Tobacco, Nicotek Llc, Njoy Inc., Philip Morris International Inc., Reynolds American Inc., and Vmr Flavours Llc.

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. The data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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