British American Tobacco, Altria, JTI (Japan Tobacco International), Imperial Brands PLC, Philip Morris International, NJOY, International Vapor Group and Vapor Hub International, Inc. in the Smartwatch Market by 2023

The e-cigarette market is estimated to reach $44,610.6 million by 2023 and is forecasted to witness a CAGR of 19.6%, during 2018–2023. The growth in the market will be led by factors such as increasing health concerns among the smokers, demand for smokeless and ashless vaping, and surge in the number of vape shops and designated stores.

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Based on product, the e-cigarette market has been broadly categorized into cig-a-like, vaporizer, and vape mod. The market for vape mod is expected to witness the fastest CAGR, of around 22%, during the forecast period. Customizable vape mods are becoming a popular choice among ex-smokers, current smokers, and new smokers. Based on distribution channel, the market has been classified into vape shops, supermarkets, online, and tobacconists. Among these channels, vape shops generated the highest revenue in the e-cigarette market in 2017.

APAC is the region offering ample growth opportunities for the vendors. Large population coupled with increasing urbanization has been propelling the demand for e-cigarettes in the region. China was the forerunner in the regional e-cigarette industry, with around 40% share in 2017. After the U.S. and the U.K., China was the third largest e-cigarette market in the world in 2017, and is expected to grow rapidly, during the forecast period.

Some of the key players operating in the e-cigarette market are British American Tobacco plc, Altria Group Inc., Japan Tobacco Inc., Imperial Brands plc, Philip Morris International Inc., VMR Products LLC, NJOY Inc, International Vapor Group, Vapor Hub International, Inc., and FIN Branding Group LLC.

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Global E-Cigarette Market Segmentation
By Product
• Cig-a-like
o Disposable
o Rechargeable
• Vaporizer
o Open Tank
o Closed System
• Vape Mod
E-Cigarette Market Segmentation by Distribution Channel
• Vape shops
• Supermarkets
• Online
• Tobacconists
E-Cigarette Aftermarket Segmentation by Type
• Refill (Cartridge and e-liquid)
• Battery and charger

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