E-Cigarette Market Size, Trends, Company Profiles, Growth Rate, Trends and its Emerging Opportunities

The increasing incidence of deaths caused due to cigarette smoking, is one of the key factors driving the demand for e-cigarettes. According to the World Health Organization (WHO), over 8 million people deaths are recorded every year because of tobacco consumption. Out of these, direct tobacco use claims the lives of over 7 million people across the world. Furthermore, the organization found that cigarette smoking is the most common form of tobacco use globally. Due to this factor, cigarette smokers are increasingly preferring safer alternatives like e-cigarettes.

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Apart from the increasing availability of e-cigarettes in grocery stores and special outlets, the growing public awareness about the harmful consequences of tobacco smoking on both human and environmental health is also fueling the expansion of the e-cigarette market. Moreover, many governments are taking initiatives such as announcing bans on smoking at certain places in order to create a greener environment. Such initiatives are massively boosting the demand for e-cigarettes, as these products do not generate harmful tobacco smoke and can provide a sensation similar to the one provided by conventional tobacco-based cigarettes.

Hence, it can be safely said that the increasing social acceptance of e-cigarettes is propelling the expansion of the global e-cigarette market. As a result, the market revenue is predicted to grow from $15.7 billion in 2019 to $39.0 billion by 2030. The market is also expected to advance at a CAGR of 9.2% from 2020 to 2030. Vaporizers, vape mod, cig-a-like, and T-vapors are the most commonly used types of e-cigarettes. Out of these, the demand for T-vapors is predicted to rise at the highest rate in the upcoming years.

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This is because of the growing consumer preference for these products, especially in South Korea and Japan, on account of their ability to provide a smoking experience similar to that provided by conventional cigarettes. Geographically, the e-cigarette market will surge sharply in North America in the forthcoming years, as per the estimates of P&S Intelligence, a market research company based in India. This is credited to the increasing number of e-cigarette users in the region.

Thus, it can be said without hesitation that the demand for e-cigarettes will boom in the forthcoming years, primarily because of their rising social acceptance and increasing availability in retail outlets and grocery stores and the growing incidence of deaths caused due to tobacco-based cigarette smoking all over the world.

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