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E-Cigarette Market To Display CAGR of 9.2% during 2020-2030

09-30-2022 12:28 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: P&S Intelligence

E-Cigarette Market To Display CAGR of 9.2% during 2020-2030

Drivers such as the easy availability of e-cigarettes, constant innovation and advancement in the vaping technology, social acceptance of these products, and their adoption as an alternative to tobacco smoking will propel the e-cigarette market at a CAGR of 9.2% during the forecast period (2020-2030). The market generated $15.7 billion in 2019, and it is projected to reach $39.0 billion by 2030. Moreover, their rising popularity has led to the introduction of an array of flavors by flavor and fragrance vendors.

To cater to the soaring demand for e-cigarettes, manufacturers are focusing on selling and promoting their products through designated in-store hubs and kiosks at major grocery stores and retail outlets. Numerous vendors have also set up their stores and outlets to offer a vaping experience similar to a club. These stores attract customers as they offer different flavors and novel e-cigarette devices. Such outlets and designated stores are generating a huge demand for various vaping products provided by individual manufacturers.

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Moreover, the e-cigarette market growth is driven by the social acceptance of vaping devices. The increasing awareness regarding environmental and human health has led the governments to work toward creating a greener and sustainable environment and banning smoking at certain places. The ban on smoking is compelling users to adopt alternate products such as e-cigarettes, as these do not produce tobacco smoke. Even though e-cigarettes do not produce smoke, they give the same sensation as that of a traditional cigarette.

This shift from tobacco cigarettes to e-cigarettes is also because of the availability of multiple flavors. E-cigarette accessory vendors are offering vaping liquid flavors such as chocolate, methanol, bubble gum, mint, cola, and fusion of fruits to attract more customers. The availability of multiple flavors is, therefore, accelerating the e-cigarette market growth. Users in Europe and North America, predominantly Canada, the U.S., and the U.K., are exhibiting a shift toward flavored e-cigarettes. Thus, with the spurring demand for flavored e-cigarettes from across the world, more flavors are being introduced.

The product segment of the e-cigarette market is categorized into cig-a-like, vaporizer, vape mode, and T-vapor. In 2019, the vaporizer category accounted for the largest market share due to the moderate cost, flexibility of flavors, and dense aerosol production offered by these devices. During the forecast period, the T-vapor category is projected to showcase the fastest growth owing to the rising popularity of these products in South Korea, the U.S., Russia, the U.K., Germany, China, and Japan. The people in these countries prefer tobacco-flavored T-vapors because of their similarity to traditional cigarettes.

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Geographically, the European region accounted for the highest revenue in the global e-cigarette market in 2019, wherein France, Russia, and the U.K. generated the highest demand. In these countries, current and former cigarette smokers are shifting to electronic variants to quit smoking tobacco. Besides, the penetration of the vape shop culture in Europe is fueling the market growth. Furthermore, the North American market is expected to grow due to the rapid adoption of vaping products by the young population.

Thus, the ban on public smoking and introduction of a multitude of flavored e-cigarettes are boosting the market, and they will continue to do so in the coming years.

P&S Intelligence
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P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.

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