E-Cigarette Market to Generate $39.0 Billion Revenue by 2030

A number of factors such as the growing social acceptance of e-cigarettes, increasing availability of vaping devices, surging demand for alternatives to tobacco-based cigarettes, rapid technological advancements, and rising product innovations are projected to fuel the e-cigarette market at a CAGR of 9.2% during the forecast years (2020-2030). According to P&S Intelligence, the market revenue will escalate from $15.7 billion in 2019 to $39.0 billion by 2030. In recent years, the expanding flavor portfolio has become a major market trend.

Nowadays, the demand for e-cigarettes is being driven by the increasing social acceptance of vaping products, owing to, the absence of toxic emissions from them. As tobacco-based cigarettes emit smoke, several governments have taken multiple steps to impose a complete ban on smoking in certain public places. With this ban, governments aim to create a greener and more sustainable environment. Additionally, the mounting public awareness of environmental and human health is also expected to propel the global demand for e-cigarettes.

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Moreover, the surging availability of e-cigarettes on umpteen distribution channels will also contribute to the e-cigarette market growth worldwide. Nowadays, producers of vaping devices are selling and promoting their devices via dedicated in-store hubs and kiosks at grocery shops and retail outlets. Market players are also establishing their stores and outlets to provide a vaping experience, which is similar to the one provided in a club. These outlets are experiencing a large footfall of traditional smokers, as they can avail a diverse range of flavors and vaping products there.

The age group segment of the e-cigarette market is classified into 16-24, 25-34, 35-44, 45-54, 55-65, and 65+. Under this segment, the 16-24 category accounted for the largest market share in 2019, due to the surging popularity of e-cigarettes with modular designs among young individuals. Market players are designing social media campaigns, such as #JUULing, to target the tech-savvy population within this age group.

At present, the players in the e-cigarette market are focusing on product launches to stay ahead of their competitors. For example, in March 2019, Japan Tobacco Inc. introduced Pianissimo Aria Menthol and Pianissimo Pineapple Peach Yellow Cooler, two new flavors of tobacco capsules, for the Ploom TECH brand. Other players focusing on this strategic measure are British American Tobacco plc, MCIG Inc., FIN Branding Group LLC, MadVapes LLC, Philip Morris International Inc., Shenzhen iSmoka Electronics Co. Ltd., Altria Group Inc., Smoker Friendly International LLC, and Innokin Technology Co. Ltd.

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Geographically, the European region held the largest share in the e-cigarette market in 2019, wherein the U.K., the Netherlands, Germany, Spain, and Italy generated the maximum revenue. This can be primarily attributed to the rising popularity of the vape shop culture in the region. In the forecast years, the North American market will demonstrate rapid advancement, due to the declining popularity of tobacco cigarettes and the growing popularity of vaping products among young individuals in the U.S.

Therefore, the growing social acceptance of vaping devices and easy availability of vaping products are expected to steer the market growth.

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This release was published on openPR.