E-Cigarette Market to Reach US$ 31.9 Billion by 2028 | CAGR of 4.4%

According to the latest report by IMARC Group, titled "E-Cigarette Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global e-cigarette market size reached US$ 21.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 31.9 Billion by 2028, exhibiting a growth rate (CAGR) of 4.4% during 2023-2028.

An e-cigarette or electronic cigarette is a battery-powered non-tobacco device that is similar to a cigarette and cigar. It generally comprises electronic circuitry and a power source that supplies energy to the heating mechanism. Additionally, it includes three main components battery, heating coil, and e-liquid cartridge and produces vapor by heating that distinguishes them from regular tobacco-based cigarettes involving burning. It uses e-liquid-containing nicotine along with flavorings, propylene glycol, and vegetable glycerin to produce vapor and delivers dosages of vaporized flavored or nicotine solutions to consumers. Some of the most common types of e-cigarettes commercially available include disposable, rechargeable, and personalized vaporizers.

As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviors of the consumers globally-our estimates about the latest market trends and forecast values after considering the impact of this pandemic.

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Industry Demand:

The rising smoking population majorly drives the global market. Coupled with the increasing consumer willingness to quit smoking tobacco products on account of the adverse health issues caused by consuming tobacco is significantly supporting the sales of e-cigarettes. Apart from this, the growing popularity of e-cigarettes, especially among young adults, due to the changing lifestyle preferences, the product demand has rapidly escalated. The market is also driven by continual advancements in e-cigarette technologies, such as the incorporation of squonk mods and pod systems. Furthermore, the customization option offered by several sellers, including temperature control and nicotine dosages, to improve the overall consumer experience is creating a positive market outlook. Some other factors driving the market include rapid urbanization and the inflating disposable income levels of the masses.

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Key Segmentation:

Competitive Landscape with Key Players:

• Philip Morris International Inc.
• Altria Group
• British American Tobacco p.l.c.
• Japan Tobacco Inc.
• Imperial Brands PLC
• International Vapor Group
• Nicotek, LLC
• NJOY, LLC
• Reynolds American Inc
• VMR Products LLC
• MCIG Inc.
• ITC Limited
• J Well France

Breakup by Product:

• Modular E-Cigarette
• Rechargeable E-Cigarette
• Next-Generation E-Cigarette
• Disposable E-Cigarette

Breakup by Flavor:

• Tobacco
• Botanical
• Fruit
• Sweet
• Beverage
• Others

Breakup by Mode of Operation:

• Automatic E-Cigarette
• Manual E-Cigarette

Breakup by Distribution Channel:

• Specialist E-Cig Shops
• Online
• Supermarkets and Hypermarkets
• Tobacconist
• Others

Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key Highlights of the Report:

• Market Performance
• Market Outlook
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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