E-Cigarette Market to Skyrocket to USD 185.12 Billion by 2030, Driven by 28.4% CAGR

► E-Cigarette Market Set to Surge to USD 185.12 Billion by 2030, Driven by 28.4% CAGR
The global e-cigarette market is poised for significant growth, with projections indicating an expansion from USD 32.17 billion in 2023 to USD 185.12 billion by 2030, reflecting a robust CAGR of 28.4% during the forecast period. This surge is attributed to increasing health consciousness, technological advancements, and the rising popularity of e-cigarettes as a smoking cessation tool.

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Competitive Landscape and Regional Demand

The e-cigarette industry is witnessing intense competition, with key players such as Altria Group, British American Tobacco, Imperial Brands, Japan Tobacco, and Philip Morris International leading the market. North America currently holds the largest market share, driven by high smoking cessation rates and a strong presence of e-cigarette manufacturers.

► United States: Growth and Consolidation

• Mergers and Acquisitions

In June 2023, Altria Group Inc. acquired NJOY Holdings Inc., expanding its portfolio in the e-vapor segment. This strategic move followed Altria's exit from Juul and signifies a consolidation trend in the U.S. e-cigarette market.

• Key Developments

The U.S. market is experiencing an influx of advanced disposable vapes from China, such as the RAMA disposable vape, which features LCD displays and smartphone connectivity. These products, often unapproved by the FDA, are raising concerns among regulators due to their appeal to youth and potential health risks.

► Asia-Pacific: Opportunities and Trends

• Mergers and Acquisitions

Japan Tobacco International (JTI) is considering producing its Ploom heated tobacco devices in the United States due to potential impacts from U.S. tariff strategies. Currently, Ploom X devices are manufactured primarily in Indonesia, with plans for U.S. production under a joint venture with Altria.

• Key Developments

The Asia-Pacific region is expected to exhibit the highest growth rate during the forecast period, with a market size projected to reach USD 12 billion by 2032, reflecting a CAGR of 12%. This growth is driven by rising disposable incomes, increasing urbanization, and growing health consciousness among consumers in countries such as China, India, and Japan.

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► Middle East and Africa: Trends and Updation

• Mergers and Acquisitions

While specific mergers and acquisitions in the Middle East and Africa are limited, the region is witnessing a gradual adoption of e-cigarettes, influenced by global trends and increasing awareness of smoking alternatives.

• Key Developments

The Middle East and Africa region is experiencing a shift towards e-cigarettes, driven by changing consumer preferences and regulatory updates. However, challenges such as limited product availability and regulatory uncertainties continue to impact market growth.

► Europe: Consolidation and Regulatory Trends

• Mergers and Acquisitions

In June 2023, Imperial Brands plc announced the acquisition of nicotine pouches from TJP Labs, aiming to enter the U.S. oral nicotine market. This strategic move reflects the company's efforts to diversify its product offerings and adapt to changing consumer preferences.

• Key Developments

A coalition of 15 EU member states, including Germany, France, Spain, and the Czech Republic, has urged the European Commission to expedite a stalled initiative to revise the tobacco taxation directive. The proposed changes aim to raise minimum excise duties on cigarettes and cigars and introduce new taxes on vaping products, nicotine pouches, and heated tobacco to better align tax policies across the EU and combat tobacco-related fraud.

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► Market Segmentation: In-Depth Analysis:

• by Product

Rechargeable
Modular

The market is divided into two segments: modular and rechargeable e-cigarettes. During the projected period, the market is anticipated to be dominated by e-cigarette products that are rechargeable. Regular smokers used to favor this product as well because it was less expensive to buy from the market and easier to utilize over time. It is anticipated that rechargeable e-cigarettes will be shaped like a vape pen or pod. Rechargeable e-cigarettes have a number of advantages, including being easy to refill and use, having less nicotine than other products, and being simple for habitual smokers to stop.

• by Distribution

Online
Offline

Online and offline e-cigarettes make up the two market segments. Over the course of the forecast period, the online e-cigarette segment is anticipated to dominate the market. The online component of the market has emerged due to a number of fundamental causes, including the anticipated future growth of the e-cigarette market and the growing popularity of e-commerce websites. The main factor driving the online market is that online channel partners offer a wider range of options and greater savings for e-cigarette purchases. Over the course of the forecast period, the online e-cigarette market is anticipated to expand at a compound annual growth rate (CAGR) of 6.5%. It is anticipated that the online markets will be provided in accordance with the terms of competence.

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► Learn about the top players driving innovation in the Market :

1. British American Tobacco plc.
2. Japan Tobacco Inc.
3.Generation v.
4. FIN Branding Group, LLC
5. Imperial Brands Plc.
6. Eleaf group.
7. Mojo Tech.
8. Philip Morris. International Inc.
9. Nic Quid.
10. JUUL Labs, Inc.
11. R.J. Reynolds vapor company.
12. British American tobacco
13. J Well France.
14. Shenzhen KangerTech technology co. ltd.
15. Ritchy group ltd.

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