Portland, OR, March 28, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global electronic cigarette market generated $17.3 billion in 2020, and is projected to reach $94.3 billion by 2030, witnessing a CAGR of 16.8% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
The increased knowledge of e-cigarettes being safer than traditional cigarettes, particularly among the younger population, drives the growth of the global electronic cigarette market. However, side effects of e-cigarettes restrain the growth to some extent. On the other hand, players' continual improvement in new product development present new opportunities in the upcoming years.
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COVID-19 scenario:
- The COVID-19 pandemic disrupted the sales of electronic cigarettes through general stores, which resulted in shift of consumers toward online sales channels to purchase consumer electronic products, thus driving the growth of online sales in e-cig products.
- However, with ease in lockdown restrictions and improved logistics, the consumer goods industry is expected to grow.
The report offers detailed segmentation of the global electronic cigarette market based on product, flavor, distribution, and region.
Based on product, the modular segment held the highest market share in 2020, holding more than half of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the same segment is estimated to register the highest CAGR of 17.5% from 2021 to 2030.
Based on flavor, the tobacco segment held the largest market share in 2020, holding more than one-fourth of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the same segment is projected to register the highest CAGR of 18.2% from 2021 to 2030.
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Based on region, Europe contributed to the highest share in terms of revenue in 2020, holding nearly one-third of the global aircraft tires market, and is estimated to continue its dominant share by 2030. Moreover, Asia-Pacific region is projected to manifest the fastest CAGR of 18.1% during the forecast period.
Leading players of the global electronic cigarette market analyzed in the research include Altria Group, British American Tobacco, Imperial Brands, International Vapor Group, Japan Tobacco, NicotekLlc, Njoy Inc., Philip Morris International Inc., Reynolds American Inc., and VMR Flavors LLC.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
