Dublin, Oct. 16, 2024 (GLOBE NEWSWIRE) -- The "E-Cigarette Market - Global Outlook & Forecast 2024-2029" report has been added to ResearchAndMarkets.com's offering.
The E-Cigarette Market was valued at USD 18.98 Billion in 2023, and is expected to reach USD 23.15 Billion by 2029, rising at a CAGR of 3.37%
The global e-cigarette market is highly competitive and characterized by key players with substantial influence over the industry. The global e-cigarette market is dominated by several large, multinational companies, including Altria Group, British American Tobacco (BAT), Imperial Brands, and Japan Tobacco International (JTI). These companies, with their extensive resources, broad product portfolios, and strategic market approaches, play a pivotal role in shaping the dynamics of the global e-cigarette market.
These key vendors have adopted strategies to capture industry share, from acquisitions and partnerships to innovation and regulatory navigation. Furthermore, the involvement of major tobacco companies heavily influences the e-cigarette industry. Recognizing the declining sales of traditional cigarettes due to increasing health awareness and regulatory pressures, these companies have aggressively entered the e-cigarette industry. Prominent players such as British American Tobacco (BAT), Philip Morris International (PMI), Altria Group, and Japan Tobacco International (JTI) have made significant investments in e-cigarette technology and brands.
Europe dominated the global e-cigarette market, accounting for a share of over 51% in 2023. The European market is highly fragmented, with strong demand in countries like the U.K., France, and Germany. Increasing adoption of e-cigarette products as a smoking cessation tool is one of the major trends in the European industry. Many smokers view e-cigarettes as a less harmful alternative to combustible cigarettes, which has significantly contributed to their rising popularity. Introducing new technologies and designs, including compact and user-friendly devices, has broadened their appeal. Additionally, the demand for various nicotine strengths and flavored e-liquids drives regional market growth.
North America, particularly the U.S., is one of the largest and most mature e-cigarette industries. The region has seen significant adoption of e-cigarettes due to a combination of high smoking rates, increased health awareness, and strong consumer interest in smoking alternatives. Furthermore, factors such as rising consumer awareness, increasing disposable incomes, and changing smoking habits are driving the e-cigarette industry in the APAC region. The APAC market is one of the most dynamic and rapidly evolving regions globally. Driven by changing consumer preferences, increasing awareness of the harmful effects of traditional smoking, and supportive regulations in some markets, the region is experiencing significant growth in the e-cigarette sector.
The European e-cigarette industry is expected to experience significant growth and higher adoption. The U.K. market is driven by public health policies that support e-cigarettes as a smoking cessation tool. France and Germany also have substantial e-cigarette markets, characterized by a wide range of products and flavors.
MARKET TRENDS & OPPORTUNITIES
Growing Awareness of Smoking Risks
As awareness of the health hazards of traditional cigarettes has grown, so too has interest in alternative nicotine delivery systems, particularly e-cigarettes. E-cigarettes, or electronic nicotine delivery systems (ENDS), were introduced in the early 2000s as a safer alternative to smoking. These devices deliver nicotine through an aerosol (commonly referred to as vapor) that the user inhales without the harmful combustion of tobacco that occurs in traditional cigarettes. Also, e-cigarettes quickly gained popularity among smokers looking to reduce their health risks or quit smoking altogether.
Marketing & Advertising of E-cigarettes
The global e-cigarette market has experienced rapid growth, largely driven by sophisticated marketing and advertising strategies. E-cigarette companies have employed various techniques to promote their products, targeting specific demographics, emphasizing perceived benefits, and creating a distinct brand identity that appeals to current and new smokers.
Also, e-cigarette companies have leveraged data-driven marketing techniques to tailor their advertising efforts to these groups, using digital platforms to reach potential customers where they are most active. This is considered one of the most effective aspects of e-cigarette marketing, with its ability to target specific demographics, particularly young adults and smokers looking to quit traditional cigarettes.
E-cigarette brands have notably targeted younger audiences through vibrant, modern, and trendy advertising campaigns. These campaigns often feature youthful imagery, social media influencers, and lifestyle associations that resonate with younger consumers. For instance, JUUL Labs, one of the leading e-cigarette companies, gained significant traction among young adults by employing sleek, minimalist designs and positioning its products as a cool, tech-savvy alternative to smoking. This approach not only attracted existing smokers but also appealed to non-smokers, contributing to the rapid uptake of e-cigarettes among youth.
INDUSTRY RESTRAINTS
Stringent Regulation Regarding Disposable E-cigarettes
The global e-cigarette market has been expanding rapidly over the past decade, driven by consumer demand for alternatives to traditional tobacco products. Among the different types of e-cigarettes, disposable e-cigarettes have gained popularity due to their convenience, ease of use, and accessibility. However, the rise of disposable e-cigarettes has also sparked significant global regulatory concerns.
Governments and public health authorities have become increasingly concerned about the environmental impact, youth access, and public health implications associated with disposable e-cigarettes. As a result, stringent regulations regarding the production, distribution, and sale of these products have been introduced in various regions. These regulations pose a considerable challenge for the e-cigarette industry, impacting market growth, product innovation, and consumer access.
SEGMENTATION HIGHLIGHTS
INSIGHTS BY PRODUCT
The global e-cigarette market by product is segmented into rechargeable and disposable. In 2023, the rechargeable e-cigarette dominated the market share. This segment is particularly dominant in markets like Asia-Pacific, where consumers value long-term savings and the ability to personalize their vaping experience. Major players in this segment include brands like JUUL, SMOK, and Vaporesso, which offer a variety of devices catering to different user preferences.
INSIGHTS BY FLAVOR
The global e-cigarette market by flavor is segmented into non-tobacco and tobacco. In 2023, non-tobacco-flavored e-cigarettes held the majority of the segmental share. The non-tobacco flavored segment of the e-cigarette industry has seen explosive growth, driven by the diversity of flavors and their appeal to a wide range of consumers.
INSIGHTS BY DISTRIBUTION CHANNEL
Despite the rise of e-commerce, offline distribution channels remain a vital component of the global e-cigarette market. Traditional retail outlets, including convenience stores, vape shops, supermarkets, and specialty tobacco stores, continue to be the go-to places for consumers to purchase e-cigarettes and related products.
VENDOR INSIGHTS
- In June 2024, NJOY LLC announced that the US Food and Drug Administration (FDA) authorized the marketing of four e-cigarette products in the United States through the premarket tobacco product application (PMTA) pathway.
- In July 2024, FDA's Marketing Granted Orders confirmed that Vuse Alto Device and Golden Tobacco and Rich Tobacco flavor pods at 1.8%, 2.4%, and 5% nicotine levels are appropriate for protecting public health.
- Japan Tobacco International focuses on investing in reduced-risk products to expand offerings beyond traditional tobacco products.
KEY QUESTIONS ANSWERED:
- How big is the global e-cigarette market?
- What is the growth rate of the global e-cigarette market?
- Which region dominates the global e-cigarette market share?
- What are the significant trends in the e-cigarette industry?
- Who are the key players in the global e-cigarette market?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 359 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $18.98 Billion |
| Forecasted Market Value (USD) by 2029 | $23.15 Billion |
| Compound Annual Growth Rate | 3.3% |
| Regions Covered | Global |
E-Cigarette Market Opportunities & Trends
- Increased Awareness of Smoking Risks
- Rising Prevalence Among Young Generation
- Availability of Different Flavors of E-Cigarettes
E-Cigarette Market Growth Enablers
- Perception of a Safer Alternative
- Marketing & Advertising of E-Cigarettes
- High Adoption of Rechargeable E-Cigarettes
E-Cigarette Market Restraints
- High Dependency on China for Manufacturing
- High Cost of E-Cigarettes
- Increased Health Risks due to Smoking
- Stringent Regulations Regarding Disposable E-Cigarettes
E-Cigarette Market Five Forces Analysis
- Threat of New Entrants
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of Substitutes
- Competitive Rivalry
E-Cigarette Market Premium Insights
- Opportunity Pockets
- Market Maturity Indicator
- Regional Insights
- Market Definition
- Report Overview
- Opportunity and Challenge Analysis
- Segment Analysis
- Regional Analysis
- Competitive Landscape
E-Cigarette Industry Overview
- Health Effects of Vaping
- Regulations on E-Cigarette
- Value Chain Analysis
- Raw Material Sourcing
- Design, Development, and Manufacturing
- Distribution
- End-users
E-Cigarette Key Company Profiles
- Altria Group
- British American Tobacco (BAT)
- Imperial Brands
- Japan Tobacco International
Other Prominent Vendors
- EDGE
- FEELM
- Halo
- JWell
- Pro Vape
- EPUFFER
- Shenzhen IVPS Technology
- Shenzhen Kanger Technology
- Vaporesso
- Joyetech
- Geekvape
- VOOPOO
- Aspire (Shenzhen Eigate Technology)
- Eleaf
- Super E-Cig
- Innokin Technology
- Dinner Lady
- Aromes et Liquides
- SKE Crystal Bar
- Lost Mary
- Darwin CBD
For more information about this report visit https://www.researchandmarkets.com/r/2a8ulk
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