Europe Leads the E-Cigarette Market

The total size of the e-cigarette market was USD 17,901.1 million in 2022, and it will reach USD 38,631.1 million by 2030, advancing at a rate of 10.1% in the years to come, as per P&S Intelligence. The decrease in conventional cigarette smoking is a major driver, with consumers shifting toward safer alternatives, including electronic cigarettes.

The growing consciousness about the harmful effects of smoking conventional cigarettes is increasing across the world. This has given rise to the development of alternatives, helping consumers to give away traditional cigarettes. 

In addition, cancer triggered by smoking is one of the main concerns all over the world. E-cigarettes eliminate the risk of cancer and avert the intake of over 4,000 chemicals, such as tobacco and numerous other carcinogens and toxins, present in tobacco smoke and cause cancer and lung ailments. Moreover, they produce fewer toxic substances and pose less risk to smokers with asthmatic problems.

The vaporizer category dominated the industry, with around 50% share, in 2022, and it will maintain its dominance in the future as well. The increasing acceptance of vaporizers is because of their reasonable cost, production of dense aerosol, and flexibility with a variety of flavors. Whereas, T-vapors are primarily famous in South Korea and Japan, where individuals prefer tobacco flavor, because of their close similarity to conventional smoking.

Males led the e-cigarette market, with above 80% share, in 2022. With more males switching toward e-cigarettes as a smoking-cessation substitute, males will continue ruling the industry in the years to come.

The online distribution channel will record the highest rate, around 13%, in the coming years. People are more tempted for buying vape products and e-cigarettes online because of the features of convenience, cost analysis, and access to a greater selection of goods.

The 16–24 age category held the highest revenue, of around USD 5 billion, in 2022, and will retain its position in the years to come. E-cigarette, including the JUUL device, is popular among the youth and have become an immediate hit in the 16–24 age group.

Furthermore, they do not stink strongly as conventional cigarettes, making it simpler for people to use them. Even non-smoking teens who would not try cigarettes might be tempted by JUUL and other renowned vape brands' tempting flavors and packaging. A trending idea is that vaping is less injurious and is simple for youth for purchasing vaping equipment through online mode.

Europe accounted for the largest share of the industry, owing to the occurrence of a large consumer count. Furthermore, with a drop in the habit of conventional smoking, the consumer base will shift toward electronic variants in the years to come.

With the fall in the rate of conventional cigarette smoking, the demand for e-cigarettes will increase all over the world.

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E-Cigarette Market to register 21.6% CAGR during 2019–2024

Other than the introduction of new flavors, a number of e-cigarette companies are making use of online channels and are offering promotions and discounts on the purchase of e-cigarettes. For example, in April 2019, Philip Morris International Inc., announced regarding the provision of insurance premiums to tobacco users who are switching toward vaping products. The aim of the plan was to offer 2.5% discount on premium plans to the buyers. 

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When geographic scenario is taken into consideration, Europe, primarily countries such as the U.K., Russia, and France,created the largest demand for e-cigarettes in the past. However, since the researchers are not sure regarding the actual effects of e-cigarettes, several countries are imposing laws regarding the utilization of e-cigarettes. 

The situation is still uncertain in some countries, however, nations such as Mexico, Singapore, Brazil, Saudi Arabia, and Thailand have imposed a complete ban on e-cigarettes, which has certainly reduced the potential growth of the domain. 

  

In conclusion, the demand for e-cigarettes may reduce in the coming years, however, people are adopting these devices to quit the habit of smoking traditional cigarettes

According to a P&S Intelligence report, the global e-cigarette market attained a value of $11.5 billion in 2018 and is predicted to generate a revenue of $41.7 billion by 2024, advancing at a 21.6% CAGR during the forecast period (2019–2024).

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Global E-Cigarette Market is Expected to Grow at a CAGR of Over 21.6% During the Forecast Period

One of the drivers of the e-cigarette market is the prospects of ashless and smokeless vaping. Burning of tobacco produces smoke, which is not only harmful to humans but also the environment at large. 

E-cigarettes generate mist, which, in a matter of seconds, dissolves in the air, unlike the smoke that remains suspended. Additionally, as these cigarettes do not produce ash and aren’t burnt, the need for constant ash-flicking and disposing cigarette butts is eliminated. Due to their smokeless feature, they can be used in places where smoking is not allowed.

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Manufacturers operating in the e-cigarette market are presented with immense growth opportunities in regions, such as Africa, Latin America, and Asia-Pacific. Tobacco companies operating in these regions are taking help of different channels, such as retail partners, e-commerce, and grocery stores to expand their market presence and customer base.

Besides this, these companies are also engaging local and national-level distributors to supply products to different distributing channels. Owing to the growing popularity of these products, tobacco companies are heavily investing in the product research & development.

Therefore, the global market for e-cigarette is set to register substantial growth in the forecast period due to the rising health concerns and popularity of smokeless and ashless vaping.

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E-Cigarette Market is Anticipated to Attain a Size of $41.7 Billion by 2024, Progressing at a CAGR of 21.6%

E-cigarettes, short for electronic cigarettes, are providing smokers a safer alternative to tobacco-based products. Because the health hazards of such devices are relatively low compared to traditional ones, the global e-cigarette market is expected to grow by leaps and bounds in the coming years.

It is being estimated that the market size in 2023 will be more than thrice of what it was in 2017. Cig-a-likes, vaporizers, and vape mods are the various types of products on offer that are primarily sold through vape shops, supermarkets, online platforms, and tobacconists.

Rising awareness about the dangers of traditional smoking is the primary factor driving the growth of e-cigarette market . Electronic cigarettes are claimed to eliminate the risk of cancer, thus resulting in an increased demand among consumers.

Another factor responsible for drawing the attention of customers to e-cigarettes is the reduced production of ash, vapor, and buds. The mist created by these disappears instantly, reducing associated side-effects, while no need is felt to dump the buds and sprinkle the ash. Since traditional cigarettes are banned in public places in many countries because of the ash and smoke they produce, the electronic alternatives are being accepted with open arms.

Talking of the 2013–2017 e-cigarette market scenario, North America led the global market in terms of revenue generation, while Asia-Pacific (APAC) witnessed the fastest growth. The CAGR of the APAC region during 2018–2023 is again expected to be the highest.

Additionally, with market players increasingly focusing on bringing new and improved products and merging with or acquiring similar or related firms, the market is expected to develop further. For instance, Japan Tobacco Inc. entered the Ethiopian market in 2017 after acquiring a stake in National Tobacco Enterprise (Ethiopia) S.C., while British American Tobacco plc launched a tobacco-heating product, glo, which, despite tasting similar to tobacco, produces a lot less toxicants, vapor and smell.

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Hence, with rising awareness about the health risks of smoking, more people wanting to quit, increasing government restrictions on traditional forms of smoking, advancements in technology, and social acceptability of electronic alternatives, e-cigarettes are expected to witness a high demand, especially in developing countries.

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