E-Cigarette Market Is Expected To Reach 37.15 Billion By 2027 And Grow At A CAGR of 8.64 Percent Over The Forecast Period.
According to the report by Stellar Market Research, E-Cigarette Market is estimated to grow at a CAGR of 8.64 percent over the forecast period 2022 to 2027, reaching nearly USD 37.15 Billion by 2027. E-Cigarette Market size was valued at USD 22.60 Billion in 2021.
E-Cigarette Market Overview:
Since 2017, the e-cigarette market has grown significantly, with devices becoming more efficient in terms of battery life and the amount of flavours available. Furthermore, diverse tastes such as menthol, tobacco, fruits and nuts, and chocolate are available on the market, which attracts a large number of clients. When used in an e-cigarette or a vape device, these flavours emanate fragrances. Furthermore, the decreasing cost-effectiveness of these devices has increased consumer acceptance and is likely to fuel market expansion during the forecast period.
Due to different research conducted by medical institutions and associations, it is expected that increased knowledge regarding e-cigarettes being safer than traditional cigarettes, particularly among the younger generation, will further fuel market expansion. The providers’ plethora of customization capabilities, including as temperature control and nicotine dosages, are expected to boost product demand. Furthermore, new e-cigarette technologies like as pod systems and squonk mods have gained appeal and consumer acceptance in recent years.
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E-Cigarette Market Scope and Dynamics:
Due to increased demand in places such as North America and Europe, the e-cigarette business has seen a significant increase in atomizers and e-liquids. Countries such as the United Kingdom have authorised the use of e-cigarettes, which has considerably boosted industry growth. Furthermore, vape shops have been developed where clients may taste the devices and e-liquid varieties before purchasing. Tank e-cigarettes have remained the most common device type in England; however, pod e-cigarettes have become the most popular due to an increase in JUUL (Juul Labs, Inc. is an American electronic cigarette manufacturer) use.
Market participants in the e-cigarette sector include well-known companies with a sizable market share. Companies have mostly invested in e-cigarettes, which are considered to be a viable alternative to tobacco smoking. However, the business is populated by a number of minor firms who provide effective vaping devices and e-liquids, therefore gaining a big consumer base. Small businesses typically outsource e-cigarette manufacturing to Asian nations such as China in order to compete on pricing.
However, limitations imposed by local governments in countries such as the United States and India on the sale of vaping goods and e-liquids have stifled business growth. Furthermore, strict trading rules have made it impossible for retail consumers to import personal vaping equipment. However, existing cigarette laws are expected to recognise e-cigarettes as a healthy alternative to tobacco consumption, consequently regulating the technology for safe distribution and usage. Furthermore, the vaping business has created several groups to combat anti-vaping regulations and to regularise the sector for monitoring, thereby driving the expansion of the e-cigarette and vaping markets.
The Impact of COVID-19 on the E-Cigarette Market:
To improve product sales in the midst of the COVID-19 pandemic, e-cigarette producers have implemented many COVID-19-based marketing methods. Over the forecast period, the increased emphasis on adopting safer alternatives to smoking is expected to promote the use of e-cigarettes. As e-cigarette supplies grew scarce in physical locations, sellers began selling their products through online platforms and gave out hand sanitizers and face masks in exchange for purchasing e-cigarettes.
E-Cigarette Market Insights:
In 2021, North America led the global market with a share of more than 40%. Major industry players’ social media presence is widely used to sell e-cigarettes and vaping products. The youthful generation has generally accepted vaping devices as a safer alternative to cigarettes, which should increase product acceptance. However, the current prohibition in the United States on various e-cigarette tastes, notably fruit and mint scents, to curb underage vaping is projected to hinder market development in the area to some extent.
The majority of e-cigarettes are imported from nations such as China. Buyers prefer to buy e-cigarettes in bulk through online platforms, which is likely to fuel Asia Pacific regional market growth. The European regional market is predicted to increase considerably during the forecast period. E-cigarettes and vaping from vendors such as British American Tobacco Plc’s Vype and Imperial Brands Plc’s Blu have been approved by the region’s health regulators as a healthier alternative to tobacco smoking, which is likely to boost market expansion in Europe.
E-Cigarette Market Segmentation:
Product
- Rechargeable
- Modular
Distribution Channel
- Offline
- Online
Key Players in E-Cigarette Market:
-
- Altria Group
- International Vapor Group
- Nicotek Llc
- Reynolds American Inc.
- Vmr Flavours Llc
- British American Tobacco PLC
- Philip Morris International Inc.
- Imperial Brands PLC
- JWEI Group
- J Well France
- Japan Tobacco Inc.
- Ritchy Group Ltd
- Juul Labs Inc.
- Innokin Technology
- NJOY Inc.
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About Stellar Market Research:
Stellar Market Research, founded in 2018, is an India-based consultancy and advising firm focused on aiding customers in reaching their company transformation goals through advisory services and strategic business. The company’s goal as a strategic knowledge partner is to become an important component of the client’s business. Stellar Market Research provides comprehensive solutions that go beyond core research technology to help leaders in any organization achieve mission-critical goals. The company produces recommendations that will allow the organization to develop in the future. So far, the firm has worked with over 335 companies across 25 industries, providing dependable data with a 94 percent accuracy rate. The organization has domain-specific research specialists and 119 research analysts in several sectors who evaluate the industry on a regular basis, assisting the company in gaining a competitive advantage through high-quality market intelligence.
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