E-Cigarette Market Report 2023-2028: Industry Growth Rate, Share By Brands, Size, and Forecast

PRESS RELEASE

Published March 21, 2023

According to the latest report by IMARC Group, titled “E-Cigarette Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global e-cigarette market size reached US$ 21.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 31.9 Billion by 2028, exhibiting a growth rate (CAGR) of 4.4% during 2023-2028. E-cigarettes represent battery-powered devices that are deemed less toxic than traditional cigarettes. Also referred to as e-vaping gadgets, e-cigs, vape pens, and electronic cigarettes, these machines consist of three main components, such as, a battery, a heating coil, and an e-liquid cartridge. These components assist in delivering dosages of vaporized nicotine or flavored solutions to the users. E-cigarettes are gaining immense popularity, especially among young adults and adolescents, owing to the rising awareness toward the harmful effects of traditional tobacco-based cigarettes. As a result, they are widely available across the globe in multiple variants that differ on the basis of shapes and sizes.

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Industry Demand:

The willingness of consumers to quit smoking tobacco products and their perception of e-vaping gadgets as a safer alternative to traditional cigarettes have led to the increased demand for these devices, which is among the primary factors driving the e-cigarette market. Besides this, the introduction of new-generation vape pens by the leading manufacturers, which offer various strengths of nicotine and allow the users to refill the cartridge, is further augmenting the market growth. Moreover, the growing popularity of tobacco heating systems that produce nicotine-containing emissions without burning the tobacco is also catalyzing the global market. Apart from this, the rising number of smokers across countries, the shifting lifestyle preferences, and the inflating disposable income levels of the masses are acting as significant growth-inducing factors. Furthermore, the emerging trend of urbanization, the widespread availability of several flavors and fragrances, such as tobacco, fruits, and botanicals, and the elevating utilization of innovative and premium packaging solutions are expected to bolster the e-cigarette market in the coming years.

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Key Market Segmentation:

Competitive Landscape with Key Players:

Philip Morris International Inc.
Altria Group
British American Tobacco p.l.c.
Japan Tobacco Inc.
Imperial Brands PLC
International Vapor Group
Nicotek, LLC
NJOY, LLC
Reynolds American Inc
VMR Products LLC
MCIG Inc.
ITC Limited
J Well France

Also Read Full Blog, Top E-Cigarette Companies in Worldwide

Breakup by Product:

Modular E-Cigarette
Rechargeable E-Cigarette
Next-Generation E-Cigarette
Disposable E-Cigarette

Breakup by Flavor:

Tobacco
Botanical
Fruit
Sweet
Beverage
Others

Breakup by Mode of Operation:

Automatic E-Cigarette
Manual E-Cigarette

Breakup by Distribution Channel:

Specialist E-Cig Shops
Online
Supermarkets and Hypermarkets
Tobacconist
Others

Breakup by Region:

North America (United States, Canada)
Europe (Germany, France, United Kingdom, Italy, Spain, Others)
Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key Highlights of the Report:

Market Performance
Market Outlook
Porter’s Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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