The e-cigarette market revenue stood at $15.7 billion in 2019, and it is projected to escalate at a CAGR of 9.2% during 2020–2030. This growth will be led by the easy availability and social acceptance of such vaping devices. Moreover, the projection of e-cigarettes as a safer alternative to conventional products will also facilitate the market growth.
The onset of COVID-19 has severely impacted the e-cigarette industry. The worldwide restrictions on trade have obstructed the supply of vaping products from China to the world. This has resulted in the shortage of e-cigarettes and numerous incidents of black marketing for these products in European and North American countries.
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The vaporizer category, under the product segment, accounted for the highest revenue in 2019. The wide usage of vaporizers can be owed to their dense aerosol production, low cost, and flexibility of the flavors that can be used with this product. A vaporizer named Juul has become quite popular, especially in the U.S.
Within the gender segment, the male category held the larger share in 2019 due to the soaring popularity of such vaping products among young male customers. With a large number of male customers switching to e-cigarettes as a smoking cessation substitute, this category is expected to continue its e-cigarette market dominance in the future.
The 16–24 category of the age group segment generated the highest revenue in 2019. Vaping products, such as the JUUL device, have become an instant hit among the youth aged 16–24 years. Specifically, the soaring popularity of e-cigarettes with modular designs among this age group has become a key growth driver. Additionally, social media campaigns, such as #JUULing, have played a notable role in attracting young students.
The online category of the distribution channel segment is expected to witness the fastest growth in the market for e-cigarettes during 2020–2030. The introduction of dedicated online portals for such products and the selling of vaping products on the existing online platforms have been a result of the growth of the e-commerce sector across the globe. Vaping product manufacturers are setting up new online business platforms, as they have few barriers associated with them and they are perceived to be the best platform to meet the user demand.
Europe is the leading user of e-cigarettes in the world, wherein France, Russia, and the U.K. are the major revenue generators in the regional e-cigarette market. The usage of e-cigarettes is accelerating among people who are former and current cigarette smokers and those who plan to quit tobacco smoking.
The North American region is observing rapid industry growth due to the existence of an umpteen number of e-cigarette users. The surging adoption of such vaping products among the youth of the U.S. is a major driver for the regional market. For instance, in 2019, North America had nearly 14 million e-cigarette users. Further, the dipping popularity of tobacco smoking will capture more customers for the players in the market for e-cigarettes in the region.
Flavor and fragrance vendors are introducing several new flavors to lure in more customers and manufacturers of vaping products. Different flavors, such as bubble gum, cola, methanol, chocolate, mint, and fusions of fruits and other flavoring items, are attracting a considerable number of people to adopt e-cigarettes. Users in North America and Europe, primarily in Canada, the U.S., and the U.K., are prominently displaying the shift toward flavored e-cigarettes. Therefore, with the soaring popularity of flavors in the e-cigarette market, a large number of flavors are being launched by these vendors.
Manufacturers of vaping devices are promoting and selling their products through kiosks and dedicated in-store hubs at larger retail outlets and grocery shops. E-cigarette providers are also setting up their stores and outlets to offer a vaping experience similar to that offered at a club. Traditional smokers are more inclined toward these stores, as they can get a variety of flavors and better vaping devices at these places. Such designated stores and outlets are expanding the consumer base for the individual providers of vaping products, thereby fueling the growth of the market.
The soaring awareness regarding environmental and human health is one of the key factors fueling the e-cigarette market advance. The growing consciousness has inspired governments to work toward creating a greener and more-sustainable environment and take several steps to put a complete ban on smoking at specific places. This is compelling smokers to move outside the restricted spaces, which has resulted in a high demand for vaping products that do not emit tobacco smoke and can offer the same sensation as conventional cigarettes.
| Report Attribute | Details |
|---|---|
| Historical Years | 2014-2019 |
| Forecast Years | 2020-2030 |
| Base Year (2019) Market Size | $15.7 Billion |
| Forecast Period (2020-2030) CAGR | 9.2% |
| Report Coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, COVID-19 Impact, Company Share Analysis, Companies’ Strategic Developments, Product Benchmarking, Company Profiling |
| Market Size by Segments | By Product, By Gender, By Age Group, By Distribution Channel, By Geography |
| Market Size of Geographies | U.S., Canada, Germany, France, Italy, U.K., Netherlands, Japan, China, Australia, South Korea, South Africa, Kenya |
| Secondary Sources and References (Partial List) | Action on Smoking and Health (ASH), American E-Liquid Manufacturing Association (AEMSA), American Lung Association, American Vaping Association (AVA), Association of Independent Tobacco Specialists (AITS), European Smoking Tobacco Association (ESTA), Food and Drug Administration (FDA), New York State Vapor Association, Smoke-Free Alternatives Trade Association (SFATA), Tobacco Manufacturers' Association (TMA), Tobacco Retailers Alliance, Tobacco Vapor Electronic Cigarette Association |
Product launches have been a key area of focus for e-cigarette manufacturers to attract more customers. For instance:
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The e-cigarette market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
Based on Product
Based on Gender
Based on Age Group
Based on Distribution channel
Geographical Analysis
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