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The global e-cigarette market size was $15.7 billion in 2019, and it is projected to advance at a CAGR of 9.2% during the forecast period (2020–2030). The growing social acceptance of e-cigarettes, their easy availability, and projection of e-cigarettes as a safer alternative to traditional smoking are some of the major factors driving the e-cigarette industry.
The COVID-19 pandemic across the world has impacted the e-cigarette market badly. Due to the worldwide restrictions on trade, the supply of e-cigarettes from China to the world has been severely impacted. This has led to a shortage of e-cigarettes in the market, and there have also been rising incidents of e-cigarette black marketing in North American and European countries.
Growing Demand for Vaporizers among the Populace
In the e-cigarette market, on the basis of product, the vaporizer category generated the highest revenue in 2019. The rising popularity of vaporizers is attributed to varied factors, such as their moderate cost, dense aerosol production, and flexibility of flavors that can be used with this device. Juul, a vaporizer, has gained significant popularity among the populace, primarily in the U.S.
Male Consumers Dominate E-Cigarette Market
In the e-cigarette market, within the gender segment, male consumers held the dominant share in 2019. E-cigarettes have gained significant popularity among young male consumers. With more male consumers switching to e-cigarettes, as a smoking cessation alternative, this category is projected to continue to dominate the market during the forecast period.
16–24 Age Group Is Major Buyer of E-Cigarettes
The 16–24 years category, within the age group segment, was the major revenue generator in the e-cigarette market in 2019. E-cigarettes, such as the JUUL device, appeal to the youth in the age group of 16–24, becoming an instant hit among them. The growing popularity of e-cigarettes with modular designs among the young population has been observed as a key driver for the market for e-cigarette. Furthermore, social media campaigns, such as #JUULing, became an instant hit among students, which further drives the sale of e-cigarettes.
Online Sales Channel To Drive E-Cigarette Market
The online category, within the distribution channel segment, is projected to be the fastest-growing distribution channel for e-cigarettes during the forecast period. With the emergence of e-commerce, e-cigarette manufacturers are either selling their products on online shopping websites or introducing their own online portals to sell them. There are relatively fewer barriers in setting up a new online business, and it is also perceived to be the best place to meet the consumer demand.
Europe Is Major Market for E-Cigarettes across the World
Europe is one of the most prominent e-cigarette markets in the world. In the regional market, the U.K., France, and Russia are the major revenue-generating countries. The e-cigarette usage is increasing in the region, with the majority of e-cigarette users being current and former cigarette smokers and those who have adopted e-cigarettes in order to quit smoking tobacco.
North America To Accelerate Market Growth owing to Rapid Product Adoption by Young Populace
The North American market has undergone rapid growth due the presence of a large number of consumers. The increasing adoption of e-cigarettes among the younger generation in the U.S. is a major driver for the rapid growth of the e-cigarette industry. For instance, there were around 14 million e-cigarette smokers in 2019 in the region. Moreover, with a fall in the popularity of traditional smoking in the region, the e-cigarette consumer base is expected to grow during the forecast period.
Wider Portfolio of Flavors Is Key Market Trend
With the growing popularity of e-cigarettes, flavor and fragrance vendors are introducing a large variety of e-cigarette flavors to attract e-cigarette manufacturers and customers. Different flavors, such as menthol, mint, chocolate, cola, bubble gum, and fusions of fruits and other flavoring substances are luring a large number of consumers to adopt e-cigarettes. Users in North America and Europe, predominantly the U.S., Canada, and the U.K, are recording a shifting inclination toward flavored e-cigarettes. Hence, with the increasing demand for flavored e-cigarettes from different regions of the world, more and more flavors are being introduced in the e-cigarette market.
Easy Availability of E-Cigarettes through Various Distribution Channels Is Driving Market
E-cigarette manufacturers are focusing on promoting and selling their products exclusively through kiosks and designated in-store hubs at major retail outlets and grocery stores. Many e-cigarette providers have also set up their own outlets and stores to provide a vaping experience similar to a club. Smokers are more attracted to these stores, as they come across a variety of flavors and new e-cigarette devices here. Such outlets and designated stores are creating a demand for various vaping products offered by individual providers, thereby acting as a driving force for the growth of the global e-cigarette market.
|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|
Social Acceptance of E-Cigarettes Leading to Increasing Sales
With the growing consciousness toward human and environmental health, governments across the world are working toward creating a more-sustainable and greener environment and have taken steps to completely ban smoking at certain places. Smoking has been banned in some public places, compelling smokers to move out of the premises, in order to smoke. This has led to a rise in the demand for e-cigarettes, which do not produce tobacco smoke and can provide the same sensation as normal cigarettes, thereby driving the market.
Product Launches: Key Tool Adopted by E-Cigarette Manufacturers to Drive Success
Product launches have been a key area of focus for e-cigarette manufacturers to attract more customers. For instance:
Some of the Players Listed in the E-Cigarette Market Report Are:
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