E-Cigarette Market Research Report: By Product (Cig-a-Like, Vaporizer, Vape Mod, T-Vapor), Gender (Male, Female), Age Group (16–24, 25–34, 35–44, 45–54, 55–65, 65+), Distribution channel (Vape Shop, Online, Hypermarket/Supermarket, Tobacconist) - Global Industry Analysis and Growth Forecast to 2030

Market Overview

The global e-cigarette market generated $15.7 billion in 2019, and it is predicted to progress at a 9.2% CAGR between 2020 and 2030 (forecast period). The market is being propelled by the social acceptance and easy availability of electronic cigarettes. Additionally, the projection of these vaping devices as safer alternatives to traditional products is expected to fuel the expansion of the market.

The COVID-19 pandemic has hampered the progress of the market. The announcement of lockdowns severely disrupted trade and supply chains, which, in turn, affected the production of e-cigarettes. This subsequently reduced the availability of these devices, with the lower demand for them due to people’s weak financial health dealing another severe blow to market players.

Demand for Vaporizers Soaring Globally

The vaporizer category, within the product segment, contributed the highest revenue to the market in the historical period (2014–2019). This is ascribed to the low cost and ability of these variants to produce a dense aerosol. Additionally, the availability of various flavors of the ‘e-juice’ contributed has toward their high worldwide popularity. A vaporizer called Juul has become rather popular in the U.S. in recent times.

The male bifurcation, under the gender segment, dominated the global market in 2019 owing to the high popularity of the vape culture among young males. Moreover, a large number of men are switching to these products as a smoking cessation substitute.

The 16–24 age group category held the largest share in the market in 2019. Vaping devices, especially those with modular designs, have become extremely popular among individuals aged 16–24. In addition, social media campaigns, such as #JUULing, have massively propelled the popularity of electronic cigarettes among young students.

The online category, under the distribution segment, is predicted to register the highest growth rate in the e-cigarette market in the forecast period. The emergence of dedicated online portals for these products and the mushrooming sales of vaping devices on various other online platforms are driving the market. Vaping device manufacturers are rapidly launching online platforms owing to the latter’s ability to reach out to a larger pool of customers in comparison to conventional distribution methods.

Consumption of E-Cigarettes Surging in Europe

Europe is one of the largest consumers of vape products across the world, with the U.K., Russia, and France contributing high revenue to the market. The popularity of these devices is booming among those who currently smoke tobacco-based cigarettes but want to quit.

Over the forecast period, the sales of e-cigarettes are predicted to shoot up in North America owing to its large customer pool. Essentially, the growing use of these products by young individuals is propelling the regional market. For example, there were around 14 million electronic cigarette users in North America in 2019. Furthermore, the falling popularity of tobacco smoking is expected to create lucrative growth opportunities for the players in the North American e-cigarette market.

Flavored Vaping Liquids Are Trending in Market

Vendors offering vaping device accessories are rapidly launching various new flavors for attracting customers and device manufacturers. Flavors such as methanol, cola, mint, fusions of fruits and flavoring items, and bubble gum are assisting vape device sellers in expanding their customer pool. Thus, users in Europe and North America, especially the U.S., the U.K., and Canada, are witnessing the shift toward flavored e-cigarettes.

Availability of E-Cigarettes on Multiple Distribution Channels Driving Market

Vaping device manufacturers are actively focusing on advertising and selling their products via dedicated in-store hubs at grocery shops and larger retail stores and kiosks. Many tobacco companies are also setting up their own outlets for providing customers with a vaping experience similar to the one offered at clubs. Conventional smokers are more inclined toward these outlets as they can get different flavors and better vaping products here. Hence, the development of these stores is fueling the growth of the market for e-cigarettes.

The surging public awareness about human and environmental health is another major growth driver for the market. The rising consciousness among people toward health and wellbeing is encouraging governments to focus on creating a sustainable and greener environment and ban smoking in public places. This is subsequently pushing up the demand for vaping devices as they do not produce tobacco smoke and provide a sensation similar to the one provided by tobacco-based cigarettes.

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Market Players Focusing on Product Launches to Gain Competitive Edge

E-cigarette producers are actively focusing on product launches in order to gain the upper hand. For instance:

• In March 2019, two new tobacco capsule flavors, Pianissimo Aria Menthol and Pianissimo Pineapple Peach Yellow Cooler, were launched by Japan Tobacco Inc. for the Ploom TECH brand. Now, the company offers 10 unique flavors for its Ploom TECH brand.
• In January 2019, two new vapor products — Ploom S, which is a high-temperature tobacco vapor product, and Ploom TECH +, which is a low-temperature tobacco vapor product — were launched by Japan Tobacco Inc. under the Ploom brand. These new products emit less odor than conventional cigarettes.

Major players in the market for e-cigarettes are British American Tobacco plc, Altria Group Inc., Philip Morris International Inc., Japan Tobacco Inc., JUUL Labs Inc., Imperial Brands plc, NJOY LLC, Vapor Hub International Inc., Totally Wicked E-Liquid Inc., Turning Point Brands Inc., MadVapes LLC, FIN Branding Group LLC, Smoker Friendly International LLC, Vapor4Life Inc., Shenzhen iSmoka Electronics Co. Ltd., Shenzhen IVPS Technology Corporation Ltd., Shenzhen Kanger Technology Co. Ltd., MCIG Inc., Mig Vapor LLC, and Innokin Technology Co. Ltd.

Some of the Players Listed in the E-Cigarette Market Report Are:

E-Cigarette Market Size Breakdown by Segment

The e-cigarette market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.

Based on Product

• Cig-a-Like
  • Disposable
  • Rechargeable
• Vaporizer
  • Open tank
  • Closed system
• Vape Mod
• T-Vapor
  • Heat-not-burn
  • Infused

Based on Gender

• Male
• Female

Based on Age Group

• 16–24
• 25–34
• 35–44
• 45–54
• 55–65
• 65+

Based on Distribution channel

• Vape Shop
• Online
• Hypermarket/Supermarket
• Tobacconist

Geographical Analysis

• North America
  • U.S.
  • Canada
• Europe
  • U.K.
  • France
  • Germany
  • Russia
  • Italy
  • Netherlands
• Asia-Pacific (APAC)
  • China
  • Japan
  • Australia
  • South Korea
• Rest of the World (RoW)
  • South Africa
  • Kenya