The easy access to e-cigarettes and growing social acceptance of these products are positively driving the global e-cigarette market. It is poised to generate $39.0 billion in revenue by 2030, advancing at a CAGR of 9.2% during the forecast period (2020–2030).
The COVID-19 outbreak has disrupted the e-cigarette market. Due to COVID-19, which primarily affects the lungs, there is a growing focus toward healthier practices among the populace, with people quitting smoking cigarettes, including vaping.
T-Vapor To Gain Widespread Popularity during Forecast Period
The e-cigarette market, based on product, is classified into cig-a-like, vaporizer, vape mod, and T-vapor. Among these, the T-vapor category is projected to witness the fastest growth during the forecast period. T-vapor is particularly popular in Japan and South Korea, where people prefer tobacco flavor and its close resemblance to traditional smoking. Its popularity is slowly growing in major markets, such as the U.K., China, Germany, Russia, and the U.S.
The e-cigarette market, on the basis of distribution channel, has been categorized into tobacconist, vape shop, online, hypermarket/supermarket, and others. Among these, the tobacconist channel was the major revenue generating category in 2019. Tobacconist is the primary channel for procuring e-cigarettes among the younger population. The hands-on experience offered by tobacconists to consumers has been observed as a major influencer in the buying decision for e-cigarettes.
Geographically, the European region held the largest share in the e-cigarette market in 2019. The U.K., Germany, Italy, Spain, and the Netherlands are the major markets in the region. The rise in the vape shop culture in the region is further driving the market.
Market Players Are Focused on Product Launches to Drive Success
Major players in the e-cigarette industry are relying on product launches to consolidate their market position. For instance, in December 2018, Japan Tobacco Inc. launched two new flavors of tobacco capsules, Pianissimo Strawberry Mango Pink Cooler and Pianissimo Lemon Tea Gold Aroma, for its Ploom TECH brand. Pianissimo Strawberry Mango Pink Cooler is a menthol product that offers a mixture of ripe strawberry and mango flavors, whereas Pianissimo Lemon Tea Gold Aroma offers lemon tea flavor with a fruity aroma.
Browse report overview with detailed TOC on "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" at:https://www.psmarketresearch.com/market-analysis/e-cigarette-market
Some of the major players operating in the global e-cigarette market are British American Tobacco plc, Altria Group Inc., Japan Tobacco Inc., Imperial Brands plc, Philip Morris International Inc., JUUL Labs Inc., NJOY LLC, FIN Branding Group LLC, Shenzhen iSmoka Electronics Co. Ltd., Shenzhen IVPS Technology Corporation Ltd., Innokin Technology Co. Ltd., and Shenzhen Kanger Technology Co. Ltd.