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E-Cigarette Market Anticipated to Reach $41.7 Billion by 2024

Published Date:   May 2019

E-cigarette market is anticipated to reach $41.7 billion by 2024, citing a CAGR of 21.6% over the forecast period, according to P&S Intelligence.

The market is predominantly driven by the rising awareness of carcinogens and toxic substances present in traditional cigarettes as well as rising health concerns, coupled with the growing shift in consumer preferences demanding e-cigarettes for smokeless and ashless vaping. Furthermore, increasing acceptability of these cigarettes in social circles is propelling the year-over-year (YoY) growth of the market.

Countries such as U.S., U.K., France, China, Japan, and Italy are major markets for e-cigarettes. However, with growing awareness toward harmful effects of traditional cigarettes, in the APAC and African regions, countries such as South Korea, Indonesia, Philippines, South Africa, India, Australia, among others are projected to be high growth markets for e-cigarettes in the coming years.

Insights on market segments

On the basis of product, the e-cigarette market is split into cig-a-like, vaporizer, T-Vapor and vape mod wherein vaporizer is further split into open tank and closed system. It has been observed that vaporizers are mostly used by people who have been using tobacco-based cigarettes. However, manufacturers are also attracting e-cigarette users looking for more flavors, and longer battery life for vaping devices. The market for the open tank category garnered higher revenue in 2018 as compared to closed system, as the users can utilize the same device for vaping varied flavors of their choice.

Based on gender, the e-cigarette market is divided into male and female of which male category garnered the dominating percentage of market revenues; however, female users are expected to provide huge opportunities during the forecast period. For instance, In the U.S., female users contributed a share of over 13.0% in 2018, as a result of which manufacturers are aggressively targeting the female consumer-base by advertising on social media platforms such as Instagram, Snapchat, Facebook, Reddit, and others, in order to increase the consumer base.

European region, predominantly U.K., France, and Russian markets, has been observed as the largest e-cigarette market globally, in 2018. On the other hand, uncertainty regarding the regulations and tax system for e-cigarettes in various countries is expected to have an adverse effect on the sale of e-cigarettes over the forecast period. Moreover, countries such as Singapore, Thailand, Saudi Arabia, Brazil, and Mexico, have imposed a complete ban on the sales of e-cigarettes, which has possibly shrunken the potential growth of the e-cigarette market.

Browse report overview with 85 tables and 66 figures spread through 330 pages and detailed TOC on "E-Cigarette Market Research Report: By Product (Cig-a-like, Vaporizer, Vape Mod, T-Vapor), Gender (Male, Female), Age-Group, Distribution Channel (Vape Shops, Online, Hypermarket/Supermarket, Tobacconist), Regional Insight (U.S., Canada, U.K., France, Germany, Russia, Italy, The Netherlands, China, India, Japan, Australia, South Korea, South Africa, Kenya) – Global Industry Size, Share Analysis and Forecast to 2024" at:https://www.psmarketresearch.com/market-analysis/e-cigarette-market

Untapped market in emerging economies to provide substantial opportunities

The e-cigarette market offers opportunities to market players expanding in regions that are uncertain regarding the adoption of e-cigarettes, such as countries in Asia-Pacific (APAC), Latin America (LATAM), and Africa. Tobacco companies and e-cigarette manufacturers in these regions are expanding their business to achieve greater reach for their products through various channels including e-commerce, retail partners, and grocery stores. Apart from this, companies are also acquiring local and national distributors of e-cigarettes, which have a dedicated market to distribute these products.

Apart from this, growing demand for DIY e-juice is expected to create enormous opportunities for players in the e-cigarette market. DIY e-juice consists of mixing of three elements in e-juice according to individual requirements. For instance, if an individual likes any particular flavor then he/she can mix that flavor concentrate with base liquid and can use it according to their requirements. Further, companies such as JUUL Labs Inc., are offering mango and various other flavor ingredients for making e-juice, and hence offers customization to their flavor and smoking experiences.

Some of the key players in the global e-cigarette market includes Philip Morris International Inc., British American Tobacco p.l.c., Altria Group Inc., Japan Tobacco Inc., Imperial Brands PLC, JUUL Labs Inc., NJOY LLC, Turning Point Brands Inc., Vapor Hub International, Inc., FIN Branding Group, LLC, Shenzhen iSmoka Electronics Co., Ltd., Shenzhen IVPS Technology Corporation Ltd., Innokin Technology Co. Ltd, Shenzhen Kanger Technology Co., Ltd.

E-cigarette Market Segmentation

Market Segmentation by Product

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

Market Segmentation by Gender

  • Male
  • Female

Market Segmentation by Age-Group

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

Market Segmentation by Distribution Channel

  • Vape Shops
  • Online
  • Hypermarket/Supermarket
  • Tobacconist
  • Others

Market Segmentation by Region

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

E-Cigarette Aftermarket Segmentation

Market Segmentation by Type

  • Refill
    • By liquid type
      • Nicotine-based
      • Non-nicotine based
    • By flavor
      • Fruit
      • Tobacco
      • Menthol
      • Candy
      • Savory/Spice
      • Bakery/Dessert
      • Beverage
      • Menthol Tobacco
      • Others
  • Battery and Charger
  • Others

Market Segmentation by Region

  • North America
  • Europe
  • APAC
  • RoW