Global E-Cigarette Market Research Report, 2023-28

Global E-Cigarette Market Research Report, 2023-28

Actual Market Research 31-12-2022 68 Pages Figures : 18 Tables : 30 Category : Consumer Goods & Services Leisure

1. ITC Limited

2. British American Tobacco

3. Turning Point Brands Inc.

4. Philip Morris International Inc.

5. imperial brands

E-cigarettes usually include electronic circuitry and a power source supplying energy to the heating mechanism. They produce vapor by heating, which sets them apart from regular tobacco-based cigarettes that involve burning. Non-tobacco nicotine-containing liquid is most commonly used to produce vapor. The rising awareness about e-cigarettes being safer than traditional cigarettes, especially among the younger population, is anticipated to further drive market growth due to various studies carried out by medical institutions and associations. The array of customization features such as temperature control and nicotine concentrations offered by the vendors is expected to aid the product demand. Moreover, developing e-cigarette technologies such as pod systems and squonk mods have increased in popularity in recent years and user adoption. According to the report titled, “Global E-Cigarette Market Research Report, 2023-28”, published by Actual Market Research, the market was valued at more than USD 24.82 in 2022 and it is anticipated to grow with a CAGR of more than 19.26% from 2023 to 2028, reaching USD 69.6 Billion. The willingness of consumers to quit smoking tobacco products and their perception of e-cigarettes as a safer alternative to traditional cigarettes has led to the increased demand for these devices across the globe. In line with this, the manufacturers are introducing new-generation e-cigarettes which offer different strengths of nicotine and allow the users to refill the cartridge. Moreover, the leading manufacturers are acquiring or entering into partnerships with small and domestic vendors. For instance, Japan Tobacco International (JTI) acquired the UK-based e-cigarette brand E-Lites to develop new products and commercialize its vaporizers worldwide. These players are also introducing an extensive range of flavors, such as tobacco, fruits, and botanicals, in response to evolving consumer preferences. Further, they are developing the designs of and technology used in e-cigarettes to improve their functioning. Almost all (90%) e-cigarette products sold globally are made in China, where there are almost 1,000 manufacturers. There are over 500 e-cigarette sellers marketing products under varied brand names, and it is estimated that major sales of global e-cigarettes are conducted online. An estimated 35 million people were regular dual or sole users of e-cigarettes and vapor products (including heated tobacco products) in 2016, projected to grow to 55 million by 2021. North America is by far the largest e-cigarette market, followed by Western Europe, Eastern Europe, Asia Pacific, and then the rest of the world (see 2018 market size estimates here). Historically, the e-cigarette market was highly fragmented and largely dominated by small start-up companies. • NJOY—a company independent of the tobacco industry—was the unrivaled market leader in 2012, but had filed for bankruptcy by the end of 2016. • In the US, British American Tobacco sales surged in 2014 and led into 2017. However, by the end of 2017, JUUL (a sleek, portable e-cigarette that resembles a USB flash drive made by JUUL Labs) rapidly became the largest retail e-cigarette brand in the US and substantially increased sales of the entire e-cigarette category. • In 2018, JUUL accounted for more than two-thirds of the US e-cigarette market and is reportedly valued at $15 billion. JUUL Labs has begun to expand sales to other countries, such as the UK and Canada, where currently some of the top brands such as Logic, Vype, and Blu, are subsidiaries of major tobacco companies. However, the ban on e-cigarettes by various governments led by health-related concerns is a major factor restraining market growth. Market players are constantly focusing on developing better technologies and offering better products to enhance consumer satisfaction. This is another factor projected to boost the growth of the global e-cigarette market over the forecast period. Based on region, the global e-cigarette market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North American market is projected to account for the largest revenue share in the global e-cigarette market over the forecast period, owing to the presence of major players in the region. Revenue from the Europe market is expected to increase at a significantly high pace over the forecast period, owing to the shifting inclination of youngsters in the region from traditional smoking toward vaping or electronic cigarettes and the presence of a large number of key players in the market in the region. In addition, approval for vaping by governments of various countries in the Europe region is expected to boost the growth of the market in the region over the forecast period. The harmful effects of E-cigarettes are not unnoticed which can act as restraints for the growth of this market. They can because serious damage to the lung and pregnant women who consume them can slow down the growth rate of the brain of babies in the fetus. Manufacturers are investing a high amount of money by innovating their products and marketing their products to increase the sales of their products. There has been a sharp increase in the number of companies manufacturing e-cigarettes to create substitutes for traditional cigarettes. Nonetheless, market players are coming up with new products that are less harmful and can attract more and more smokers to attract them. Increased government regulations on the ban on e-cigarettes are restraining the growth of the e-cigarette market. Many countries have banned the sale and manufacture of e-cigarettes to protect young people and children from the harmful effects and addiction of e-cigarettes. For instance, in December 2019, the Indian government passed the prohibition of electronic cigarettes (production, manufacture, sale, distribution, import, export, transport, storage, and advertisement) bill 2019 that imposed a ban on e-cigarettes. The government banned e-cigarettes as the manufacturing companies were promoting them as a way to get people out of smoking habits but research studies have shown that most people are addicted to them. 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. Recent Developments: • 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 fewer odors than conventional cigarettes. Major Companies present in the market: Considered in this report • Geography: Global • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028 Aspects covered in this report • Global E-Cigarette market with its value and forecast along with its segments • Region-wise e-cigarette appliances market analysis • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation Regions covered in the report • North America • Europe • Asia-Pacific • South America • Middle-East & Africa By Product • Modular E-Cigarette • Rechargeable E-Cigarette • Next-Generation E-Cigarette • Disposable E-Cigarette • Others By Flavour • Tobacco • Botanical • Fruit • Sweet • Beverage • Others By Battery Mode • Automatic E-cigarette • Manual E-cigarette By Distribution Channel • Offline • Online The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual reports of companies, and analyzing government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources. Intended audience: This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the e-cigarette industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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