Demand for Global E-Cigarette Market Size to Hit $42906.36 Mn By 2028 | CAGR of 16.20% - Comprehensive Research Report by Facts & Factors

According to a market research study published by Facts and Factors, the demand analysis of Global E-Cigarette Market size & share revenue was valued at around USD 17,429.5 million in 2021 and is estimated to grow about USD 42,906.36 million by 2028, at a CAGR of approximately 16.20% between 2022 and 2028. The key market players are listed in the report with their sales, revenues and strategies are Altria Group, British American Tobacco, Imperial Brands, International Vapor Group, Japan Tobacco, NicotekLlc, Njoy Inc., Philip Morris International Inc., Reynolds American Inc., VMR Flavors LLC, and Others.

What is E-Cigarette? How big is the E-Cigarette Industry?

A battery, an atomizer, and an inhaler make up an Electronic Cigarette, which simulates tobacco smoking without the use of tobacco. The device contains a liquid solution containing or without nicotine that is heated and transformed into vapors before being breathed, making it less dangerous than regular cigarettes. This device has been seen as a feasible alternative to regular cigarettes since it provides benefits such as zero smoke, less pollution, fewer health-related problems, and the ability to be smoked in public areas.

The increased market is due to increased knowledge of the negative effects of traditional cigarettes, electronic cigarettes' lower tar and carbon monoxide absorption, greater affluence, and technological improvements by electronic cigarette makers. As a result of numerous research conducted by medical institutions and associations, there is a growing understanding that e-cigarettes are safer than traditional cigarettes, especially among the younger population, which is anticipated to drive market expansion even further. Consumption and import regulations are being applied by the government. Risks associated with vaping, as well as reported instances. A high level of nicotine addiction is harmful to one's health.

E-Cigarette Market: COVID-19 Impact Analysis

The COVID-19 epidemic impacted electronic cigarette sales at brick and mortar retailers, causing consumers to shift to internet sales channels to purchase consumer electronic devices, resulting in an increase in online sales of e-cigarette products. The consumer goods industry is predicted to rise, which is expected to enhance sales of e-cig products throughout the forecast period, as lockdown limitations are eased and logistics are improved in light of COVID-19 preventive measures. COVID-19 is more likely to impact smokers than non-smokers, according to the World Health Organization. Furthermore, the COVID-19 pandemic in the United States had far-reaching effects on e-cigarette use. According to a survey published by Gaiha University, roughly 56.4 percent of the young American population has changed their e-cigarette use since the COVID-19 pandemic began.

Furthermore, one-third of young people stopped vaping, while another third cut back on their usage of e-cigarettes, with the remainder increasing their use or switching to other nicotine or cannabis products. As a result, higher nicotine dependence, e-cigarette use frequency, poor online age verification, and several other characteristics were linked to long-term use of e-cigarette products, according to the study.

E-Cigarette Market: Segmentation Analysis

The global electronic cigarette market is divided into four categories: type, flavour, distribution channel, and geography. The rechargeable segment, with a market share of more than 40% in 2021, had the greatest market share. Because they are less expensive and eliminate the need to replenish consumables such as cartridges, rechargeable gadgets are likely to become increasingly popular. Customers who produce their own e-liquid do not need to purchase cartridges that have already been filled.

In a number of key nations, rechargeable e-cigarettes, which release less smoke and can be charged through a USB connection, are also gaining popularity among teens. With over 84 percent market share in 2021, the retail store segment was the most popular. E-cigarettes were previously available in places such as vape shops and gas stations. Customers could choose from a wide range of devices and e-liquids at these locations. Furthermore, vape shops that allow customers to try out and test these devices before making a purchase decision are projected to drive retail store growth over the forecast period.

Regional Dominance:

North America has the largest share of the e-cigarette market. The use of these things by youth has resulted in an upsurge in demand. In the United States, for example, e-cigarettes are primarily used by teenagers. 3.6 million US middle and high school student used e-cigarettes over a 30-day research period in 2020, according to the Centers for Disease Control and Prevention (CDC), with 4.7 percent of middle school students and 19.6% of high school students using them.

E-cigarettes account for the vast majority of tobacco products; there are currently over 3,000 different e-cigarette flavours available in the United States, with new flavours being released every year. Nicotine-free e-liquids provide a more pleasant vaping experience than other varieties. Furthermore, professional vapers who perform at several events and engage in chain vaping for practice believe that nicotine-free vaping is the best alternative to traditional vaping in the regional market. The association of vaping/e-cigarettes with fashion appeal enhances e-cigarette demand in the North American market.