Global E-cigarette market is Set to Reach USD 53.4 billion by 2024

The global e-cigarette market is expected to grow at a CAGR of 21.4% during the forecast period with its market size predicted to reach USD 53.4 billion by 2024. Increasing cancer cases related to smoking cigarettes, technological advancements in e-cigarettes, increasing disposable income, increasing awareness programs regarding the harmful effects of cigarettes are the major factors leading to the high demand for e-cigarettes in the global market.

Introduction of new flavors and fragrance to increase the traction for vaping devices

The growing popularity of vaping devices has led to the introduction of new flavors and fragrance. Flavors like menthol, mint, chocolate, cola, and different fruits are attracting more and more customers to adopt them. This trend is expected to continue and contribute to the e-cigarette market. Many companies in the industry are taking advantage of the ambiance in the market and getting merged with the tobacco cigarette giants. These companies are working together and making it more economical and efficient. This is further expected to expand the growth of the e-cigarette market across the globe.

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Cig-a-like accounted for almost half of the revenue generated by the market players in 2018. The comparatively lower cost of these e-cigarettes makes them a popular choice among consumers. The cig-a-like e-cigarette market is further segmented into disposable and rechargeable cig-a-like. Among the two types, the market size for disposable cig-a-like is larger across the globe. The vaporizer market is categorized into an open tank and a closed system vaporizer.

North America accounts for the largest demand of e-cigarettes across the globe North America dominates the e-cigarette market due to earlier advancements in the technology of this segment, and high disposable income of citizens of countries such as the U.S. and Canada. Also, the awareness regarding the health hazards of cigarettes is making smokers quit cigarettes and adopt less harmful e-cigarettes. Moreover, the Asia-Pacific is anticipated to witness the fastest growth during the forecast period due to the huge population of the young generation and their inclination towards the e-cigarettes.

The prominent players operating in the e-cigarette market are Turning Point Brands, Inc. (International Vapor Group), British American Tobacco plc, VMR Products LLC, Altria Group Inc., Japan Tobacco Inc., Philip Morris International Inc., Imperial Brands plc, NJOY Inc., Vapor Hub International Inc., and FIN Branding Group LLC.

U.S. E-cigarette market is Set to Reach USD 16.5 billion by 2024

The U.S. e-cigarette market is expected to grow at a CAGR of 18.3% during the forecast period with its market size predicted to reach USD 16.5 billion by 2024. Increasing awareness among consumers regarding the harmful effects of smoking, easy availability of e-cigarettes through supermarkets and vape shops, established e-commerce industries, technological advancements for product innovation, and high prevalence of smoking-related diseases are the major factors leading to the high demand of e-cigarettes in the U.S. market.

The high prevalence of smoking and related diseases to increase the demand for e-cigarettes in the U.S.

The high prevalence of smoking-related diseases in the U.S. leads to initiatives to curb smoking use. As manufacturers have been promoting e-cigarettes as a better alternative to smoking, the initiatives would create traction for the e-cigarettes. According to the Centers for Diseases Control and Prevention (CDC), cigarette smoking is the leading cause of preventable disease and death in the U.S., accounting for more than 480,000 deaths every year, or about 1 in 5 deaths. In 2017, around 34.3 million adults in the U.S. were smokers. These figures illustrate the increasing need for initiatives and alternatives for smoking. E-cigarette manufacturers have long promoted the e-cigarettes as smoking cessation, which is anticipated to drive the market in the coming years.

Cig-a-like hold the largest share in the U.S. e-cigarette market

Based on product the market is categorized into cig-a-like, vaporizer, and vape mode. Of all the products, Cig-a-like accounted for almost half of the revenue generated by the market players in 2018. The comparatively lower cost of these e-cigarettes makes them a popular choice among consumers. The highest growth in the demand for the vape mod has been observed over the last five years which is anticipated to remain the highest among all e-cigarette products during the forecast period. the cig-a-like e-cigarette market is further segmented into disposable and rechargeable cig-a-like. Among the two types, the market size for disposable cig-a-like is larger across the globe. The vaporizer market is categorized into an open tank and a closed system vaporizer.

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Based on the distribution channel, the e-cigarette market is subdivided into supermarkets, online, vape shops, and tobacconists. In 2018, the majority of e-cigarettes were distributed through vape shops, and the trend is anticipated to remain the same during the forecast period.

Key players may face challenges after FDA reviews the e-cigarettes

Owing to the reported harmful effects of e-cigarettes in some states of the U.S., industry players may face stringent regulations against the promotion and distribution of the e-cigarettes in the country. This will lead to more investment by industry players for developing harmless e-cigarettes and produce better quality products.

Some of the key players operating in the U.S. e-cigarette market are Turning Point Brands, Inc. (International Vapor Group), British American Tobacco plc, VMR Products LLC, Altria Group Inc., Japan Tobacco Inc., Philip Morris International Inc., Imperial Brands plc, Njoy, Inc., Cigavette and FIN Branding Group LLC.

U.S. E-Cigarette Market Coverage

Product Insight and Forecast 2014-2024

• Cig-A-Like
• Vaporizer
• Vape Mod

• Disposable
• Rechargeable

• Open Tank
• Closed System

Distribution Channel Insight and Forecast 2014-2024

• Vape Shops
• Supermarkets
• Online
• Tobacconists