Global E-Cigarette Market Report and Forecast 2024-2032

Global E-Cigarette Market Outlook

The global e-cigarette market reached a value of USD 19.05 billion in 2023. The e-cigarette market is further expected to grow at a CAGR of about 13% in the forecast period of 2024-2032 to reach a value of about USD 57.25 billion by 2032.

The global e-cigarette market is led by the North America region. The increasing trend of do-it-yourself (DIY) e-liquid is also creating positive market prospects by combining different aromas according to consumer preference requirements, with the implementation of various flavoured variants and easy product availability through online retail portals. The demand is likely to continue growing due to multiple factors, including the growing number of female smokers, technological advancements, as well as comprehensive research and development (R&D).

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Since e-commerce trends are increasing, online distribution is gaining momentum as a strong distribution channel. Most ex-smokers need a high degree of nicotine concentration, so the pods would possibly typically come with the stronger nicotine oil (nicotine oil) electric liquids, enabling them to raise blood's nicotine's peak concentration and becoming a common alternative to the traditional electronic liquid.

Market Segmentation

E-cigarettes are battery-powered equipment containing a liquid, which can be inhaled by people as a vapour by heating the liquid. They are also referred to as e-cigs and vapes. The vapour inhaled can contain nicotine and aromatic and flavouring agents.

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Based on product, the e-cigarette market can be divided into the following:

• Modular Rechargeable 
• Next-Generation 
• Disposable 

On the basis of flavour, the industry can be divided into the following:

• Tobacco
• Botanical
• Fruit
• Sweet
• Others

Based on battery mode, the e-cigarette market can be categorised as follows:

• Automatic 
• Manual 

On the basis of distribution channel, the industry can be divided as follows:

• Specialist E-Cig Shops
• Online
• Supermarkets and Hypermarkets
• Tobacconist
• Others

The major regional e-cigarette markets include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Market Analysis

The rising number of smokers worldwide is driving the global e-cigarette market. The smokers, however, are becoming more conscious of the negative effects of regular cigarettes, causing them to turn to e-cigarettes as a better option. Therefore, the increasing desire among the consumers to quit smoking tobacco products has helped to raise e-cigarettes sales. The industry for e-cigarettes has been further driven by product advancements, including the introduction of new generation e-cigs offering consumers versatility in terms of strength and refill. The conveniently available mod and pod vapes also have a positive impact on the growth of the global e-cigarette market. 

Competitive Landscape

The report gives a detailed analysis of the following key players in the global e-cigarette market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Philip Morris Products S.A.
• British American Tobacco Plc
• Japan Tobacco, Inc.
• ITC Limited
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report