Subjects: MAT, MRR
Global E-cigarette Market Expected to Reach $47.5 Billion by 2028: BCC Research
BCC Research Study Forecasts Robust Growth in the Global E-cigarette Market, with a Compound Annual Growth Rate (CAGR) of 13.5% Expected during the Forecast Period from 2023 to 2028, Projecting a Market Value of $47.5 Billion by 2028
BOSTON, March 1, 2024 /PRNewswire/ -- The global e-cigarette market refers to the worldwide industry for electronic cigarettes. These are battery-operated devices that vaporize a liquid solution, often containing nicotine, which users inhale. E-cigarettes are often seen as an alternative to traditional tobacco smoking, offering potentially fewer harmful chemicals. This market includes the production, sale, and distribution of e-cigarettes and related products, such as e-liquids and vaping devices. It's a rapidly growing industry, with various companies competing to offer different types of e-cigarettes and flavors to consumers worldwide.
"According to the latest research study, the demand for Global e-cigarette Market grow $47.5 billion in 2028 at a compound annual growth rate (CAGR) of 13.5% during the forecast period 2023 to 2028."
This report breaks down the global e-cigarette market by product type, sales channel, and region, providing an overview and analyzing market trends. It uses data from 2022 to estimate market figures for 2023 to 2028, offering essential insights into the current size and future growth of the market. Additionally, the report covers market characteristics, major e-cigarette companies, user preferences, and geographic opportunities. The e-cigarette market is divided into disposable and rechargeable products, with sales channels categorized as retail and online. Regions covered include North America, Europe, Asia-Pacific, and RoW (South America, the Middle East, and Africa). Revenue forecasts from 2023 to 2028 are provided for each segment, based on the total revenue of product providers.
Vaping costs much less than traditional smoking, with e-cigarette users typically spending around $300 to $900 yearly, compared to $1,500 to $5,000 for tobacco smokers. However, expenses can vary based on individual vaping habits like inhaling style or cloud chasing. The COVID-19 pandemic caused a shift in consumer behavior towards healthier habits, leading some to consider e-cigarettes as a less harmful alternative to smoking. One major advantage of e-cigarettes is the wide range of flavors available, offering choices from traditional tobacco and menthol to fruity, dessert, and even exotic blends. Some companies even offer unique or seasonal flavors, providing more than 30 options for consumers to explore.
Stay informed about the evolving landscape of the e-cigarette market. Click here to access the full research findings and strategic insights.
Key Market Drivers of the Global e-Cigarette Market:
- Increasing Awareness of Health Consciousness Among Consumers- More and more people around the world are starting to pay closer attention to their health. This means they're thinking more about the choices they make, including what they eat, how much they exercise, and even what they use, like e-cigarettes. People are realizing that what they do can affect how healthy they are. So, some are choosing e-cigarettes as an option they think might be better for them than traditional smoking. They're becoming more conscious about their health and making decisions based on that.
- Rapidly Growing social media and Influencer Marketing- social media and influencer marketing for e-cigarettes are quickly becoming more popular. This means that companies are using platforms like Instagram, YouTube, and TikTok to promote their e-cigarette products. They might work with popular people on these platforms, called influencers, to reach a larger audience. As a result, more people are seeing e-cigarettes online, which can influence their decisions about using them.
- Availability of Diverse Range of E-Liquid Flavors- There are many different flavors of e-liquids available in the global e-cigarette market. These are the liquids that get vaporized in e-cigarettes for users to inhale. Instead of just one or two flavors like traditional cigarettes, e-cigarettes offer a wide variety of options. People can choose from flavors like fruit, dessert, mint, or even unusual combinations. This variety gives users more choices and makes vaping more enjoyable for them.
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Report Synopsis
Report Metrics | Details |
Base year considered | 2022 |
Forecast Period considered | 2023-2028 |
Base year market size | $22.5 million |
Market Size Forecast | $47.5 million |
Growth Rate | CAGR of 13.5% for the forecast period of 2023-2028 |
Segment Covered | Product Type, Source, Region |
Regions covered | North America, Europe, Asia-Pacific, Rest of the World (RoW) |
Countries covered | U.S., Canada, Germany, U.K., France, Italy, Russia, Sweden, Austria, Netherlands, Norway, China, Japan, Malaysia, New Zealand, South Korea, Taiwan, Africa, South America, Middle East |
Key Market Drivers | ? Increasing Awareness of Health Consciousness Among Consumers ? Rapidly Growing Social Media and Influencer Marketing ? Availability of Diverse Range of E-Liquid Flavors |
Report Segmentation & Focus Areas:
Global e-Cigarette Market, By Product Type: The global e-cigarette market can be divided into two main types of products: disposable and rechargeable. Disposable e-cigarettes are meant to be used once and then thrown away. Rechargeable e-cigarettes, on the other hand, can be used multiple times. With rechargeable ones, you can recharge the battery and refill the e-liquid when needed, allowing for multiple uses.
Global e-Cigarette Market, By Channel: The global e-cigarette market has two main channels through which products are sold: retail and online. Retail means you buy e-cigarettes from physical stores, like convenience stores or vape shops. Online means you buy them through the internet, on websites or apps. So, you can either go to a store in person or order e-cigarettes online and have them delivered to your home.
Global e-Cigarette Market, by Region: The global e-cigarette market is divided into different regions where these products are sold. These regions include North America, Europe, Asia-Pacific, and the Rest of the World (which includes places like South America, the Middle East, and Africa). Each region has its own market for e-cigarettes, with different trends and preferences among consumers. So, companies selling e-cigarettes may focus on specific regions based on factors like demand and regulations.
This report on the global e-cigarette market provides comprehensive insights and analysis, addressing the following key questions:
- What is the projected market size and growth rate of the market?
The Global e-cigarette market is projected to grow from $22.5 billion in 2022 to $47.5 Billion in 2028 at a compound annual growth rate (CAGR) of 13.5% during the forecast period 2023 to 2028. - What are the key factors driving the growth of the market?
Increasing Awareness of Health Consciousness among Consumers
Rapidly Growing social media and Influencer Marketing
Diversification and Product Development - What segments are covered in the market?
Product Type
Channel
Region - By product type, which segment will dominate the market by the end of 2028?
The disposable segment is already dominating and is likely to continue its dominance till 2028. - Which region has the highest market share in the market?
North America holds the highest share in the market.
Some of the Key Market Players Are:
- ALTRIA GROUP INC.
- BRITISH AMERICAN TOBACCO PLC
- FEELM
- GEEK BAR
- IMPERIAL BRANDS PLC
- JUUL LABS INC.
- PUFF BAR INC.
- SHENZHEN IVPS TECHNOLOGY CO. LTD.
- VAPORESSO
- VEEV
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