E-Cigarettes Global Market Report 2024

The e-cigarettes market size has grown rapidly in recent years. It will grow from $25.11 billion in 2023 to $29.1 billion in 2024 at a compound annual growth rate (CAGR) of 15.9%. The growth observed during the historical period can be attributed to several factors, including the increased emphasis on smoking cessation and harm reduction, the emergence of vaping culture, the diverse range of flavors available, the reduction of secondhand smoke exposure, and effective marketing and advertising campaigns. These factors have contributed to the historical growth of e-cigarettes as an alternative to traditional smoking.

The e-cigarettes market size is expected to see rapid growth in the next few years. It will grow to $50.98 billion in 2028 at a compound annual growth rate (CAGR) of 15.0%. The anticipated growth in the forecast period can be attributed to several factors, including the increasing popularity of smoking alternatives, evolving regulatory environments, the role of e-cigarettes as smoking cessation aids, the perceived reduction in health risks compared to traditional smoking, and ongoing flavor innovation. Prominent trends in the forecast period encompass consumer preferences for various e-cigarette flavors, the adoption of heat-not-burn technology, the integration of tobacco and cannabis products, and advancements in e-cigarette technology. These trends are expected to drive growth in the e-cigarette market.

The e-cigarette market is experiencing growth due to an increasing awareness of health issues associated with smoking conventional tobacco cigarettes among the smoking population. Conventional tobacco cigarettes release toxic compounds that have adverse effects on individuals' health. E-cigarettes are considered a safer and less toxic alternative. For instance, British American Tobacco introduced the Vype iSwitch and Vype iSwitch Maxx based on Puretech blade technology, utilizing an ultra-slim stainless-steel blade to heat e-liquid and create vapor. Unlike traditional cigarettes, e-cigarettes do not burn tobacco, resulting in significantly lower levels of toxicants in the vapor. Consequently, e-cigarettes are recognized for their reduced risk properties compared to traditional cigarettes.

The primary product types of e-cigarettes include Disposable, Rechargeable, and Modular variants. Disposable e-cigarettes are designed to be discarded after use and typically contain tobacco-free solutions with various flavors and nicotine levels. These products are distributed through various channels, including specialist e-cig shops, online platforms, supermarkets, tobacconists, and other retail outlets.

The e-cigarettes market research report is one of a series of new reports that provides e-cigarettes market statistics, including e-cigarettes industry global market size, regional shares, competitors with an e-cigarettes market share, detailed e-cigarettes market segments, market trends, and opportunities, and any further data you may need to thrive in the e-cigarettes industry. This e-cigarettes market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The lower per-use cost of e-cigarettes compared to traditional cigarettes is expected to drive the growth of the e-cigarette market. Affordability plays a pivotal role in the e-cigarettes market, attracting consumers seeking a less expensive and potentially healthier alternative to traditional cigarettes. For example, in 2023, the average price of 1 mL of e-liquid dropped by 69.2%, from US$7.96 to US$2.45. This decrease in e-cigarette prices contributes to market growth.

Government regulations imposing bans on e-cigarettes are limiting the growth of the e-cigarette market. Many countries have prohibited the sale and manufacturing of e-cigarettes to protect young people and children from the harmful effects and addiction associated with these products. For instance, in August 2023, the Quebec health minister announced a ban on flavored vaping products, allowing only tobacco-flavored options. The government also set restrictions on nicotine concentrations in vaping products to 20 mg/ml and mandated specific information on packaging. The rationale for these bans is that e-cigarette manufacturing companies initially promoted these products as a means to quit smoking, but research has shown that many users become addicted to them.

A noteworthy trend in the e-cigarette market is the increasing number of mergers and acquisitions between traditional cigarette and e-cigarette manufacturers. Traditional cigarette manufacturers and e-cigarette companies are partnering for product development and to expand their global market presence. For instance, British American Tobacco PLC (BAT), a multinational tobacco and cigarette manufacturing company, acquired Reynolds American Inc. for $49 billion, strengthening its position in high-growth emerging markets and high-profitability developed markets. Reynolds American Inc. is a U.S.-based tobacco company involved in tobacco products and e-cigarettes.

Major companies in the e-cigarette market are focusing on the development of disposable e-cigarettes to boost their revenues. Disposable e-cigarettes are often a starting point for individuals looking to transition from traditional smoking to vaping. They offer a convenient and straightforward way to experience vaping without the complexities of advanced vaping devices. For example, in September 2022, a Chinese company, Vozol, launched the VOZOL STAR 9000/12000, a disposable e-cigarette that provides real-time data on battery status and e-liquid levels. This innovative approach enhances the vaping experience, addressing concerns about running out of power or e-liquid abruptly.

In June 2022, Supreme Imports Ltd., a UK-based company operating in the e-cigarette industry, acquired Liberty Flights Holdings for an undisclosed amount. This acquisition is expected to enhance Supreme Imports Ltd.'s existing offerings of vaping products, as Liberty Flights Holdings specializes in e-liquids and high-quality vaping devices.

Major companies operating in the e-cigarettes market include Philip Morris International Inc., Altria Group Inc., British American Tobacco PLC, Japan Tobacco Inc., Imperial Brands PLC, Njoy Inc., International Vapor Group Inc., Reynolds American Inc., Kimree Inc., Innokin, Healthier Choices Management Corp., ITC Limited, J WELL, Nicotek LLC, NicQuid LLC, R.J. Reynolds Vapor Company, Shenzhen IVPS Technology Co. Ltd., Shenzhen KangerTech Technology Co. Ltd., Vapor Hub International Inc., KangerTech, Shoreditch, Ritchy Group, Vapouriz Limited, Apollo Electronic Cigarettes, Vape Emporium Limited, JUUL Labs Inc., Breeze Smoke LLC, Logic Technology Development LLC, V2 Cigs, Green Smoke LLC, White Cloud Electronic Cigarettes, VaporFi Inc., South Beach Smoke LLC, SmokeTip LLC

Asia Pacific was the largest region in the e-cigarettes market in 2023. The regions covered in the e-cigarettes market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the e-cigarettes market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada

The e-cigarette market consists of sales of rechargeable e-cigarettes, modular e-cigarettes, disposable e-cigarettes, and other e-cigarettes. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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