The global e-cigarette market valued at ~US$ 18,907 million in 2020 and will reach US$ 98956 million by 2030. The market forecasts to register a compound annual growth rate (CAGR) of 18 % during the forecast period from 2021-2030.
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An electronic cigarette contains nicotine to provide a similar experience as the traditional tobacco-containing cigarettes. These cigarettes are made up of batteries, atomizers, and inhalers to provide an alternative to conventional cigarettes. Moreover, e-cigarettes are considered less harmful as they are smoke-free and reduce health-related problems.
According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
Factors Influencing
The growing awareness regarding the harmful effects of conventional cigarettes is the primary factor driving the global e-cigarette market growth. As people are getting more aware of the harmful effects of tobacco-based products, the demand for e-cigarettes is rising. Traditional methods of smoking can cause severe diseases, such as cancer. E-cigarettes eliminate the risk of cancer. Thus, such beneficial and risk-free aspects are projected to bolster the growth of the global e-cigarette market during the forecast period.
Rapidly changing lifestyles and preferences and technological innovations are propelling the adoption of the e-cigarette. Prominent players in the industry are rapidly figuring out innovative ways to develop new flavors. Thus, it would increase consumer interest in the product and grow the global e-cigarette market ultimately.
On the contrary, strict rules and regulations pertaining to manufacturing activities, growing health concerns, and other incidents related to an e-cigarette, forecasts to slow down the growth of the global e-cigarette market.
Geographic Analysis
Regionally, North America is holding the maximum share in the global e-cigarette market and is expected to present the same contribution during the analysis period. Moreover, rapidly growing technological advancements and high disposable income would increase the adoption of e-cigarettes in the countries such as the U.S. and Canada. Apart from that, the Asia-Pacific region forecasts to witness the rapidly growing CAGR during the analysis period. The market is witnessing the growing adoption of e-cigarettes amongst youngsters. Thus, it would surge the growth of the Asia-pacific market for e-cigarette during the forecast’s time frame.
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COVID-19 Impact Analysis
Regular smoking can cause severe disease. The sudden onset of the COVID-19 infection severely declined the adoption of conventional and e-cigarette. As smoking already causes hazardous effects, COVID-19 infection may further impact the immunity of the person. As a result, people avoided smoking during the pandemic. Moreover, several studies indicate that people who smoke are five times more likely to get affected by the infection. Thus, such studies declined the adoption of e-cigarettes during the pandemic period.
Market Segmentation
By Product Type
- Disposable
- Rechargeable
- Modular
By Flavor
- Tobacco
- Botanical
- Fruit
- Sweet
- Beverage
- Others
By Distribution Channel
- Specialist E-cig Shops
- Online
- Supermarkets
- Tobacconist
- Others
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By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
Competitors in the Market
- Altria Group
- British American Tobacco
- Imperial Brands
- International Vapor Group
- Japan Tobacco
- Nicotek Llc
- Njoy Inc.
- Philip Morris International Inc.
- Reynolds American Inc.
- Vmr Flavours Llc
- Other Prominent Players
What is the goal of the report?
The market report presents the estimated size of the ICT market at the end of the forecast period. The report also examines historical and current market sizes.
During the forecast period, the report analyzes the growth rate, market size, and market valuation.
The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.
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