Global E cigarette and Vaping Market was valued US$ 8.35 Bn in 2017 and is expected to reach US$ 46.2 Bn by 2026, at a CAGR of 23.84% during a forecast period.
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The global E-cigarette and vaping market is segmented into product, distribution channel, component, and region. In terms of product, the global E-cigarette and vaping market are classified into rechargeable, modular, and disposable. Based on distribution channel, the global E-cigarette and vaping market are divided into retail and online. On the basis of component, the global E-cigarette and vaping market are categorized into an atomizer, a method of delivery (MOD), cartomizer, and E-liquid. Region wise into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Increasing awareness of consuming safe, smokeless, and ashless tobacco is expected to reach the market. Its adoption is anticipated to rise, particularly among individuals willing to quit smoking or willing to smoke merely for recreation. The launch of new and innovative vaping devices is also expected to foster the adoption of these devices. Cancer caused by smoking is one of the main concerns affecting people. E-cigarettes eliminate the hazard of cancer and prevent the intake of more than 4,000 chemicals, which are produced during the burning of tobacco cigarettes. Continuous improvement in the technology is also driving the e-cigarette market. Tobacco manufacturers are progressively focusing on new technological developments to have an edge over their competitors. However, e-cigarettes are often compared to conventional cigarettes and hence tend to attract criticism, a factor that is anticipated to restrain the growth of the market.
Consumers’ shift toward tobacco alternatives, untapped market in emerging economies, and growing investments in the industry are some of the key factors offering immense growth opportunities to the players operating in the e-cigarette and vaping market.
In terms of product, rechargeable segment accounted for the highest share in 2017, owing to its low price which led to its improved adoption among e-cigarette consumers. Rechargeable devices can be used for a longer duration by switching cartridges containing e-liquid. Modular devices form the most promising product segment in the market.
Based on distribution channel, the retail segment led the e-cigarette and vaping market. E-cigarettes were initially sold in retail outlets such as gas stations and vape shops. Furthermore, vape shops enabled users to test the device and e-liquid before making the purchase decision.
In terms of region, Asia Pacific is the fastest growing region in the forecasting period. Growing popularity of vaping devices in the region is one of the main growth stimulants for the market. Also, North America will remain the prominent region in the market throughout the forecast period.
Some of the key players in the global E-cigarette and vaping market are Altria Group, Inc., British American Tobacco, Imperial Brands, International Vapor Group, Japan Tobacco, International, NicQuid, Philip Morris International Inc., R.J. Reynolds Vapor Company, Shenzhen IVPS Technology Co., Ltd., and Shenzhen KangerTech Technology Co., Ltd.
Scope of the Report for Global E cigarette and Vaping Market
Global E cigarette and Vaping Market by Product:
Global E cigarette and Vaping Market by Distribution Channel:
Global E cigarette and Vaping Market by Component:
• Method of Delivery (MOD)
Global E cigarette and Vaping Market by Region:
• North America
• Middle East & Africa
• South America
Key Players operating in the Global E cigarette and Vaping Market:
• Altria Group, Inc.
• British American Tobacco
• Imperial Brands
• International Vapor Group
• Japan Tobacco
Report Published by: Maximize Market Research