E Cigarettes & Vapourizer Market Forecasts to 2028 – Global Analysis By Product (Disposable E-Cigarette, E-Cigarette, E-Go Electronic Cigarette and Tanks), Component (Atomizers, Battery, Cartomizer) and By Geography
According to Stratistics MRC, the Global E Cigarettes & Vapourizer Market is accounted for $25.68 billion in 2021 and is expected to reach $100.96 billion by 2028 growing at a CAGR of 21.6% during the forecast period. E-cigarette refers to a cigarette shaped device which stimulates the experience of smoking without the need to inhale tobacco. It consists of battery, atomizer and e-liquid. A vaporizer is used to carry out vaping, which is an act of inhaling and exhaling the water vapour that is produced by an electric device.
E-cigarettes As a Harmless Substitute
The willingness of consumers to quit smoking tobacco products and their perception of the product as a safer alternative to led the increased demand for these devices across the globe. The manufacturers are presenting new-generation products which offer altered strengths of nicotine and allow the users to refill the cartridge. Moreover, the leading manufacturers are acquiring or entering into partnerships with small and domestic vendors. These players are also introducing an extensive range of flavors, such as tobacco, fruits, and botanicals, in response to the evolving consumer preferences. Furthermore, the manufacturers' offering of customization capabilities such as temperature control and nicotine dosages is projected to boost product demand. Furthermore, players' continual improvement in new product development is expected to accelerate electronic cigarette market expansion. For instance, Japan Tobacco International (JTI) acquired the UK-based e-cigarette brand E-Lites to develop new products and to commercialize its vaporizers worldwide.
Side Effects Caused Owing To Usage of E-Cigarettes
Side effects caused owing to the use of e-cigarettes are acting as a restraint on the market. The side effects of using it include nausea, vomiting, abdominal pain, itchiness, dry eyes, cough, and nosebleeds. Some of the side effects are caused due to the body`s resistance to accept vapor and may take a few days to disappear. These side effects are discouraging the use of it affecting the growth of the market.
Growing Financing In The Expansion Of New Types Of Coils
Manufacturers of it are increasingly investing in the development of new types of coils for atomizers. The atomizer in an e-cigarette or vaping device is used to vaporize the e-liquid. Various producers have developed atomizers that use nickel and titanium wires that can be coupled with high wattage. The use of nickel and titanium wires produces thicker and more dense smoke and the higher electrical and thermal conductivities of the wires make the coil last longer. Nickel and titanium are also being coupled with other alloys to improve vaping experience. For example, the Vape Mesh Company, a new venture of The Mesh Company, is offering atomizers equipped with titanium grade 1 wire and nickel-chrome heat resistance wires that provide high corrosion resistance.
The regulations levied by local authorities across various countries such as the U.S. and India on the sale of vaping products and e-liquids have threatened market growth. Multiple countries have banned the distribution and sale of vape products, which in turn, has led to lower sales. For instance, in September 2019, the Government of India banned manufacturing, production, import/export, sale, transport, storage, distribution, and advertising of e-cigarettes. Furthermore, stringent trading laws have made it difficult for retail consumers to import vaping devices for personal consumption. However, the vaping industry has formed various associations to counter the policies against vaping products and regularize the industry for supervision, eventually driving the growth of the market for e-cigarettes and vape. Manufacturers of e-cigarettes are governed by various regulatory bodies to ensure product safety. For instance, in the EU, e-cigarette manufacturers must comply with standards set by Article 20 of the EU Tobacco Product Directive (2014/40/EU). According to the law, e-liquid manufacturers must limit nicotine content to below 20mg/ml. Also, manufacturers are required to submit all the key product information to concerned authorities in the EU Member States.
Rechargeable E-Cigarette segment is expected to be the largest during the forecast period
The adoption of rechargeable devices is expected to increase as they tend to be affordable in the long run and eliminate the need to re-purchase supplies such as cartridges. Additionally, consumers creating DIY E-liquids need not purchase pre-filled cartridges. Rechargeable devices can be used for a longer duration by switching the cartridges containing e-liquid. Moreover, seasoned vapers particularly find it economical to purchase rechargeable e-cigarettes and vapes, which are expected to increase their adoption.
The Online Store segment is expected to have the highest CAGR during the forecast period
The benefits offered by online marketplaces, in terms of competitive pricing, convenience, and access to a wider variety of products, are encouraging people to purchase online. Besides, websites offer a large variety of products as compared to retail stores. Moreover, sellers have their websites from where users can purchase the products at a low price. These factors are anticipated to drive the growth of the online segment.
Region with highest share:
The North America is projected to hold the highest market share, due to the extensive presence of major industry players such as JUUL Labs, Inc, R.J. Reynolds Vapor Company and Philip Morris International Inc is anticipated to drive the provincial market growth. Social media platforms are being used extensively for selling products. The young population has largely adopted vaping devices as a safe alternative to tobacco, which, in turn, is estimated to boost the adoption of these products.
Region with highest CAGR:
Asia Pacific is projected to have the highest CAGR, owing to the presence of large numbers of manufacturers is expected to drive the market of it in the Asia-Pacific region. Asia Pacific region has a huge potential of the market owing to the developing stage of the market. China and India have been the major contributor to the growth of the Asia-Pacific e-cigarette and vaporizer market. Moreover, rising awareness about e-cigarette and new product launches is expected to supplement the growth of the e-cigarette and vaporizer market over the forecast period.
Key players in the market:
Some of the key players profiled in the E Cigarettes & Vapourizer Market include Clearette Electronic Cigarette Co, Mountain Oak Vapors, Philip Morris International Inc, Vapor Corp, Cerulean, Altria Group, Inc, Japan Tobacco, International, British American Tobacco PLC, Ovale, Red kiwi, Reynolds American Inc, Molins Plc, International Vapor Group, Inc, Mad Vapes, Durasmoke.
In March 2019: Japan Tobacco Inc launched two new tobacco capsule flavors, Pianissimo Aria Menthol and Pianissimo Pineapple Peach Yellow Cooler. The company offers 10 unique flavors for its Ploom TECH brand.
In January 2019: Japan Tobacco Inc. launched two new vapor products — Ploom S, which is a high-temperature tobacco vapor product, and Ploom TECH +, which is a low-temperature tobacco vapor product were launched by under the Ploom brand.
In January 2021: British America Tobacco has pilot-launched its first CBD vaping product, VUSE CBD Zone. This latest innovation allows us, for the first time, to offer adult consumers a range of high-quality CBD vaping products from our trusted, global brand, VUSE. This new range is available in three e-liquid flavours: mint, mango, and berry; and two strengths – 50mg and 100mg. It has been developed using the company’s global vaping expertise, world-class science, product stewardship, and robust supply chain sourcing.
• Disposable E-Cigarette
• E-Go Electronic Cigarette and Tanks
• Rechargeable E-Cigarette
• Modular Devices
• Rebuildable Atomizer
Distribution Channels Covered:
• Online Store
• Vape Shops
End Users Covered:
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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