According to a new report, ‘Electronic Cigarette Market 2022–2031′ The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape.
The global electronic cigarettes market was valued at $17,301.0 Million in 2020, and is projected to reach $94,316.6 Million by 2031, registering a CAGR of 16.8% from 2022 to 2031. The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape.
The increased knowledge of e-cigarettes being safer than traditional cigarettes, particularly among the younger population, drives the growth of the global electronic cigarette market. However, side effects of e-cigarettes restrain the growth to some extent. On the other hand, players’ continual improvement in new product development present new opportunities in the upcoming years.
In recent years, market participants have placed an emphasis on raising knowledge of e-cigarettes and vape devices, particularly among adult smokers. JUUL Labs, Inc., for example, launched a marketing campaign in January 2019 to educate adult smokers about the negative effects of traditional combustible cigarettes and encourage them to switch to e-cigarettes & vape devices. During the forecast period, such marketing strategies are expected to boost market expansion.
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The global electronic cigarette market is segmented on the basis of product type, flavor, distribution channel, and region. On the basis of product type, the market is divided into disposable, rechargeable, and modular. Modular electronic cigarette is the most popular among others as it can be refilled and allows the user to regulate the power delivered from the system’s battery to the atomizer. As a result, electronic cigarette products production is expected to be the leading segment during the forecast period.
On the basis of sales channels, market is divided into specialist E-Cig shops, online, supermarkets, tobacconist, and others. Physical routes to market continue to be the most popular channel for purchasing electronic cigarettes. While making their initial purchase, consumers are reassured by specialized e-cig businesses to acquire familiarity with the product. E-cigarette specialty stores have a unique selection of electronic cigarette devices and other accessories.
Based on flavor, the tobacco segment held the largest market share in 2020, holding more than one-fourth of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the same segment is projected to register the highest CAGR of 18.2% from 2021 to 2030.
Based on region, Europe contributed to the highest share in terms of revenue in 2020, holding nearly one-third of the global aircraft tires market, and is estimated to continue its dominant share by 2030. Moreover, Asia-Pacific region is projected to manifest the fastest CAGR of 18.1% during the forecast period.
COVID-19 scenario:
○ The COVID-19 pandemic disrupted the sales of electronic cigarettes through general stores, which resulted in shift of consumers toward online sales channels to purchase consumer electronic products, thus driving the growth of online sales in e-cig products.
○ However, with ease in lockdown restrictions and improved logistics, the consumer goods industry is expected to grow.
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The key players profiled in the report include Altria Group, British American Tobacco, Imperial Brands, International Vapor Group, Japan Tobacco, NicotekLlc, Njoy Inc., Philip Morris International Inc., Reynolds American Inc., and VmrFlavoursLlc.
Key Benefits For Stakeholders:
• The report provides an extensive analysis of the current and emerging electronic cigarette market trends and opportunities.
• The report provides detailed qualitative and quantitative analysis of the current trends and future estimations that help evaluate the prevailing electronic cigarette market opportunities in the market.
• The electronic cigarette market forecast is offered along with information related to key drivers, restraints, and opportunities.
• The electronic cigarette market analysis is conducted by following key product positioning and monitoring the top competitors within the market framework.
• The electronic cigarette market provides extensive qualitative insights on the potential and niche segments or regions exhibiting favorable growth.
Related Reports:
○ Menthol Cigarette Market to Witness a Pronounce Growth During 2022-2031
○ Cigarette Paper Market is estimated to reach $2.2 billion by 2031
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