E-cigarette Market, 37% of Growth to Originate from North America, Technavio

NEW YORK, May 6, 2024 /PRNewswire/ -- The global e-cigarette market size is estimated to grow by USD 21.42 billion from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of about 13.37% during the forecast period.

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Region Outlook

1. North America
2. Europe
3. APAC
4. South America
5. Middle East & Africa

1. North America - The North American market is expected to see significant growth, contributing 37% to the global market during the forecast period. Analysts attribute this growth to factors like the rising popularity of e-cigarettes, particularly among young consumers. In the United States, which serves as the primary revenue generator for the region, e-cigarette usage among middle and high school students is notable, with approximately 2.06 million students reported to have used e-cigarettes in 2021.

• Market players are capitalizing on this trend by offering a diverse range of e-cigarette flavors, frequently introducing new options to cater to consumer preferences. Additionally, there's a growing perception that vaping and e-cigarettes are fashionable, further driving market expansion. With these trends in play, the North American market is poised for continued growth throughout the forecast period.

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Segmentation Overview

1. Distribution Channel
• 1.1 Offline
• 1.2 Online
2. Product 
• 2.1 Modular E-cigarette
• 2.2 Next-generation products
• 2.3 Rechargeable E-cigarette
• 2.4 Disposable E-cigarette
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Fastest growing segment: The offline segment of the e-cigarette market is predicted to grow significantly in the upcoming years. Specialty vape shops, like those dedicated to e-cigarettes and vaping products, are a key contributor to this growth, providing physical locations for consumers to make purchases. In 2017, the offline segment was valued at USD 13.47 billion. These shops offer dedicated sections for various products, creating a unique shopping experience.

• Major offline distribution channels include hypermarkets and supermarkets such as Walmart, Tesco, and Kroger. The increasing number of retail stores is expected to drive segment growth. Conversely, the online segment is also growing due to factors like expansive product options, online payments, and doorstep delivery.
• Market players like Juul Labs, Vaporesso, and Eleaf offer e-cigarettes through online platforms, further fueling segment growth. Both offline and online segments are expected to contribute to overall market growth in the forecast period.

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Research Analysis

The E-Cigarette Market, a significant segment of the Tobacco Products market, caters to individuals worldwide, particularly younger generations. Regulations regarding these products vary from region to region. E-Cigarettes are marketed as reduced-risk alternatives to traditional tobacco products, but they still contain nicotine and aerosol/vapor that may contain toxic substances and harmful chemicals. Next-generation e-cigarettes, including refillable cartridges and vaping devices, have gained popularity among young adult consumers in the last decade.

Zero smoke and no tobacco combustion are key selling points. However, the potential for addiction, especially among Adolescents, is a concern. Nicotine levels in e-cigarettes can vary greatly, and the absence of online age verification makes these products accessible to minors. Single-use counterparts, while convenient, contribute to waste and potential health risks. As the market evolves, it's crucial to address health-related problems associated with e-cigarettes, including nicotine dependence and exposure to harmful substances in public areas. Proper regulations and consumer education are essential to mitigate these risks.

Market Overview

The E-cigarette market is a significant segment of the tobacco industry, featuring various products such as vaping devices, e-liquids, and accessories. Regulatory bodies worldwide are implementing stringent regulations to ensure consumer safety and reduce the appeal of e-cigarettes to minors. The market is driven by factors like increasing consumer preference for less harmful alternatives to traditional cigarettes, technological advancements, and marketing strategies.

E-cigarettes come in various forms, including pod systems, vape pens, and mods, catering to diverse consumer needs. Brands offer a wide range of flavors, nicotine strengths, and designs to attract and retain customers. The market is also witnessing the emergence of new players and collaborations, leading to intense competition. Despite the challenges, the e-cigarette market continues to grow, offering opportunities for innovation and expansion.

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Key Topics Covered:

 1 Executive Summary
 2 Market Landscape
 3 Market Sizing
 4 Historic Market Size
 5 Five Forces Analysis
 6 Market Segmentation
 7 Customer Landscape
 8 Geographic Landscape
 9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
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Website: www.technavio.com/

SOURCE Technavio