A recent research study by MarkNtel Advisors has revealed that the Global E-Cigarette Market is set to record around 3.3% CAGR during 2023-28. The growing awareness among consumers of the harmful effects of tobacco-based cigarettes, their increasing willingness to quit smoking tobacco products, and the benefits of e-cigarettes like zero smoke & pollution, reduced health-related issues, and the freedom to smoke in public areas are the prime aspects projected to drive the market in the forecast years.
Additionally, growing efforts of several small firms that offer effective vaping products & e-liquids toward expanding their consumer base while keeping the prices low are also expected to boost the sales of the market in the coming years, to be backed by the outsourcing of production to China. Furthermore, online distribution channels are also creating remunerative prospects for e-cigarette vendors in the context of security & reliability, i.e., another factor likely to spur growth in the market through 2028.
Increasing Demand for Rechargeable E-Cigarettes to Boost the Market through 2028
Rechargeable e-cigarettes are battery-powered devices gaining popularity in several countries, especially among the young generation, and hold a prominent market share globally. They are cost-effective, emit less smoke, and can be charged through a simple USB port. In addition, they can be reused & refilled and have interchangeable cartridges, which allow users to try a wide variety of flavors at affordable pricing.
With Massive Demand in the US & Canada, North America holds a Prominent Market Share
The rising use of vaping devices by the youth as a safer alternative to tobacco-based cigarettes and the increasing availability of flavors in the US are the prime aspects driving the North America E-Cigarette Market. In addition, the presence of big tobacco companies, the perception of electronic cigarettes as a fashion appeal, and the growing practice of nicotine-free e-liquids as they generate smoother vapes than other variants are other prominent aspects stimulating the regional market growth.
Moreover, the implementation of TVPA (Tobacco and Vaping Products Act) in Canada to enhance the accessibility to adults and shift their focus from conventional tobacco products while also restraining the sales of vapes & tobacco products to minors is also expected to boost the industry in North America.
The key companies operating in the Global E-Cigarette Market include British American Tobacco PLC, Philip Morris International Inc., Altria Group, Inc., Imperial Brands PLC, JWEI Group, J Well France, Japan Tobacco Inc., Ritchy Group Limited, Juul Labs Inc., Innokin Technology, NJOY Inc., R. J. Reynolds Vapor Company, Shenzhen Kanger Technology Co., Ltd., and NicQuid.
Key Questions Answered in the Research Report