Fastest Growing and Highest Revenue E-Cigarette Market Segments, Key Trends, Competitive Scenario

electronic cigarette market

According to a new report, the global e-cigarette market is segmented on the basis of product type, flavor, distribution channel, and region.

The distribution of e-cigarettes in some countries, along with the establishment of stringent legal frameworks is restraining the growth of the market.

—Shankar Bhandalkar

5933 NE WIN SIVERS DRIVE, PORTLAND, OR, USA, Sept. 28, 2022 / — According to a new report, “E-Cigarette Market 2022-2031”, the report offers an in-depth analysis of growth strategies Keys, Drivers, Opportunities, Key Segment, Porter’s Five Forces Analysis and Competitive Landscape. According to Verified Market Research, Global Electronic Cigarette Market was valued at USD 17,301.0 Million in 2020 and is projected to reach USD 94,316.6 Million by 2031, registering a CAGR of 16.8% from 2022 to 2031.

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The increased knowledge that e-cigarettes are safer than traditional cigarettes, especially among young people, is driving the growth of the global e-cigarette market. However, the side effects of electronic cigarettes limit the growth to some extent. On the other hand, the continuous improvement of players in the development of new products presents new opportunities in the coming years.

In recent years, market players have focused on improving knowledge about e-cigarettes and vaping devices, especially 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 fuel-powered cigarettes and encourage them to switch to e-cigarettes and vapes. During the forecast period, these marketing strategies are expected to drive the expansion of the market.

The global e-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. The modular electronic cigarette is the most popular among others because it can be recharged and allows the user to regulate the power delivered by the system battery to the atomizer. Accordingly, the production of e-cigarette products is expected to be the leading segment during the forecast period.

Based on flavor, the tobacco segment held the largest market share in 2020, holding more than a quarter of the total market share, and is expected to maintain its leading status during the forecast period. Moreover, the same segment is expected to register the highest CAGR of 18.2% from 2021 to 2030.

Based on sales channels, the market is divided into specialty E-Cig stores, online, supermarkets, tobacco and others. Physical routes to market remain the most popular channel for purchasing e-cigarettes. During their first purchase, consumers are reassured by companies specializing in e-cigs to familiarize themselves with the product. Specialty e-cigarette stores carry a unique selection of e-cigarette devices and other accessories.

Based on region, Europe contributed the highest share in terms of revenue in 2020, holding almost a third of the global aircraft tire market, and is expected to maintain its dominant share by 2030 Moreover, the Asia-Pacific region is expected to manifest the fastest CAGR of 18.1% during the forecast period.

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COVID-19 scenario:

○ The COVID-19 pandemic has disrupted e-cigarette sales in general stores, resulting in consumers moving to online sales channels to purchase consumer electronics, thus driving the growth of online sales of e-cig products.
○ However, with the ease of lockdown restrictions and improved logistics, the consumer goods industry is expected to grow.

The major players profiled in the report are Altria Group, British American Tobacco, Imperial Brands, International Vapor Group, Japan Tobacco, NicotekLlc, Njoy Inc., Philip Morris International Inc., Reynolds American Inc. and VmrFlavoursLlc.

Main benefits for stakeholders:

○ The report provides an in-depth analysis of current and emerging E-Cigarette market trends and opportunities.
○ The report provides detailed qualitative and quantitative analysis of current trends and future estimates that help to assess the current Electronic Cigarette market opportunities in the market.
○ Electronic Cigarette Market forecast is offered with information related to key drivers, restraints, and opportunities.
○ E-cigarette market analysis is performed by tracking key product positioning and monitoring key competitors within the scope of the market.
○ The Electronic Cigarette Market provides in-depth qualitative insights on potential and niche segments or regions exhibiting favorable growth.

Reasons to Buy this Electronic Cigarettes Market Report:

○ Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global Electronic Cigarette Market.
○ Highlights key business priorities to guide companies to reform their business strategies and establish themselves in the vast geography.
○ The key findings and recommendations highlight crucial progressive industry trends in the Electronic Cigarette Market, thereby allowing players to develop effective long term strategies in order to garner their market revenue.
○ Develop/modify business expansion plans using substantial growth offering in both developed and emerging markets.
○ Take an in-depth look at the global market trends and outlook coupled with the factors driving the market, as well as those restraining the growth to some extent.
○ Improve the decision-making process by understanding the strategies that drive business interest with respect to products, segmentation, and industry verticals.

Related reports:

○ The cigarette paper market is expected to reach $2.2 billion by 2031
○ The Menthol Cigarettes Market is expected to experience pronounced growth during the period 2022-2031

○ The cigarette paper market is expected to reach $2.2 billion by 2031

○ Electric Pocket Lighters Market by Manufacturer, Region, Type and Application Forecast to 2027


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