Global E-cigarette & Vaporizer Market Size, Forecast, and Trend Highlights Over 2023 - 2033
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~33% |
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Base Year Market Size (2022) |
~ USD 19 Million |
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Forecast Year Market Size (2033) |
~ USD 46 Million |
The global e-cigarette & vaporizer market is estimated to garner a revenue of ~USD 46 Million by the end of 2033 by growing at a CAGR of ~33% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 19 Million in the year 2022. The growth of the market is primarily ascribed to the increasing health problems caused by smoking cigarette. For instance, apart from nicotine, smoking tobacco poisons lungs, blood, and organs with more than 5,100 chemicals, many of which are carcinogens (chemicals that cause cancer).
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E-cigarette refers to a cigarette shaped device which stimulates the experience of smoking tobacco without inhaling the tobacco. An e-cigarette consists of battery, atomizer and e-liquid. E-cigarettes help the smokers to quit smoking. Consumers prefer e-cigarettes over conventional cigarettes as it do not lead to diseases or death as compared to conventional cigarettes, and reduce the nicotine dependence. For instance, in the UK, smoking causes over 80,000 annual deaths, and thousands more have been suffering from serious illnesses.
Global E-cigarette & Vaporizer Market: Growth Drivers and Challenges
Growth Drivers
- Escalating Use of E-cigarette in Younger Population- Younger generation is more used to smoke cigarette. Individuals who start smoking at a young age have a greater chance to develop a severe nicotine addiction than those who start later in life. Therefore, younger population is now more aware about the drastic effects of smoking. Therefore, the use of e-cigarette is massively increasing in youth to keep the adverse effect of smoking at a bay. For instance, until first quarter of 2022, approximately 18% of 11-18 year olds in the United Kingdom had tried e-cigarette, up from 12% in 2021 and 14% in 2020.
- Rising Adoption of E-cigarette Across the Globe – For instance, the worldwide adult e-cigarette user base increased from approximately 8 million in 2011 to 84 million in 2021.
- Increasing Penetration of Internet - As per the World Bank data, the total number of internet users extended to 60% of the world’s population in 2020.
- Rising Inclination to Quit Smoking – For instance, in 2019, roughly 62% of smokers in England planned to quit smoking. Whereas, 10% intended to do so within the next three months.
- Worldwide Surge in Per Capita Income - As per the World Bank report, in 2021, the worldwide annual per capita income was boosted by 4.8% as compared to 1.5% annual per capita income in 2019.
Challenges
- Imposition of Hefty Tax Rate by the Government
- Unregulated Manufacturing Process
- Imposition of Stringent Trading Laws
The e-cigarette & vaporizer market is segmented and analyzed for demand and supply by distribution channel into departmental store, specialist e-cig shops, online store, tobacconist, pharmacy store, and others. Out of these, the online store segment is anticipated to grow at a significant rate over the forecast period owing to the rising inclination of consumers towards online stores and online shopping, and ease of accessibility of varied types of e-cigarette and vaporizer on online store. For instance, there are approximately 3 billion online shoppers across the globe.
Global E-cigarette & Vaporizer Market Regional Synopsis
Regionally, the global e-cigarette & vaporizer market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest market share by the end of 2033 backed by the growing health concern, and increasing adoption of e-cigarettes and vaporizers in youngsters in the region. As per the data released by the U.S. Food and Drug Administration (FDA), In 2022, approximately 1 in 10 or more than 2.5 million middle and high school students in the United States have been using e-cigarettes.
The global e-cigarette & vaporizer market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Market Segmentation
Our in-depth analysis of the global e-cigarette & vaporizer market includes the following segments:
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By Product Type |
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By Battery Mode |
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By Flavor |
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By Distribution Channel |
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Top Featured Companies Dominating the Global E-cigarette & Vaporizer Market
- Imperial Brands PLC
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- JUUL Labs, Inc.
- British American Tobacco plc
- Pacific Smoke International
- Philip Morris International Inc.
- Altria Group, Inc.
- NicQuid, LLC
- NJOY, LLC
- Reynolds American Inc.
- JT International SA
