Global Development Trends of Electronic Cigarettes

Market Definition：

E-cigarettes or Electronic Nicotine Delivery Systems (ENDS) are devices that heat a liquid containing nicotine to create an aerosol which can be inhaled by the user. These products vary largely in size, function, and price, from low-cost disposable cig-a-like e-cigarettes to relatively expensive refillable tank devices. Introduced as an alternative tobacco product, e-cigarettes are mostly consumed in North America and Europe, whereas they are banned or strictly regulated in many countries in Central and South America as well as in Asia.

Both devices and their contents (e.g., e-liquids, vaping pods, nicotine salt) are included in the analyses. Unlike combustible tobacco products, the tobacco contents and the prices of different kinds of e-cigarette products are not directly comparable, therefore, the volume and price data are not displayed.

Due to a ban either on the entire segment or on nicotine-containing products, the following countries are excluded: Argentina, Australia, Bahrain, Bhutan, Brazil, Brunei Darussalam, Cambodia, Colombia, Gambia, India, Iran, Japan, Jordan, Kuwait, Lebanon, Malaysia, Mauritius, Mexico, Nepal, Nicaragua, Norway, Oman, Panama, Qatar, Saudi Arabia, Seychelles, Singapore, Sri Lanka, Suriname, Tajikistan, Thailand, Timor-Leste, Turkey, Turkmenistan, Uganda, Taiwan, Hong Kong and Uruguay.

Growing Trend

The E-Cigarettes market is projected to generate a revenue of US$26.0bn in 2024.

It is anticipated to experience an annual growth rate of 3.93% (CAGR 2024-2029) on a global scale.

Among all countries, in the United States leads in terms of revenue generation, with an estimated revenue of US$8,827m in 2024.

Considering the total population, the per capita revenue generated in 2024 amounts to US$3.99.

This indicates the average revenue each individual contributes to the market in the Worldwide.

Despite increasing regulations in many countries, the e-cigarette market in the United States continues to thrive, fueled by a growing number of young adult consumers.

This report on the global e-cigarette market provides comprehensive insights and analyses that answer the following key questions:

• The global e-cigarette market size is expected to grow from USD 22.5 billion in 2022 to USD 47.5 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 13.5% during the forecast period from 2023 to 2028.

• Growing consumer health awareness
• Rapidly evolving social media and influencer marketing
• Diversification and product development

• Product Category
• Channel
• Region

• The disposables market is already dominant and is likely to remain so until 2028.

• North America holds the highest market share.

Analyst Opinion

Over the past decade, the E-Cigarettes segment has emerged as one of the fastest-growing segments in the Tobacco Products market, mainly owing to the younger generations. One reason for this is that e-cigarettes are perceived as reduced-risk products. In fact, in the Statista Global Consumer Survey conducted in early 2022, 27% of Millennial / Generation Y respondents in the U.S. stated that they used e-cigarettes, compared to an overall average of 19%. Similarly, the survey revealed that 17% of the Millennial / Generation Y population in Japan smoked e-cigarettes, compared to an overall average of 14%. The reasons most frequently cited by respondents for smoking e-cigarettes include lower pricing of e-cigarettes in comparison to other tobacco products and the availability of a wide variety of flavors.

One other reason for the market’s growth has been the growing acceptance of e-cigarettes in countries where these products were initially banned. The UAE, for instance, lifted the ban on e-cigarettes in 2019, and Egypt followed suit in 2021. Moreover, some countries, such as New Zealand and Denmark, are planning to curb the sales of traditional cigarettes in the medium term, a move which augurs well for the E-Cigarettes market.