ELECTRONIC CIGARETTE AND VAPING MARKET REPORT OVERVIEW
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The global electronic cigarette and vaping market size was USD 2046 million in 2022 and market is projected to touch USD 2958.07 million by 2032 at CAGR 3.7% during the forecast period.
Electronic cigarettes, commonly known as e-cigarettes, replicate the appearance, smoke, taste, and tactile sensations of traditional cigarettes. Consisting of an atomizer, control chip, and battery, these devices operate by converting the liquid within them into vapour through atomization. The process involves transferring the e-liquid to the atomization chamber, initiating the smoking air switch, and activating the control chip (powered by a lithium battery) to heat the atomization chamber, producing a vapor fog that mimics cigarette smoke. This mechanism aims to satisfy the cravings and psychological habits developed by smokers over the years. Despite the visual and sensory similarities to conventional smoking, e-cigarettes deliver nicotine in vapour form, and users engage in "vaping" to inhale the aerosol created by the device.
While some studies suggest that e-cigarettes may pose fewer health risks compared to traditional combustible cigarettes, they are not without their own set of concerns. The aerosol emitted by e-cigarettes can contain nicotine, ultrafine particles, various flavourings, volatile organic compounds, and potentially carcinogenic chemicals. Nicotine, a highly addictive substance, remains a central component, exposing users to the addictive properties associated with tobacco use. The long-term health effects of e-cigarettes are still not comprehensively understood, emphasizing the need for further research to assess their safety and effectiveness, particularly in the context of smoking cessation.
COVID-19 Impact: Pandemic exacerbates the harmful effects of e-cigarettes on health and disrupts market dynamics adversely
The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.
E-cigarette usage is associated with respiratory issues such as asthma and chronic obstructive pulmonary disease (COPD), rendering the lungs more vulnerable to infections, notably during a pandemic. These conditions compromise respiratory health, heightening the risk of severe outcomes when exposed to the virus. The use of e-cigarettes may exacerbate respiratory weaknesses, increasing susceptibility to pandemics and other infections. As the ongoing pandemic underscores the importance of respiratory well-being, the association between e-cigarette use and heightened respiratory risks emphasizes the need for individuals to prioritize lung health and reduce the impact of respiratory conditions during this public health crisis.
LATEST TRENDS
"Newer devices featuring variable power settings contribute to driving the market"
Modern electronic cigarette devices are equipped with an advanced feature known as variable power settings. This innovative functionality enables users to customize their vaping experience by adjusting various parameters. Users can increase the temperature within the device, influencing the overall heat applied to the e-liquid. Additionally, variable power settings control the amount of vapour or aerosol produced during each puff, allowing users to tailor the density of the vapour clouds to their preference. Furthermore, this feature influences nicotine delivery, enabling users to regulate the intensity of nicotine release. Variable power settings represent a technological advancement in electronic cigarettes, providing a personalized and adaptable vaping experience for users seeking greater control over temperature, vapour production, and nicotine delivery.
ELECTRONIC CIGARETTE AND VAPING MARKET SEGMENTATION
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- By Type
Based on type the global market can be categorized into Mechanical E-cigarettes (Mods) and Rechargeable.
Mechanical E-cigarettes (Mods): Mechanical e-cigarettes, commonly known as mods, offer a customizable vaping experience, allowing users to adjust power output, airflow, and resistance. These battery-powered devices include advanced features such as temperature control, variable wattage, and bypass mode, providing users with a personalized experience. Unlike rechargeable e-cigarettes, mods lack a built-in battery. However, their intricate features demand a certain level of user knowledge and experience for safe operation. Popular among seasoned vapers, mechanical e-cigarettes attract those who seek a hands-on approach to tailor their vaping encounters.
Rechargeable E-cigarettes: Rechargeable e-cigarettes, featuring a built-in battery, offer user convenience by eliminating the need for separate battery purchases and replacements. Their user-friendly design requires minimal manual adjustments, making them more accessible for beginners. Despite limited customization options compared to mechanical e-cigarettes, the lower cost of rechargeable devices broadens their appeal to a wider user base. Recognized for their ease of use and affordability, rechargeable e-cigarettes are often recommended for newcomers entering the vaping world.
- By Application
Based on application the global market can be categorized into Online and Offline.
Online Application: Online platforms offer consumers a convenient way to access e-cigarettes and vaping products from any location. These platforms provide a diverse array of offerings, including various flavours, brands, and types. Competitive pricing on online retail sites often makes e-cigarettes more affordable for consumers compared to brick-and-mortar stores. Additionally, discreet delivery options cater to the preferences of some consumers. The inclusion of customer reviews and ratings on these platforms assists purchasers in making informed decisions, contributing to a comprehensive and user-friendly online shopping experience.
Offline Application: Offline stores provide a tactile experience for consumers, enabling them to physically interact with and test e-cigarettes and vaping products, catering to the preferences of some buyers. The immediacy of purchases in brick-and-mortar stores offers instant gratification for consumers seeking swift access to e-cigarettes. Knowledgeable staff at offline stores often provide personalized advice and recommendations, enhancing the customer experience. Additionally, these physical locations serve as social hubs where consumers can engage with others who share similar interests, fostering a sense of community within the vaping culture.
DRIVING FACTORS
"Growing awareness of safer tobacco options drives consumers to switch to e-cigarettes boosting the market"
The growing perception that e-cigarettes represent a safer alternative to traditional tobacco products has spurred increased awareness of potentially safer options within the realm of tobacco consumption. This belief has catalyzed a significant shift in consumer behaviour, motivating individuals to transition from traditional tobacco to e-cigarettes. The notion of perceived safety revolves around the idea that the absence of combustion in e-cigarettes results in reduced exposure to harmful substances typically associated with the combustion of tobacco. Consequently, consumers increasingly view e-cigarettes as a potentially less harmful option. This evolving perception has not only impacted individual choices but has also contributed to a broader cultural shift towards favouring e-cigarettes as a preferable and perceived safer alternative within the landscape of tobacco consumption.
"Increasing ability to customize e-cigarettes and vaping devices is poised to expand the market"
The surging popularity of the global electronic cigarette and vaping market growth can be partly attributed to the availability of extensive customization options. Users are empowered with the capability to tailor their vaping experience by fine-tuning various parameters within these devices. This includes the flexibility to adjust power output, enabling users to control the intensity and warmth of each puff. Additionally, customization extends to airflow adjustments, allowing individuals to modulate the volume and density of vapour produced. Users can further personalize their experience by manipulating resistance settings. This customization not only caters to individual preferences but also enhances the overall satisfaction derived from vaping. The versatility and adaptability offered by these customization options play a pivotal role in attracting a diverse user base and contributing to the widespread appeal of e-cigarettes and vaping devices.
RESTRAINING FACTORS
"Lung and cardiovascular diseases are expected to impede the market"
The anticipated market expansion for both smoking and vaping products is expected to face constraints due to the adverse health repercussions associated with these activities. Smoking and vaping have been linked to detrimental health outcomes, encompassing conditions such as lung cancer, chronic obstructive pulmonary disease (COPD), and cardiovascular disorders. These health concerns pose significant barriers to the expected growth in the market for smoking and vaping products. Instances of lung cancer, a severe and often fatal ailment, have been correlated with smoking, while chronic obstructive pulmonary disease represents a debilitating respiratory condition that can be exacerbated by both smoking and vaping. Furthermore, cardiovascular disorders, including heart diseases, present heightened risks for individuals engaged in smoking and vaping practices. These potential health hazards act as substantial deterrents, impeding the otherwise expected expansion of the market for smoking and vaping products.
ELECTRONIC CIGARETTE AND VAPING MARKET REGIONAL INSIGHTS
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"North America's e-cigarette market is driven by the increasing popularity among teenagers"
The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.
The surge in the global electronic cigarette and vaping market share, particularly among adolescents in North America, has become a pivotal factor driving the region's market expansion. The rising prevalence of e-cigarette usage among teenagers has played a significant role in shaping market dynamics, resulting in increased sales and market penetration. Factors influencing this trend may include marketing strategies targeting younger audiences, the availability of appealing flavours, and the perception of e-cigarettes as trendy or socially acceptable. As teenagers continue to embrace e-cigarettes as their preferred choice for nicotine consumption, the North American market has experienced notable growth. This surge in popularity among adolescents introduces unique challenges related to public health and underscores the need for targeted measures to address and regulate e-cigarette use among this demographic.
KEY INDUSTRY PLAYERS
"Key industry players are strategizing to strengthen their positions and drive the market"
Key industry players in the e-cigarette and vape market are employing diverse strategies to fortify their positions, with a notable focus on introducing new products or services. Through the implementation of these strategies, these market leaders aspire to attain a competitive advantage and solidify their presence within the expanding market. The adoption of innovative approaches, particularly the launch of novel products or services, serves as a dynamic means for companies to differentiate themselves, attract consumers, and foster brand loyalty. This proactive stance aligns with the overarching goal of securing a substantial share of the burgeoning market, reflecting the recognition of the competitive landscape. The ongoing pursuit of strategic initiatives by key players aims to navigate and thrive in the dynamic e-cigarette and vape industry.
List of Market Players Profiled
- JUUL Labs (U.S.)
- Vuse (U.S.)
- MarkTen (U.S.)
- Blu (U.S.)
- Logic (U.S.)
- Comp Lyfe (U.S.)
- RNV Designs (U.S.)
- Timesvape (U.S.)
- SR Vapes (U.K.)
INDUSTRIAL DEVELOPMENT
March 2023: Altria has announced its intention to acquire NJOY Holdings, Inc. through a definitive agreement. This strategic move is geared towards accelerating the broad acceptance and adoption of NJOY ACE among U.S. adult smokers and competitive adult vapers. By leveraging Altria's market presence and resources, the goal is to achieve growth that NJOY may not have reached as an independent entity.
REPORT COVERAGE
The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.
The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 2046 Million in 2022 |
Market Size Value By |
US$ 2958.07 Million by 2032 |
Growth Rate |
CAGR of 3.7% from 2022 to 2032 |
Forecast Period |
2024-2032 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered | |
By Type
|
|
By Application
|
Frequently Asked Questions
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What value is the electronic cigarette and vaping market expected to touch by 2032?
The global electronic cigarette and vaping market is expected to reach USD 2958.07 million by 2032.
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What CAGR is the electronic cigarette and vaping market expected to exhibit by 2032?
The electronic cigarette and vaping market is expected to exhibit a CAGR of 3.7% by 2032.
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Which are the driving factors of the electronic cigarette and vaping market?
Growing awareness of safer tobacco options drives consumers to switch to e-cigarettes, and increasing the ability to customize e-cigarettes and vaping devices are some of the driving factors of the market.
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What are the key electronic cigarette and vaping market segments?
The key market segmentation that you should be aware of, which include, Based on type the electronic cigarette and vaping market is classified as Mechanical E-cigarettes (Mods) and Rechargeable. Based on application the electronic cigarette and vaping market is classified as Online and Offline.