Electronic Cigarette Lithium Battery Market Size, Share, Growth and Industry Analysis by Type (Built-In Lithium Battery, And, Replaceable E-Cigarette Lithium Battery) By Application (Cigalike, Ego, And, Mod) Regional Forecast to 2028

Updated On: 15 May 2023

REPORT OVERVIEW

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The global electronic cigarette lithium battery market size was US$ 3260 million in 2021. As per our research the market is expected to generate substantial revenue by 2028, exhibiting a high CAGR of 6.4% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Electronic cigarettes use lithium-ion batteries for charging. Lithium ion batteries are considered to be ideal in electronic cigarettes because they have several characteristics such as rechargeability and high energy density. As compared to normal batteries these batteries have longer life-span and can be used for a long period of time.

Customers are attracted to batteries that are powerful, long-lasting, with sleeker designs. Therefore, manufacturers are aiming to manufacture batteries that are powerful and long-lasting. This is considered as the latest trend in the market.

Many people are transitioning from traditional cigarettes to e-cigarettes. Attraction of young adults towards vaping has further increased the scope of the market. All these factors have resulted in the growth of the electronic cigarette lithium battery market share.

COVID-19 impact: Use of e-cigarettes for Stress Relief During Pandemic Increased Market Growth

The pandemic of COVID-19 resulted in the loss of livelihood of many people and industries. All the markets faced uncertainties due to factors such as social distancing norms, lockdowns, and travel bans. One of the major changes which was observed in all the markets was transition into work from home, and online education.

As a result, many people stayed at home during the pandemic and did not have any access to normal cigarettes. All the normal cigarettes are not reusable and get depleted in a single use. This increased the demand for e-cigarettes as they can be charged and used more than once. E-cigarettes were used as a means of stress relief. These factors increased the demand for electronic cigarettes lithium-ion batteries even during the period of pandemic.

LATEST TRENDS

"Development of Powerful and Long-lasting Batteries to Increase Market Growth"

Key industry players are constantly working on improving the conditions and features of lithium batteries that are used in e-cigarettes. With the support of technology batteries that are stronger, more durable, and, long-lasting are being introduced into the market. Some of the e-cigarettes have lithium batteries that exhibit superfast charging and showcase consistent performance.

There are different models available when it comes to e-cigarettes. Some of them include pod systems, and box mods. Certain chargers are not compatible with many models. However, with several advancements in the market, chargers that are compatible with numerous models are being introduced. All of this is considered as the latest trend in the market.

SEGMENTATION

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• By Type:

The market can be divided on the basis of type into the following segments:

Built-in lithium battery, and, replaceable E-cigarette lithium battery. The built-in lithium battery segment is anticipated to dominate the market during the forecast period.

• By Application:

Classification based on application into the following segment:

Cigalike, ego, and, mod. The cigalike segment is predicted to dominate the market during the research period.

DRIVING FACTORS

"Growing Transition of People from Traditional Cigarettes to E-cigarettes to Accelerate Market Growth"

Electronic cigarette lithium battery is gaining popularity due to the increasing transition of people from traditional cigarettes to electronic cigarettes. In turn the requirement for internal components of e-cigarettes such as lithium batteries is growing. With improvements being introduced in the market, batteries with high quality are being developed. This has reduced the number of accidents and explosions taking place lately.

E-cigarettes are considered to be a less harmful alternative for the traditional cigarettes. The increasing awareness regarding the severe effects of using normal cigarettes has changes the habits of people. Electronic cigarettes are considered a better alternative, even for stress relief. This is increasing the demand for electronic cigarette lithium battery. The above-mentioned factors are prone to have a positive impact on market growth. 

"Rising Practice of Vaping Among Young Adults to Propel Market Growth "

An emerging trend that is very common these days is the vaping practice among young adults. Immense influence of social media has drawn a lot of people towards practices such as vaping. Vapes are electronic cigarettes which are incorporated with lithium or other similar batteries. Many different designs are also being introduced by the manufactures to attract customers to buy them

Vapes and electronic cigarettes with sleeker and prettier designs have been brough into the market. A major development that has been witnessed in the market is the introduction of variety of flavors. In order to manufacture good quality e-cigarettes that provide excellent performance it is very crucial to use reliable lithium batteries. These factors are accelerating electronic cigarette lithium battery market growth.

RESTRAINING FACTOR

"Risk Involved in Usage of Lithium-ion Batteries to Decrease Market Growth"

Even though, lithium batteries are considered to be ideal in the manufacturing of vapes and e-cigarettes they also have many limitations. One of the major disadvantages that is associated with these batteries is that there are many safety issues involved in using them.

In certain situations, these batteries tend to get overheated. They might even explode if they are mishandled. There are several health risks which are associated with vaping and smoking e-cigarettes. They can lead to serious problems such as lung cancers. All of these factors are restraining the market growth and development.

Regional Insights

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"Asia Pacific to Dominate Market Share in Upcoming Years"

Asia Pacific is the leading region in the market. Numerous factors have helped in the growth and development of the market in countries of Asia Pacific. Establishment of pubs, and resto-bars in this region has increased the practice of using electronic cigarettes.

With growing demand for e-cigarettes, the production and sale of electronic cigarette lithium battery has experienced a considerable increase. Many advanced technologies are used in the production of these batteries. All of these reasons have contributed in the market development.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Market Players Profiled

• Samsung (Korea)
• Sony (Japan)
• Panasonic (Japan)
• LG (South Korea)
• EVE Energy (Germany)
• AWT (U.S.)
• HIBATT (U.S.)
• Mxjo (Chin)
• Great Power (China)
• HGB (Cambodia)
• Fest (Netherlands)
• Aspire (Singapore)
• Rongcheng (China)

Report Coverage

The report provides an insight into the industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations. A list of the top industry players has also been listed to provide a better understanding of the market situation.