summary:
The global e-cigarette market size is expected to reach USD 35.017 billion in 2024, with a CAGR of 29.17%. Convenient supply, technological innovation and flavor product portfolio drive market growth. Rechargeable e-cigarettes and tobacco flavors account for the largest market share.
Overview of the Global E-cigarette Industry
According to Betzers Consulting, the global e-cigarette market size will be US$ 35.017 billion in 2024 , with a compound annual growth rate of 29.17% from 2024 to 2029 .
E-cigarette devices consist of a mouthpiece, a battery, a cartridge to hold the e-liquid or e-juice, and a heating component of the device powered by the battery. When the device is used, the battery heats the component, turning the contents of the e-liquid into an aerosol that is inhaled into the lungs and then exhaled.
Market drivers
The easy availability of e-cigarettes across many distribution channels is boosting the growth of the market. E-cigarette manufacturers are promoting and selling their products through kiosks and dedicated in-store centers in large retail stores and grocery stores. E-cigarette vendors have also established stores and sales outlets to provide e-cigarette and vaping experience similar to that offered in clubs. Traditional smokers prefer these stores as they can get a variety of flavors and better smoking equipment at these places. These designated stores and sales outlets are expanding the consumer base of a single e-cigarette vendor, thereby driving the market growth.
Technological innovation strengthens product functions
Technological innovation strengthens product functions, and new e-cigarette products are favored by young consumers. As e-cigarette products gradually develop from the first and second generations to the third generation, e-cigarettes and e-cigarette products no longer only have the function of reducing harmful substances. Their different flavors, personalized cartridges, and the smoke effects they have have become the driving factors for young consumers to buy new e-cigarettes and e-cigarette products.
Global e-cigarette market size
Expanding flavor portfolio is a key market trend
Flavor and fragrance suppliers are launching several new flavors to attract more customers and manufacturers of e-cigarette and vaping products. Different flavors of bubble gum, cola, methanol, chocolate, fusion fruit, mint flavor cartridges have attracted a considerable number of people to vape. Users in North America and Europe, mainly in Canada, the United States, and the United Kingdom, have shown a significant shift towards flavored e-cigarettes and vaping products. Therefore, with the rapid popularity of flavors in the e-cigarette and vaping market, these suppliers are launching flavors in large quantities, and this factor has brought more development opportunities to the e-cigarette and vaping market.
market segmentation
By type, rechargeable e-cigarettes hold the largest market share. Rechargeable e-cigarettes have a key difference from disposable series e-cigarettes : users can recharge the battery and continue to use the same e-cigarette for a period of time. Rechargeable e-cigarettes also have more flavor options because users can usually refill them with different e-cigarette liquids. Rechargeable e-cigarettes have changed the way e-cigarette users enjoy the e-cigarette experience. From battery durability to saving money, rechargeable e-cigarettes have many advantages.