E-Cigarette Market by Product and Geography - Forecast and Analysis 2020-2024

 

The global e-cigarette market is expected to grow at a CAGR of over 17% during the forecast period. Based on the product, the global e-cigarette market has been segmented into the modular e-cigarette, next-generation products, rechargeable e-cigarette, and disposable e-cigarette.

 

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Modular e-cigarette constituted the largest segment in 2019, while the smallest segment was disposable e-cigarette. Though modular e-cigarette has delivered a superior growth performance compared to the overall market, it is expected to worsen its relative position by the end of the forecast period. This indicates that its superior growth performance is overtaken by an even faster-growing segment.  

 

The modular e-cigarette design refers to a battery, a cartomizer, and a cartridge. Despite the complexity, the three-unit e-cigarette is highly functional and easy to use. Modular e-cigarettes are becoming popular among consumers as they can be customized in terms of the amount of vapor, variable voltage, battery strength, and e-liquid juice choice. The segment is witnessing the launch of new products. For instance, in December 2018, British American Tobacco launched a new e-cigarette, iSwitch Maxx, under its Vype brand. However, stringent regulations about the sales, advertisement, and marketing of e-cigarettes in various countries can negatively affect the growth of the segment in the global e-cigarette market during the forecast period. 

 

Knowing These Things Will Make Your E-cigarette Market Size Look Amazing

The global e-cigarette market size is expected to grow at a CAGR of 22.35% during the forecast period. Based on the product, the global e-cigarette market has been segmented into modular e-cigarette, next-generation products, rechargeable e-cigarette, and disposable e-cigarette. 

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Next-generation products include heat-not-burn (HNB) tobacco products. HNB products heat tobacco rather than burning it, unlike traditional cigarettes. The process creates flavorful nicotine-containing vapor. Players in the market claim that the HNB products are safer than traditional cigarette products as they release fewer toxins since the tobacco is not burned. Realizing the growing popularity of HNB products among consumers, players are focusing on coming up with new products. 

For instance, in July 2018, British American Tobacco launched the new edition of its glo product in South Korea. In October 2018, PHILIP MORRIS INTERNATIONAL launched its IQOS 3, the latest version of IQOS, in the Japanese market. Japan was the largest market for HNB products by revenue in 2018. Hence, the next-generation products segment is expected to grow significantly, contributing to the global e-cigarette market size during the forecast period. 

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