The E-cigarette Market to grow at a CAGR of 11.2% from 2021 to 2026; E-cigarettes perceived to be less harmful than other substitutes will drive market growth –Technavio

NEW YORK, Aug. 10, 2023 /PRNewswire/ -- The e-cigarette market is expected to increase to USD 15.57 billion from 2021 to 2026, at an accelerating CAGR of 11.2%, according to Technavio – Download a Sample Report

Technavio has announced its latest market research report titled Global E-cigarette Market

E-cigarette Market Insights -

• Companies: 15+, Including Altria Group Inc., Axcentria Pharmaceuticals, British American Tobacco Plc, E VAPELAB, ePuffer International Inc., Imperial Brands Plc, Innokin Technology Ltd., Japan Tobacco Co., JUUL Labs Inc., KangerTech, Nicopure Labs, NJOY LLC, Philip Morris International Inc., PhixVapor, Shenzhen Eigate Technology Co. Ltd., Shenzhen IVPS Technology Co. Ltd., Turning Point Brands Inc., Vapor4Life Inc., and White Cloud Electronic Cigarettes, among others

• Coverage: Parent market analysis; key drivers, major trends, and challenges; customer and company landscape; company product insights and recent developments; key companies; and market positioning of companies

• Segments: product (modular e-cigarette, next-generation products, rechargeable e-cigarette, and disposable e-cigarette) and geography (North America, Europe, APAC, South America, and Middle East and Africa)

To understand more about the e-cigarette market, request a sample report

E-cigarette Market - Company Insights

The growing competition in the market is compelling companies to adopt various growth strategies, such as promotional activities and spending on advertisements to improve the visibility of their services. Technavio report analyzes the market's competitive landscape and offers information on several market companies, including - Altria Group Inc., Axcentria Pharmaceuticals, British American Tobacco Plc, E VAPELAB, ePuffer International Inc., Imperial Brands Plc, Innokin Technology Ltd., Japan Tobacco Co., JUUL Labs Inc., KangerTech, Nicopure Labs, NJOY LLC, Philip Morris International Inc., PhixVapor, Shenzhen Eigate Technology Co. Ltd., Shenzhen IVPS Technology Co. Ltd., Turning Point Brands Inc., Vapor4Life Inc., and White Cloud Electronic Cigarettes.

E-cigarette Market – Market Dynamics

Key Drivers

E-cigarettes perceived to be less harmful than other substitutes, are key factors driving market growth. When compared to tobacco-based products like cigarettes and cigars, e-cigarettes are seen to be safer. The Centers for Disease Control and Prevention (CDC) estimate that tobacco use results in 7 million deaths annually throughout the world. Smoking cigarettes results in more than 480,000 fatalities in the US each year, and passive smoking causes more than 41,000 deaths. It is well known that smoking tobacco products leads to heart disease, cancer, and respiratory problems. Smoking addiction is brought on by nicotine in tobacco products.

Furthermore, e-cigarettes create a flavored vapor that contains nicotine and promotes tobacco smoking without exposing users' lungs to harmful substances like tar. These cigarettes are thought to be less hazardous than traditional cigarettes since nicotine is produced without burning tobacco. Hence, these factors are expected to drive market growth during the forecast period.

Major Trends

Increasing promotional activities by companies is a major trend in the e-cigarette market. E-cigarette market players are focusing on increasing sales of their products and highlighting the diverse benefits of e-cigarettes by rolling out new marketing and advertising campaigns. This includes launching an advertising campaign aimed at encouraging people to quit smoking. For example, JUUL Labs launched its first TV advertising campaign which features testimonials from adults who used JUUL products to quit smoking. The company claims the ad campaign will target consumers over the age of 35 and will feature testimonials from smokers between the ages of 37 and 54. Thus, these factors are expected to drive market growth during the forecast period.

Significant Challenges

Stiff competition from other nicotine products is a significant challenge restricting market growth. Nicotine patches, nicotine snus, nasal sprays, inhalers, chewing tobacco, and lozenges Alternatives are some of the cigarettes and smokeless tobacco products which represent stiff competition for e-cigarettes. Increasing product launches in the smokeless tobacco product segment by several companies will further challenge the growth of e-cigarettes. Players active in the smokeless tobacco products sector rely on innovative products. Thus, the increasing competition in the market is expected to restrict market growth during the forecast period.

Drivers, Trends & Challenges have an impact on market dynamics and can impact businesses. Find some insights from a sample report!

The e-cigarette market report provides critical information and factual data, with a qualitative and quantitative study of the market based on market drivers and limitations as well as prospects.

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What are the key data covered in this E-cigarette Market report?

· CAGR of the market during the forecast period

· Detailed information on factors that will drive the growth of the e-cigarette market between 2022 and 2026

· Precise estimation of the size of the e-cigarette market and its contribution to the market with a focus on the parent market

· Accurate predictions about upcoming trends and changes in consumer behavior

· Growth of the e-cigarette market across North America, Europe, APAC, South America, and the Middle East and Africa

· A thorough analysis of the market's competitive landscape and detailed information about companies

· Comprehensive analysis of factors that will challenge the growth of the e-cigarette market companies

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