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How large is the e-cigarettes market, and what is its growth trajectory?
The e-cigarettes market size has grown rapidly in recent years. It will grow from $23.65 billion in 2024 to $26.42 billion in 2025 at a compound annual growth rate (CAGR) of 11.7%. The growth in the historic period can be attributed to smoking cessation and harm reduction, vaping culture, flavor diversity, reduced secondhand smoke, marketing and advertising.
The e-cigarettes market size is expected to see rapid growth in the next few years. It will grow to $42.8 billion in 2029 at a compound annual growth rate (CAGR) of 12.8%. The growth in the forecast period can be attributed to smoking alternatives, regulatory environment, smoking cessation aid, reduced health risks, flavor innovation. Major trends in the forecast period include flavor preferences, heat-not-burn technology, tobacco and cannabis integration, e-cigarette technology.
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What are the key forces behind the e-cigarettes market’s growth in recent years?
Rising awareness of health issues caused by smoking conventional tobacco cigarettes among the smoking population is driving the growth of the e-cigarette market. Conventional tobacco cigarettes release toxic compounds that adversely affect the health of the individual. The e-cigarettes are less toxic and safer compared to conventional tobacco cigarettes. For instance, the British American Tobacco company released the Vype iSwitch and Vype iSwitch Maxx based on Puretech blade technology, which involves using an ultra-slim stainless-steel blade to heat e-liquid and create vapor. The vapor products do not burn tobacco, the vapor contains significantly lower levels of toxicants than the smoke created when burning tobacco. Therefore, e-cigarettes have reduced risk properties compared to traditional cigarettes.
What are the major segments of the e-cigarettes market?
The e-cigarettes market covered in this report is segmented –
1) By Product Type: Disposable, Rechargeable, Modular
2) By Composition Used: Tobacco, Flavors, Nicotine-free
3) By Distribution Channel: Specialist E-Cig Shops, Online, Super markets, Tobacconist, Other Distribution Channels
Subsegments:
1) By Disposable: Prefilled Disposable E-Cigarettes, Blank Disposable E-Cigarettes
2) By Rechargeable: Rechargeable Pod-Based E-Cigarettes, Rechargeable Cig-A-Like E-Cigarettes
3) By Modular: Vape Mods, Vape Pens, Tank Systems
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Which companies dominate the e-cigarettes market?
Major companies operating in the e-cigarettes market include Philip Morris International Inc., Altria Group Inc., British American Tobacco plc, Japan Tobacco Inc., Imperial Brands plc, Njoy Inc., International Vapor Group Inc., Reynolds American Inc., Kimree Inc., Innokin, Healthier Choices Management Corp., ITC Limited, J WELL, Nicotek LLC, NicQuid LLC, R.J. Reynolds Vapor Company, Shenzhen IVPS Technology Co. Ltd., Shenzhen KangerTech Technology Co. Ltd., Vapor Hub International Inc., KangerTech, Shoreditch, Ritchy Group, Vapouriz Limited, Apollo Electronic Cigarettes, Vape Emporium Limited, JUUL Labs Inc., Breeze Smoke LLC, Logic Technology Development LLC, V2 Cigs, Green Smoke LLC, White Cloud Electronic Cigarettes, VaporFi Inc., South Beach Smoke LLC, SmokeTip LLC
What major trends will shape the e-cigarettes market during the forecast period?
An increasing number of mergers and acquisitions between traditional cigarette and e-cigarette manufacturers is trending in the e-cigarette market. Traditional cigarette manufacturing companies and e-cigarette manufacturers are collaborating for product development or to improve their presence in the global market. For instance, British American Tobacco PLC., (BAT) an American British multinational cigarette and tobacco manufacturing company, acquired Reynolds American Inc. for $49 billion. The acquisition favored BAT to have a stable presence in high-growth emerging markets and high-profitability developed markets. Reynolds American Inc. is an American tobacco company that manufactures tobacco products and e-cigarettes.
What are the key regional dynamics of the e-cigarettes market, and which region leads in market share?
Asia Pacific was the largest region in the e-cigarettes market in 2023. The regions covered in the e-cigarettes market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
What Does The E-Cigarettes Market Report 2025 Offer?
The e-cigarettes market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
An e-cigarette is a handheld battery-operated electronic device that contains a solution of nicotine, glycerine, and flavorings which turns into a mist that can be inhaled by the user. These are available in various flavors such as mint, menthol, and chocolate.
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