The global e-cigarette market revenue stood at $15.7 billion in 2019, and it is predicted to surge to $39.0 billion by 2030. According to the estimates of the market research company, P&S Intelligence, the market will progress at a CAGR of 9.2% from 2020 to 2030 (forecast period). The major factors driving the expansion of the market are the abundant availability and social acceptance of electronic cigarettes. In addition, the projection of these devices as safer alternatives to conventional variants is also predicted to propel the progress of the market across the world in the coming years.
Many vaping device producers are actively focusing on marketing and selling their offerings through dedicated in-store hubs at larger retail stores, kiosks, and grocery shops. Moreover, several tobacco companies are also establishing their own stores to provide customers with a vaping experience, which is similar to the one provided at clubs. Smokers are generally more inclined toward these stores as they can get better vaping products and different flavors there. Thus, the surge in the number of these outlets is driving the sales of e-cigarettes.
Read More: E-Cigarette Market Demand
Besides the aforementioned factor, the growing public awareness about environmental and human health is also fueling the worldwide demand for e-cigarettes. The increasing consciousness of people toward health and wellbeing is encouraging the governments of many countries to focus heavily on developing a greener and sustainable environment and ban smoking, especially in public places, such as parks and shopping malls. This is consequently propelling the requirement for e-cigarettes, as they do not generate tobacco smoke and provide a sensation which is similar to the one provided by conventional tobacco-based cigarettes.
Depending on product, the e-cigarette market is divided into vaporizer, cig-a-like, T-vapor, and vape mod. Out of these, the T-vapor category is predicted to demonstrate the highest growth rate in the market in the coming years. T-vapor is very popular in South Korea and Japan, where people are increasingly preferring tobacco flavor and these products, on account of their similarity to conventional tobacco-based products. Besides, the sales of these products are also soaring in the U.S., the U.K., Germany, China, and Russia.