Global E-cigarette Market May Surge Fivefold in 10 Years

A recently released industry report shows that the global e-cigarette market is experiencing rapid growth. The report predicts that the market size will increase from $17.3 billion in 2020 to $94.3 billion by 2031, with a compound annual growth rate (CAGR) of 16.8%.

 

The report highlights that the rise of online sales channels during the COVID-19 pandemic has been a key driver of market growth. Several e-cigarette companies attracted a large number of consumers through marketing strategies such as offering pandemic-related supplies as gifts. In addition, educational marketing campaigns targeting adult smokers have effectively increased awareness and acceptance of e-cigarettes.

 

In terms of product types, modular e-cigarettes, known for their reusability and adjustable power features, are the most popular. Regarding sales channels, physical specialty stores still dominate the market.

 

Geographically, Europe is currently the largest market, but the Asia-Pacific region shows enormous growth potential, with an expected future CAGR of 18.1%.

 

It is worth noting that the impact of e-cigarettes on teenagers is raising increasing concern. According to U.S. media outlet Spectrum News, 2.1 million minors across the country are using e-cigarettes. The report mentions that some new e-cigarette models even come with built-in gaming features, which may further attract young users. This phenomenon highlights the significant social responsibility and regulatory challenges the e-cigarette market faces amid its rapid development.