The Global E-cigarette Market is Expected to Reach $94.3 Billion by 2031

According to a new report, the global e-cigarette(HNB tabak supplier) market is worth $17.301 billion in 2020 and is expected to reach $94.316.6 billion by 2031, with a compound annual growth rate of 16.8 percent between 2022 and 2031.


The growing understanding that e-cigarettes(heated tobacco) are safer than traditional cigarettes, especially among young people, is driving the growth of the global e-cigarette market. However, the side effects of e-cigarettes have somewhat curbed growth. On the other hand, players’ continued improvement in new product development opens up new opportunities for years to come.


In recent years, market participants have focused on raising awareness of e-cigarettes(Heat not burn tobacco heatsticks) and vaping devices, especially among adult smokers. JUULLabs,Inc., for example, launched a marketing campaign in January 2019 to educate adult smokers about the negative effects of traditional combustible cigarettes and encourage them to switch to e-cigarettes and vaping devices. Such marketing strategies are expected to promote market expansion during the forecast period.


The global e-cigarette market is segmented on the basis of product type, taste, distribution channel and region. According to the product type, the market is divided into disposable, rechargeable and modular. Modular e-cigarettes are among the most popular because they can be refilled and allow the user to adjust the power transferred from the system battery to the nebulizer. As a result, the production of e-cigarette products is expected to be a dominant segment during the forecast period.


Based on taste, the tobacco segment accounted for the largest market share in 2020, accounting for more than a quarter of the total market share, and is expected to continue its leading position during the forecast period. In addition, the same segment is projected to have the highest CAGR of 18.2 percent from 2021 to 2030.


According to sales channels, the market is divided into e-cigarette specialty stores, online stores, supermarkets, and tobacco stores. Physical channels to market remain the most popular way to buy e-cigarettes. At the time of initial purchase, professional e-cigarette companies reassure consumers to familiarize themselves with the product. Vape specialty stores have a unique selection of vape devices and other accessories.


By region, Europe contributed the most revenue in 2020, accounting for nearly a third of the global market, and is expected to continue to dominate through 2030. In addition, the Asia-Pacific region is expected to record the fastest CAGR of 18.1 per cent over the forecast period.