A quick peek into the report
Table of Contents
1.1 | Scope of the Report |
1.2 |
Key Learnings |
1.3 | Research Methodology |
1.3.1 | Key Data Points From Primary Sources |
1.3.2 | Key Data Points from Secondary Sources |
1.3.3 | Data Triangulation |
1.3.4 | Bottom-Up Approach (Segmental Analysis) |
1.3.5 | Top-Down Approach (Segmental Analysis) |
1.3.6 | Assumptions and Limitations |
1.3.7 | Assumptions and Limitations for Market Estimation and Forecast |
2.1 | Introduction |
2.2 | Evolution of E-cigarettes |
2.3 | Addressable Market Size and Growth Potential |
3.1 | Impact Analysis of Market Drivers and Challenges |
3.2 | Market Drivers |
3.3 | Market Challenges |
3.4 | Market Opportunities |
4.1 | Key Developments and Strategies |
4.1.1 | Product Launches |
4.1.2 | Mergers and Acquisitions |
4.1.3 | Business Expansions |
4.1.4 | Partnerships and Agreements |
4.1.5 | Awards and Recognitions |
4.2 | Market Share Analysis |
5.1 | Industry Attractiveness |
5.1.1 | Threat of New Entrants |
5.1.2 | Bargaining Power of Buyers |
5.1.3 | Bargaining Power of Suppliers |
5.1.4 | Threat of Substitutes |
5.1.5 | Intensity of Competitive Rivalry |
5.2 | Regulatory Bodies |
5.3 | Compliance and Certifications |
5.4 | Consortia |
6.1 | E-cigarette Market |
6.1.1 | Disposable Cigarettes |
6.1.2 | Rechargeable Cig-a-likes |
6.1.3 | Closed Tank Systems |
6.1.4 | Open Tank Systems |
6.2 | T-Vapor Market |
6.2.1 | T-Vapor Product by Type (Next Generation Products and Infused Products) |
6.2.2 | T-Vapor Market by Brand |
6.2.2.1 | IQOS |
6.2.2.2 | iFuse and Glo |
6.2.2.3 | PloomTech |
7.1 | E-cigarette Aftermarket |
7.1.1 | E-liquids |
7.1.1.1 | Pre-filled E-liquids |
7.1.1.2 | Bottled E-liquids |
7.1.2 | Atomizers |
7.1.3 | Batteries |
7.2 | T-Vapor Device and Tobacco Sticks/Capsules Market |
8.1 | E-cigarette Market By Distribution Channel |
8.1.1 | Online Distribution Channel |
8.1.2 | Retail Distribution Channel |
8.1.2.1 | Vape Shops and Tobacco Shops |
8.1.2.2 | Supermarkets and Convenience Stores |
8.1.2.3 | Others |
8.2 | T-Vapor Market by Distribution Channels |
9.1 | Global E-cigarette Market |
9.1.1 | North America E-cigarette Market |
9.1.1.1 | The U.S. |
9.1.1.2 | Canada |
9.1.2 | Europe E-cigarette Market |
9.1.2.1 | The U.K. |
9.1.2.2 | Germany |
9.1.2.3 | France |
9.1.2.4 | Poland |
9.1.2.5 | Italy |
9.1.2.6 | Rest of Europe |
9.1.3 | APAC E-cigarette Market |
9.1.3.1 | China |
9.1.3.2 | India |
9.1.3.3 | Japan |
9.1.3.4 | Rest of APAC |
9.1.4 | Latin America E-cigarette Market |
9.1.5 | Rest of the World E-cigarette Market |
9.2 | Global T-Vapor Market |
9.2.1 | North America T-Vapor Market by Country |
9.2.2 | Europe T-Vapor Market by Country |
9.2.3 | APAC T-Vapor Market by Country |
9.2.4 | Rest of the World (RoW) |
10.1 | Altria Inc. |
10.1.1 | Overview |
10.1.2 | Product Portfolio |
10.1.3 | Financials |
10.1.3.1 | Financial Summary |
10.1.4 | SWOT Analysis |
10.2 | Apollo Future Technology Limited |
10.2.1 | Overview |
10.2.2 | Product Portfolio |
10.2.3 | SWOT Analysis |
10.3 | British American Tobacco Company |
10.3.1 | Overview |
10.3.2 | Product Portfolio |
10.3.3 | Financials |
10.3.3.1 | Financial Summary |
10.3.4 | SWOT Analysis |
10.4 | Eleaf Electronics Co., Ltd. |
10.4.1 | Overview |
10.4.2 | Product Portfolio |
10.4.3 | SWOT Analysis |
10.5 | Flavourtec SP. Z.O.O. |
10.5.1 | Overview |
10.5.2 | Product Portfolio |
10.5.3 | SWOT Analysis |
10.6 | Japan Tobacco Inc. |
10.6.1 | Overview |
10.6.2 | Product Portfolio |
10.6.3 | Financials |
10.6.3.1 | Financial Summary |
10.6.4 | SWOT Analysis |
10.7 | JUUL Labs |
10.7.1 | Overview |
10.7.2 | Product Portfolio |
10.7.3 | SWOT Analysis |
10.8 | International Vapor Group |
10.8.1 | Overview |
10.8.2 | Product Mapping |
10.8.3 | SWOT Analysis |
10.9 | Innokin Technology Co.Ltd. |
10.9.1 | Overview |
10.9.2 | Product Portfolio |
10.9.3 | SWOT Analysis |
10.10 | Molecule Labs Inc. |
10.10.1 | Overview |
10.10.2 | Product Portfolio |
10.10.3 | SWOT Analysis |
10.11 | Nicopure Labs LLC |
10.11.1 | Overview |
10.11.2 | Product Portfolio |
10.11.3 | SWOT Analysis |
10.12 | NJOY |
10.12.1 | Overview |
10.12.2 | Product Portfolio |
10.12.3 | SWOT Analysis |
10.13 | Philip Morris International, Inc. |
10.13.1 | Overview |
10.13.2 | Product Portfolio |
10.13.3 | Financials |
10.13.3.1 | Financial Summary |
10.13.4 | SWOT Analysis |
10.14 | PAX Labs, Inc. |
10.14.1 | Overview |
10.14.2 | Product Portfolio |
10.14.3 | SWOT Analysis |
10.15 | VMR Products, LLC |
10.15.1 | Overview |
10.15.2 | Product Portfolio |
10.15.3 | SWOT Analysis |
10.16 | Snapshots |
10.16.1 | Gamucci Electronic Cigarettes |
10.16.2 | Healthier Choices Management Corp. |
10.16.3 | Korea Tobacco & Ginseng Corporation |
10.16.4 | Pillbox 38 U.K. Ltd. |
1 | Impact Analysis of Drivers |
2 | Impact Analysis of Challenges |
3 | Average Cost of E-cigarettes and their Components |
4 | Product Launches |
5 | Mergers and Acquisitions |
6 | Business Expansions and Fund Raising |
7 | Partnership and Agreements |
8 | Awards and Recognitions |
9 | HEETs Shipment Volume, 2016 & 2017 |
10 | Revenue Generation from Reduced Risk Products, 2016 & 2017 |
11 | Overview - Altria Group, Inc. |
12 | Overview - Apollo Future Technology Ltd. |
13 | Overview - British American Tobacco |
14 | Overview - Eleaf Electronics Co., Ltd. |
15 | Overview - Flavortec SP. Z O.O. |
16 | Overview - Japan Tobacco Inc. |
17 | Overview - JUUL Labs, Inc. |
18 | Overview - International Vapor Group |
19 | Overview - Innokin Technology Co., Ltd. |
20 | Overview - Molecule Labs, Inc. |
21 | Overview - Nicopure Labs, LLC |
22 | Overview - NJOY |
23 | Overview - Philip Morris International, Inc. |
24 | Overview - PAX Labs, Inc. |
25 | Overview - VMR Products, LLC |
26 | Overview - Gamucci Electronic Cigarettes |
27 | Overview - Healthier Choices Management Corp. |
28 | Overview - Korea Tobacco & Ginseng Corporation |
29 | Overview - Pillbox38 U.K. Ltd. |
1 | Global E-cigarette and T-Vapor Market |
2 | Market Snapshot, Global E-cigarette Market, 2016 |
3 | Global E-cigarette Market by Product Type, 2016 |
4 | Global E-cigarette Market by Product Type, 2025 |
5 | Global E-cigarette Market by Components, 2016 |
6 | Global E-cigarette Market by Components, 2025 |
7 | Global E-cigarette Market by Distribution Channels, 2016 |
8 | Global E-cigarette Market by Distribution Channels, 2025 |
9 | Global T-Vapor Market by Component, 2016 |
10 | Global T-Vapor Market by Components, 2025 |
11 | Global T-Vapor Market by Product Type, 2016 |
12 | Global T-Vapor Market by Product Type, 2025 |
13 | Global T-Vapor Market by Region ($Million), 2016, and 2025 |
14 | The U.S. E-cigarette Market Share Analysis, 2017 |
15 | Scope of the Report |
16 | Research Methodology |
17 | Secondary Data Sources |
18 | Bottom-Up Approach |
19 | Top-Down Approach |
20 | Market Dynamics: E-cigarettes and T-Vapor Market |
21 | Cost of Smoking/Vaping Equivalent to One Pack of Cigarettes per Day for a Year |
22 | Share of Different Strategies in the Market |
23 | The U.S. : Market Share of Leading E-cigarette Brands (2017) |
24 | The U.S. : Market Share of Leading E-cigarette Brands in Convenience Stores and Supermarkets (2017) |
25 | EU TPD Proposed Guidelines for European E-Cigarette Market |
26 | Guidelines Supervising Supply and Import of E-Cigarettes in Australia, by TGA |
27 | Health Risks of Electronic Nicotine Delivery Systems (ENDS) to Users and Non- Users |
28 | Efficacy of Electronic Nicotine Delivery Systems (ENDS) as a Smoking Cessation Tool |
29 | Guidelines for Regulating the Manufacturing of E-liquid by AEMSA |
30 | Irish Vape Vendors Association: Goals |
31 | Key Operating Principles of SFATA |
32 | Suggested Policies for E-Cigarette Regulations by TCLC |
33 | E-Cigarette Compliance Regulations by TVECA |
34 | Global E-cigarette Market by Product Type 2016-2025 ($Million) |
35 | Advantages and Disadvantages of Disposable E-cigarettes |
36 | Global Disposable E-cigarette Market, 2016-2025 ($Million) |
37 | Advantages and Disadvantages of Rechargeable E-cigarettes |
38 | Global Rechargeable E-cigarette Market by Components, 2016-2025 ($Million) |
39 | Advantages and Disadvantages of Closed Tank Systems |
40 | Global Closed Tank E-cigarette Market by Components, 2016-2025 ($Million) |
41 | Advantages and Disadvantages of Open Tank Systems |
42 | Global Open Tank E-cigarette Market by Components, 2016-2025 ($Million) |
43 | Global T-Vapor Market, 2016-2025 ($Million) |
44 | Global T-Vapor Market by Product Type, 2016-2025 ($Million) |
45 | Global T-Vapor Market by Brand, 2016-2025 ($Million) |
46 | Contribution of IQOS Sales to Total Revenue of the Company |
47 | Markets Where IQOS is Available |
48 | HEETs Production and Commercialization Volume (Billion Units), 2016-2018 |
49 | Global E-cigarette Aftermarket by Components 2016-2025 ($Million) |
50 | Global Pre-filled and Bottled E-liquid Market 2016-2025 ($Million) |
51 | Advantages and Disadvantages of Pre-filled E-liquid |
52 | Advantages and Disadvantages of Bottled E-liquid |
53 | Global T-Vapor Market by Component ($Million), 2016-2025 |
54 | Market Segmentation by Distribution Channel |
55 | Global E-cigarette Market by Distribution Channel , 2016-2025 ($Million) |
56 | Advantages of Online Distribution Channels |
57 | Global E-cigarette Market by Online Distribution Channel, 2016-2025 ($Million) |
58 | Advantages of Retail Distribution Channels |
59 | Global E-cigarette Market by Retail Distribution Channels, 2016-2025 ($Million) |
60 | Number of Vape Shops in the U.S. by State |
61 | Global T-Vapor Market by Distribution Channel , 2016-2025 ($Million) |
62 | Global T-Vapor Market by Distribution Channel , 2016-2025 ($Million) |
63 | Market Segmentation by Region |
64 | North America E-cigarette Market by Country , 2016-2025 ($Million) |
65 | Smoking Rate among Adults (%) in the U.S. |
66 | The U.S. E-cigarette Device Market and Aftermarket, 2016-2025 ($Million) |
67 | The U.S. E-cigarette Market by Product Type, 2016-2025 ($Million) |
68 | The U.S. Rechargable E-cigarette Market by Components, 2016-2025 ($Million) |
69 | The U.S. Closed Tank E-cigarette Market by Components, 2016-2025 ($Million) |
70 | The U.S. Open Tank E-cigarette Market by Components, 2016-2025 ($Million) |
71 | Canada E-cigarette Device Market and After Market, 2016-2025 ($Million) |
72 | Canada E-cigarette Market by Product Type, 2016-2025 ($Million) |
73 | Canada E-cigarette Rechargeable E-cigarette Market by Component, 2016-2025 ($Million) |
74 | Canada Closed Tank E-cigarette Market by Components, 2017-2025 ($Million) |
75 | Canada Open Tank E-cigarette Market by Components, 2016-2025 ($Million) |
76 | Europe E-cigarette Market by Country 2016-2025 ($Million) |
77 | The U.K. E-cigarette Device Market and After Market, 2016-2025 ($Million) |
78 | The U.K. Market by Product Segment , 2016-2025 ($Million) |
79 | The U.K. Rechargeable E-cigarette Market by Component, 2017-2025 ($Million) |
80 | The U.K. Closed Tank E-cigarette Market by Components, 2017-2025 ($Million) |
81 | The U.K. Open Tank E-cigarette Market by Components, 2017-2025 ($Million) |
82 | Use of Electronic Cigarettes for Different Age Groups In Germany |
83 | Germany E-cigarette Device Market and After Market, 2017-2025 ($Million) |
84 | Germany E-cigarette Market by Product Type, 2017-2025 ($Million) |
85 | Germany Rechargeable E-cigarette Market by Components, 2017-2025 ($Million) |
86 | Germany Closed Tank E-cigarette Market by Components, 2016-2025 ($Million) |
87 | Germany Open Tank E-cigarette Market by Components, 2017-2025 ($Million) |
88 | France E-cigarette Device Market and After Market, 2017-2025 ($Million) |
89 | France E-cigarette Market by Product Type, 2016-2025 ($Million) |
90 | France Rechargeable E-cigarette Market by Components, 2016-2025 ($Million) |
91 | France Closed Tank E-cigarette Market by Components, 2016-2025 ($Million) |
92 | France Open Tank E-cigarette Market by Components, 2016-2025 ($Million) |
93 | Poland E-cigarette Device Market and After Market, 2016-2025 ($Million) |
94 | Poland E-cigarette Market by Product Type, 2016-2025 ($Million) |
95 | Poland Rechargeable E-cigarette Market by Components, 2016-2025 ($Million) |
96 | Poland Closed Tank E-cigarette Market by Components, 2016-2025 ($Million) |
97 | Poland Open Tank E-cigarette Market by Components, 2016-2025 ($Million) |
98 | Italy E-cigarette Device Market and After Market , 2016-2025 ($Million) |
99 | Italy E-cigarette Market by Product Type, 2016-2025 ($Million) |
100 | Italy Rechargeable E-cigarette Market by Components, 2016-2025 ($Million) |
101 | Italy Closed Tank E-cigarette Market by Components, 2016-2025 ($Million) |
102 | Italy Open Tank E-cigarette Market by Components, 2016-2025 ($Million) |
103 | Rest of Europe E-cigarette Device Market and After Market , 2016-2025 ($Million) |
104 | Rest of Europe E-cigarette Market by Product Type, 2016-2025 ($Million) |
105 | Rest of Europe Rechargeable E-cigarette Market by Components, 2016-2025 ($Million) |
106 | Rest of Europe Closed Tank E-cigarette Market by Components, 2016-2025 ($Million) |
107 | Rest of Europe Open Tank E-cigarette Market by Components, 2016-2025 ($Million) |
108 | APAC E-cigarette Market by Country, 2016-2025 ($Million) |
109 | China E-cigarette Device Market and After Market, 2016-2025 ($Million) |
110 | China E-cigarette Market by Product Type, 2016-2025 ($Million) |
111 | China Rechargeable E-cigarette Market by Components, 2016-2025 ($Million) |
112 | China Closed Tank E-cigarette Market by Components, 2016-2025 ($Million) |
113 | China Open Tank E-cigarette Market by Components, 2016-2025 ($Million) |
114 | India E-cigarette Device Market and After Market, 2016-2025 ($Million) |
115 | India E-cigarette Market by Product Type, 2016-2025 ($Million) |
116 | India Rechargeable E-cigarette Market by Components, 2016-2025 ($Million) |
117 | India Closed Tank E-cigarette Market by Components, 2016-2025 ($Million) |
118 | India Open Tank E-cigarette Market by Components, 2016-2025 ($Million) |
119 | Japan Device Market and After Market, 2016-2025 ($Million) |
120 | Japan E-cigarette Market by Product Type, 2016-2025 ($Million) |
121 | Japan Rechargeable E-cigarette Market by Components, 2016-2025 ($Million) |
122 | Japan Closed Tank E-cigarette Market by Components, 2016-2025 ($Million) |
123 | Japan Open Tank E-cigarette Market by Components, 2016-2025 ($Million) |
124 | Rest of APAC E-cigarette Device Market and After Market, 2016-2025 ($Million) |
125 | Rest of APAC E-cigarette Market by Product Type, 2016-2025 ($Million) |
126 | Rest of APAC Rechargeable E-cigarette Market by Components, 2016-2025 ($Million) |
127 | Rest of APAC Closed Tank E-cigarette Market by Components, 2016-2025 ($Million) |
128 | Rest of APAC Open Tank E-cigarette Market by Components, 2016-2025 ($Million) |
129 | Latin America E-cigarette Device Market and After Market , 2016-2025 ($Million) |
130 | Latin America E-cigarette Market by Product Type, 2016-2025 ($Million) |
131 | Latin America Rechargeable E-cigarette Market by Components, 2016-2025 ($Million) |
132 | Latin America Closed Tank E-cigarette Market by Components, 2016-2025 ($Million) |
133 | Latin America Open Tank E-cigarette Market by Components, 2016-2025 ($Million) |
134 | RoW E-cigarette Market and After Market, 2016-2025 ($Million) |
135 | Others E-cigarette Market by Product Type, 2016-2025 ($Million) |
136 | T- Vapor Market Segmentation by Region |
137 | Global T-Vapor Market, 2016-2025 ($Million) |
138 | Global T-Vapor Market by Region, 2016-2025 ($Million) |
139 | North America T-Vapor Market by Country, 2016-2025 ($Million) |
140 | Europe T-Vapor Market by Country, 2016-2025 ($Million) |
141 | APAC T-Vapor Market by Country, 2016-2025 ($Million) |
142 | RoW T-Vapor Market by Region, 2016-2025 ($Million) |
143 | Altria Group, Inc.: Product Portfolio |
144 | Altria Group, Inc.: Overall Financials (2014-2016) |
145 | Altria Group, Inc.: Net Revenue by Business Segment (2014-2016) |
146 | Altria Group, Inc.: SWOT Analysis |
147 | Apollo Future Technology Ltd.: Overall Product Portfolio |
148 | Apollo Future Technology Ltd.: SWOT Analysis |
149 | British American Tobacco: Product Portfolio |
150 | British American Tobacco: Overall Financials (2014-2016) |
151 | British American Tobacco: Net Revenue by Region (2014-2016) |
152 | British American Tobacco: SWOT Analysis |
153 | Eleaf Electronics Co., Ltd.: Overall Product Portfolio |
154 | Eleaf Electronics Co., Ltd.: SWOT Analysis |
155 | Flavortec SP. Z O.O.: Overall Product Portfolio |
156 | Flavortec SP. Z O.O.: SWOT Analysis |
157 | Japan Tobacco Inc.: Product Portfolio |
158 | Japan Tobacco Inc. : Overall Financials (2014-2016) |
159 | Japan Tobacco Inc.: Net Revenue by Region (2014-2016) |
160 | Japan Tobacco Inc.: Net Revenue by Business Segment (2014-2016) |
161 | Japan Tobacco Inc.: SWOT Analysis |
162 | JUUL Labs, Inc.:Overall Product Portfolio |
163 | JUUL Labs, Inc:. SWOT Analysis |
164 | International Vapor Group: Overall Product Portfolio |
165 | International Vapor Group: SWOT Analysis |
166 | Innokin Technology Co., Ltd:. Overall Product Portfolio |
167 | Innokin Technology Co., Ltd.: SWOT Analysis |
168 | Molecule Labs, Inc.: Overall Product Portfolio |
169 | Molecule Labs, Inc.: SWOT Analysis |
170 | Nicopure Labs, LLC: Overall Product Portfolio |
171 | Nicopure Labs, LLC: SWOT Analysis |
172 | NJOY: Overall Product Portfolio |
173 | NJOY: SWOT Analysis |
174 | Philip Morris International Inc.: Product Portfolio |
175 | Philip Morris International Inc.: Overall Financials (2014-2016) |
176 | Philip Morris International Inc.: Net Revenue by Region (2014-2016) |
177 | Philip Morris International, Inc.: SWOT Analysis |
178 | PAX Labs, Inc.: Overall Product Portfolio |
179 | PAX Labs, Inc.: SWOT Analysis |
180 | VMR Products, LLC : Overall Product Portfolio |
181 | VMR Products, LLC SWOT Analysis |
Report Description
High prevalence of tobacco related mortality and growing health concerns have compelled governments across the globe to take measures to curb tobacco use by implementing prohibitive taxation, indoor smoking bans, and awareness campaigns about health risks, among others. Innovative products such as, e-cigarettes and t-vapor products are being developed, to explore alternate smoking cessation methods, that substitute the nicotine intake of smokers but eliminate or reduce the harm caused by tobacco cigarettes.
The e-cigarette and t-vapor market amounted to $11.44 billion in 2016 and is expected to witness a double-digit growth throughout the forecast period of 2017-2025.
The research study is a compilation of various segmentations including the market breakdown by product segment, by components, by distribution channel, and by region. This report provides a detailed market analysis and forecast of various product segments, namely disposable e-cigarettes, rechargeable cig-a-likes, closed tank systems, open tank systems, and t-vapor. Additionally, it also includes sub-segmentation of each product type by components such as, e-liquid, battery, atomizers, and tobacco sticks.
The market has been analyzed based on various micro and macro trends influencing it. While highlighting the key driving and restraining forces for this dynamic market, the report also provides a comprehensive section on competitive landscape, industry attractiveness, market share analysis, competitive benchmarking, and the position of the competitors within the global e-cigarette and t-vapor market.
The report also includes an exhaustive analysis of the market for each geographical region, namely North America, Europe, Asia-Pacific, Latin America and RoW. Each geographical region analysis details the individual push and pull forces, and market and aftermarket for each product type, in addition to the key players from that region.
The report also examines the role of the leading market players involved in the industry. The company profiles section highlights significant information about the key companies such as their product portfolio, financial positions, and the SWOT analysis of these players. Some of the key players in the e-cigarette and t-vapor market are Japan Tobacco Inc., Altria Inc., Philip Morris International, British American Tobacco, Njoy, Apollo Ecigs, JUUL, Innokin, PAX Labs, and Flavortech.
Key Questions Answered in this Report
• How has the e-cigarette and t-vapor market evolved in the past and how is it anticipated to evolve during the forecast period from 2017 to 2025?
• What are the major market factors propelling the growth of the market?
• What are the various challenges that are faced by the industry that need to be addressed?
• Who are the key players across product segments and regions in the e-cigarette and t-vapor market?
• What are the key developmental strategies adopted by the key players to stand out in this market?
• What were the market shares of the different e-cigarette types and their components across countries in 2016 and 2017?
• How will the market and aftermarket for each product type of the global e-cigarette and t-vaporizer market grow during the forecast period? What will be the revenue generated by each segment by the end of 2025?
• Which distribution channels are used by players to market their products across regions and why? What will be the revenue generated through each channel through the forecast period?
Market Overview
Smoking rates and the consumption volume of cigarettes have been declining on the global scale. In 2016, 5.5 billion cigarettes were consumed, a volume decline of 1.5% from the previous year and declined further by another 3-4% in 2017. Despite the decline in the cigarette market, tobacco related mortality remains the leading preventable cause of death across the globe. Consequently, health organizations and governments are on a look out for efficient smoking cessation products to reduce tobacco use. E-cigarettes and tobacco vapor products imitate the look and feel of the cigarettes but are assumed to release less harmful chemicals than tobacco cigarettes and are being touted as safe alternatives to tobacco cigarettes and thus as the future of the tobacco industry.
Increasing prices of cigarettes, rising health awareness, and product innovation and technological advancements of e-cigarettes are propelling the growth of the market. The ease of access to distribution channel, especially online websites and e-commerce sites, which provide market players with the scope to expand both locally and globally, continues to be one of the key drivers for the market. However, in the current scenario retail channels such as, convenience stores, vape shops, and tobacco users generate over 60% of the revenue, and remain the primary form of distribution. However, the growth of the market is dependent on the legal and regulatory framework, and taxation policies, which have been tightening across the globe.
Open tank systems have become the predominant product type in the market due to their advanced technology, and features of customization and interoperability. However, closed tank systems which combine the pros of rechargeable e-cigarettes and open tank systems with their long battery life, more vapor formation, and large tanks are expected to be the fastest growing e-cigarette product segment. The market for t-vapor products, the adoption rates of which have increased multifold in 2017 in countries such as Japan, South Korea and Russia, are expected to triple in size by 2021. Over 70% of the revenue of t-vapor products comes from device sales, while rest is contributed by the sales of tobacco capsules and sticks.
While North America and Europe have been the leading markets for e-cigarettes due to early adoption of vape products in the regions, APAC is anticipated to dominate the market in t-vapor products. In Japan, which was the first country where t-vapor products were launched countrywide, approximately 30% smokers have already switched to t-vapor. Of the world’s 1 billion smokers, 700 million reside in APAC, and the region is currently grappling high smoking related morbidity and mortality, of the 5.5 million people who die from smoking-related illnesses each year, half are in Asia, thus making the tobacco pandemic a major concern to all stakeholders in public health sector. Moreover, most countries still have lax regulations and low taxation rate for tobacco products, thus providing players with an opportunity to introduce smoking alternatives in the market.
There lies opportunity for introduction of t-vapor products in the European region, which has the highest smoking rate, globally. Moreover, since only a handful of players have launched closed tank systems and tobacco vaporizers, there lies immense untapped potential for the growth of these products in the market across the globe. Furthermore, while e-cigarettes are cost effective, the price of t-vapor products are on the exorbitant side, providing opportunity to smaller players to launch more economical products to consumers.
Table of Contents
Global E-cigarette and T-Vapor Market
Analysis and Forecast (2017-2025) (Focus on Product Segments, Distribution Channels and Country Analysis)