The global e-cigarette market size is estimated to be around $14 billion in 2017, growing at a CAGR of 20.3% during 2018–2023. The e-cigarette market can be broadly categorized into cig-a-like, vaporizer, vape mod, t-vapor, and aftermarket product types. The market for t-vapor is projected to witness the fastest growth, of around 60%, during the forecast period. T-vapor is comparatively a new category that uses real tobacco. T-vapor products are sold in two versions: heat-not-burn and infused. Cig-a-like can further be categorized into disposable and rechargeable types, while vaporizer can be segmented into open tank and closed system types. The aftermarket products include batteries and chargers, and cartridges.
Globally, the awareness about health concerns due to smoking is increasing. This has resulted in the development of alternatives that help consumers quit traditional cigarettes. Cancer caused by smoking is one of the major global concerns affecting people. E-cigarettes eliminate the risk of cancer and prevent the intake of more than 4,000 chemicals, which are produced by the burning of tobacco cigarettes. The global e-cigarette market is driven by continuous rise in the development and innovation of e-cigarettes and vapor technology, as an alternative to traditional cigarettes, to reduce health issues caused by tobacco smoking.
Taking into an account of the geographical landscape, Asia-Pacific is the region offering ample growth opportunities for the vendors. Large population coupled with increasing urbanization has been propelling the demand in the region. China has been the forerunner in the regional e-cigarette industry, with an estimated 40.3% share in 2017. After the U.S. and the U.K., China is estimated to be the third largest e-cigarette market globally in 2017, which is further expected to grow during the forecast period.
