E-cigarette Market estimated at USD 44.56 Billion by 2024

A market research organization has estimated that by 2024 the global e-cigarette market will be worth USD 44.55 billion, mainly due to an increasing interest in healthier alternatives, and higher taxes.

Diane Caruana

August 9, 2017

Market research and consulting organization, Hexa Research has issued a report estimating the growth of the e-cigarette industry. “The global e-cigarette market size was USD 7.1 billion in 2016 and is likely to observe considerable progress on account of rising consumer demand for resource efficient and eco-friendly products.” reads the report.

“The global e-cigarette market size was USD 7.1 billion in 2016 and is likely to observe considerable progress on account of rising consumer demand for resource efficient and eco-friendly products.” Hexa Research report

The main three growth factors are considered to be the increasing health awareness, the more eco-friendly nature of the products, and the tax hikes of regular cigarettes.

According to the report, the main three factors contributing to this growth are the generally increasing health awareness, the more eco-friendly nature of the products, and the tax hikes of regular cigarettes. Additionally, various mergers and acquisitions are also expected to contribute to this growth, such as the the acquisition of Reynolds American by British American Tobacco (BAT).

The growth in North America and Europe is expected to take place as a result of a projected increase in disposable incomes and smokers’ population in these regions. On the other hand, the market growth in Asia Pacific region is expected to be brought about by factors such as the increasing awareness of the harms caused by traditional cigarettes and also the products’ availability and innovation.

“The global e-cigarette market was estimated to be worth $8 billion in 2015, and is expected to grow at a CAGR of 19.34% throughout the forecast period to become a $46.9 billion industry by 2025.” Bis Research report

According to another vape market report by Bis Research released last April, the e-cigarette market was predicted to be worth $8 billion by 2015, and is expected to continue expanding at an annual growth rate of 19.34% for the forecast period. “The global e-cigarette market was estimated to be worth $8 billion in 2015, and is expected to grow at a CAGR of 19.34% throughout the forecast period to become a $46.9 billion industry by 2025.” said the BIS report.

Modular e-cigarettes most popular with consumers

The Hexa research report has categorized the e-cigarette market by differences in the products such as modular, rechargeable and disposable e-cigarettes. From these, the preferred option by customers are the modular devices, followed by rechargeable and disposable versions. The popularity of modular e-cigarettes is attributed to the availability of different flavours, and the improved inhaling experience.

More info : Market Watch