Global electronic cigarette market to reach $140.09 billion by 2029
According to a recent study, the global electronic cigarette market is expected to grow at a compound annual growth rate of 29.90% during the forecast period, reaching an estimated value of $140.09 billion by 2029, up from $17.28 billion in 2021.
As awareness of the benefits of smokeless and ashless tobacco alternatives continues to increase and new and innovative vape devices are introduced, the adoption of electronic cigarettes is expected to be driven further. E-cigarettes can eliminate carcinogens and prevent the inhalation of over 4,000 chemicals produced during cigarette combustion. Technological advancements are also contributing to the growth of the e-cigarette market.
E-cigarettes are often compared to traditional cigarettes, which can lead to criticism and restrain market growth.
The global e-cigarette market is divided into North America, Europe, Asia Pacific, the Middle East and Africa, and South America. The Asia Pacific region is the fastest growing region, driven by the increasing popularity of e-cigarette devices in the region. North America is expected to remain the primary market region throughout the forecast period.