NEWARK, Del, June 23, 2022 (GLOBE NEWSWIRE) -- The global smokeless cigarettes market is predicted to witness a superb growth rate of 16% during the forecast years of 2022 to 2032. The net worth of the smokeless cigarettes market share is expected to reach US$ 125.4 Billion by the year 2032 increasing from US$ 28.42 Billion in the year 2021.
The smokeless cigarettes market trends is expected to grow as more people become aware that e-cigarettes are healthier than regular cigarettes, particularly among the younger demographic. Furthermore, the convenience of use of these devices has enhanced customer acceptability, which is expected to help the smokeless cigarettes market growth throughout the forecast period.
As a result of increasing indirect taxes over tobacco products in several economies, customers are more likely to choose for substitutes such as smokeless tobacco products since they cannot afford to purchase cigarettes on a constant schedule. One of the other main reasons why people demand for smokeless cigarettes over traditional tobacco cigarettes is the ease with which they may avail other tobacco products from the local markets.
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Asia Pacific is the rapidly growing region with the emerging smokeless cigarettes market players such as Shenzhen Huaxinyu Technology Co., Ltd., Shenzhen Eroad Technology Co., Ltd., and Shenzhen Kindol Terminal Technology Co., Ltd. and ather regional players contributing to the growth.
Key Takeaways
- The current day net worth of global smokeless cigarettes market size is estimated to be around US$ 28.43 Billion.
- The gross forecasted value of the global market is predicted to reach US$ 2.5 Billion by the year 2032 as per the off road all terrain e-scooter market analysis.
- Though electric smokeless cigarettes occupy more than 80% of the market revenue share, non-electric smokeless cigarettes have emerged to be the rapidly growing segment at a CAGR OF 17.3%.
- On the basis of distribution channel, offline segment remains the dominating segment for the global smokeless cigarettes market, however the online channel is gaining traction in the present years with the proliferation of e-commerce websites.
- North America stands as the most important region for its smokeless cigarettes market size contributing almost 50% of the global revenue share.
- In terms of growth factor, Asia Pacific is the most promising region with a smokeless cigarettes market share that is predicted to grow at 15.8% over the forecast years of 2022 to 2032.
Competitive Landscape
Owing to the existence of a number of regional, national, and international competitors in the smokeless cigarettes market there is a lot of competition among them. New product invention and promotion are the most often used tactics among the smokeless cigarettes market participants. The competitiveness is also being heightened by rising business concentration ratios and company advertising expenditures.
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Smokeless Cigarettes Market By Segmentation
By Type:
- Electric
- Non-electric
By Distribution Channel:
- Offline
- Online
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
Recent Developments in Smokeless Cigarette Market
- In January 2019, Juul Labs Inc, a California-based electronic cigarette maker, launched e-cigarettes that will be available in India. The decision was made in order for the corporation to expand its commercial footprint, notably in Asia Pacific region owing to the higher smokeless cigarettes market opportunities in the region.
- Around December 2020, Jap Tobacco Inc. signed an agreement with Sauber Engineering AG that is a modern day prototype and innovator. As part of the deal, these two businesses must collaborate to provide better user experience using the former's vaping devices and products.
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.6.2. By Key Countries
3.7. Regional Parent Market Outlook
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