The market for smokeless cigarettes is expected to expand at an impressive 16 percent each year from 2022 to 2032. By 2032, the market share for smokeless cigarettes is projected to have a net worth of US$125.4 billion, up from US$28.42 billion in 2021.
As more individuals learn that e-cigarettes are healthier than traditional cigarettes, especially among the younger generation, market trends for smokeless cigarettes are predicted to increase. Additionally, the ease of use of these devices has increased consumer acceptance, which is anticipated to support the growth of the smokeless cigarette market throughout the course of the projected period.
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Since they cannot afford to buy cigarettes on a regular basis due to rising indirect taxes on tobacco products in numerous nations, consumers are more inclined to opt for alternatives like smokeless tobacco products. The simplicity with which consumers can purchase different tobacco products at local markets is another important factor in why people choose smokeless cigarettes to traditional tobacco cigarettes.
Asia Pacific is the rapidly growing region with the emerging smokeless cigarettes market players such as Shenzhen Huaxinyu Technology Co., Ltd., Shenzhen Eroad Technology Co., Ltd., and Shenzhen Kindol Terminal Technology Co., Ltd. and ather regional players contributing to the growth.
Key Takeaways
- The current day net worth of global smokeless cigarettes market size is estimated to be around US$ 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.
Smokeless Cigarettes Market By Segmentation
By Type:
- Electric
- Non-electric
By Distribution Channel:
- Offline
- Online
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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.
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