The Future Development of E-Cigarette Market: Opportunities and Challenges

On the morning of August 28, Fang Houyou, General Manager of the Business Division of Dongguan Weiwant Intelligent Technology Co., Ltd., pointed out at the Aerosol Component Technology Forum of the 5th Aerosol Industry Chain Exhibition that cotton wick cores, with their efficient taste and advantages suitable for large capacity and high power, are rapidly developing alongside the rise of disposable cigarettes and open-pod vaping devices, and are expected to reach their peak by 2024.

Currently, the mainstream atomization cores in the market, whether for disposable e-cigarettes or refillable open-system products, have a cotton mesh core structure.

Meanwhile, ceramic cores are mainly used in closed-bolt systems. However, closed-bolt systems have not yet been widely adopted in the European and American markets, and the demand for these products is decreasing.

During the exhibition, Fang Houyou shared the latest industry data and future predictions at the forum. He pointed out that according to the relevant data, countries with global sales exceeding $1 billion in 2023 include the United States ($59.6 billion), the United Kingdom ($33 billion), Canada ($21.4 billion), and France ($12.6 billion). Among them, the global sales of open system reached $76.6 billion, accounting for 36.7% of the total e-cigarette sales.

Fang Houyou expressed optimistic expectations for the market development in the next 5 years. He predicts that the global e-cigarette market will grow fivefold in the next five years, with sales expected to surpass $100 billion. However, he also emphasized the differences in market prospects for different product types. The 2ml pod system is expected to become very popular in the future due to its ease of passing the US PMTA review and low single-use cost. In contrast, the market opportunities for large-capacity disposable e-cigarettes are limited.