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

Aug.29.2024
The Future Development of E-Cigarette Market: Opportunities and Challenges
Dongguan Weiwante Intelligent Technology Co., Ltd. pointed out at the 5th Atomization Components Technology Forum that cotton net cores are rapidly developing.

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.

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


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.


We welcome news tips, article submissions, interview requests, or comments on this piece.

Please contact us at info@2firsts.com, or reach out to Alan Zhao, CEO of 2Firsts, on LinkedIn


Notice

1.  This article is intended solely for professional research purposes related to industry, technology, and policy. Any references to brands or products are made purely for objective description and do not constitute any form of endorsement, recommendation, or promotion by 2Firsts.

2.  The use of nicotine-containing products — including, but not limited to, cigarettes, e-cigarettes, nicotine pouchand heated tobacco products — carries significant health risks. Users are responsible for complying with all applicable laws and regulations in their respective jurisdictions.

3.  This article is not intended to serve as the basis for any investment decisions or financial advice. 2Firsts assumes no direct or indirect liability for any inaccuracies or errors in the content.

4.  Access to this article is strictly prohibited for individuals below the legal age in their jurisdiction.

 

Copyright

 

This article is either an original work created by 2Firsts or a reproduction from third-party sources with proper attribution. All copyrights and usage rights belong to 2Firsts or the original content provider. Unauthorized reproduction, distribution, or any other form of unauthorized use by any individual or organization is strictly prohibited. Violators will be held legally accountable.

For copyright-related inquiries, please contact: info@2firsts.com

 

AI Assistance Disclaimer

 

This article may have been enhanced using AI tools to improve translation and editorial efficiency. However, due to technical limitations, inaccuracies may occur. Readers are encouraged to refer to the cited sources for the most accurate information.

We welcome any corrections or feedback. Please contact us at: info@2firsts.com

PMI Showcases ZYN, IQOS and U.S. Investments at NACS Show 2026
PMI Showcases ZYN, IQOS and U.S. Investments at NACS Show 2026
At the 2026 NACS Show in Las Vegas, Philip Morris International (PMI) showcased its ZYN nicotine pouches, IQOS heated tobacco products and U.S. investments. A 2Firsts review of FDA records found that several ZYN products displayed at the booth were not on the agency's marketing authorization list, including certain nicotine strengths and flavors. A PMI booth representative also confirmed that IQOS is currently sold in three U.S. states, while the newer IQOS ILUMA system remains under FDA review.
EXPO
Oct.10
2Firsts Interview | Cigarette Sales Fall as Smokeless Alternatives Gain in U.S. Convenience Stores, NACS Says
2Firsts Interview | Cigarette Sales Fall as Smokeless Alternatives Gain in U.S. Convenience Stores, NACS Says
Ahead of the 2026 NACS Show, 2Firsts interviewed Chris Rapanick, NACS managing director of research, on changes reshaping the U.S. convenience-store tobacco and nicotine market. NACS data show cigarette sales declining while smokeless alternatives, including nicotine pouches, continue to grow. The interview also examines higher OTP margins, shifting backbar space, weaker store traffic, regulatory uncertainty and NACS’ outlook for 2027, offering a retailer-side view of one of the world’s largest nicotine markets.
Interview
Oct.03
Huabao International Buys Indonesian HNB Manufacturer for RMB 90 Million, Adding OEM/ODM Capacity
Huabao International Buys Indonesian HNB Manufacturer for RMB 90 Million, Adding OEM/ODM Capacity
Huabao International Holdings Limited will acquire 100% of PT Broad Far Indonesia through two wholly owned subsidiaries for approximately RMB 90 million. The Indonesian company manufactures and sells heat-not-burn tobacco sticks and provides OEM/ODM services. The sellers are part of a related-party group controlled by Huabao International Chair and controlling shareholder Zhu Linyao. PT Broad Far Indonesia generated $4.37 million in revenue and $177,000 in profit after tax in the first half of 2026, while net assets stood at about $326,000 at June-end. An independent valuer assessed the company’s equity at approximately RMB 93.06 million. Following completion, the HNB manufacturing operation will be consolidated into Huabao International.
News
Sep.29 by 2Firsts Perspectives
IKE Tech Launches IKE 2.0 Compliance Platform for Nicotine Products
IKE Tech Launches IKE 2.0 Compliance Platform for Nicotine Products
IKE Tech launched IKE 2.0 on September 28, initially targeting nicotine products with a platform that combines user identity verification, product authentication, configurable policy controls and data analytics. Products can be authenticated through direct device integration or NFC smart tags. IKE Tech was formed with participation from Ispire's Aspire North America, Berify and Chemular, with Ispire currently holding a 40% interest. Its age-verification component PMTA was accepted by the FDA in 2025 and remains under review. The company did not disclose customer names, commercial deployment volumes, pricing or revenue tied to IKE 2.0.
News
Sep.29 by 2Firsts Perspectives
Reynolds Seeks to Join Altria Lawsuit Challenging FDA PMTA Rule and Calculation of 180-Day Deadline
Reynolds Seeks to Join Altria Lawsuit Challenging FDA PMTA Rule and Calculation of 180-Day Deadline
Three R.J. Reynolds companies are seeking to intervene in a lawsuit filed by Altria subsidiaries Helix Innovations and NJOY challenging the FDA's 2021 PMTA final rule. The companies dispute how the agency uses Acceptance and Filing reviews and completeness determinations to establish when the Tobacco Control Act's 180-day decision period begins. Reynolds has also linked prolonged PMTA reviews to competition from unauthorized vaping products. The FDA, meanwhile, has been accelerating reviews and reducing its backlog.
Sep.14
Australia Tobacco Tax Debate Spreads Within Labor as NSW Premier Minns Reaffirms Support for a Cut
Australia Tobacco Tax Debate Spreads Within Labor as NSW Premier Minns Reaffirms Support for a Cut
Australia’s tobacco excise debate is increasingly exposing differences within the governing Labor Party. New South Wales Labor Premier Chris Minns reaffirmed on September 8 that he supports reducing tobacco excise, arguing that current tax settings are pushing consumers toward cheaper black-market cigarettes. Federal Health Minister Mark Butler continues to oppose an excise cut, while Treasurer Jim Chalmers and Assistant Treasurer Daniel Mulino have recently stopped short of ruling out future changes. The divergence follows the opposition Coalition’s proposal to cut tobacco excise by 80%.
Sep.08