2.4 Market growth potential and regional differences

According to Straits Research (2024) prediction:

• Global e-cigarette market size to be 34.22 billion USD in 2025

• Expected to reach $104.37 billion by 2033

• Compound annual growth rate (CAGR) from 2025 to 2033 is 13.19%.

This means that e-cigarettes will become one of the fastest-growing vertical segments in the consumer electronics and health fields in the next decade. There are two major trends behind it.

1. Policy shift from comprehensive suppression to structural guidance

Most countries have explicitly recognized that "e-cigarettes are less risky than traditional cigarettes" and encourage the adoption of alternative products with regulatory frameworks.

2. Emerging Markets and Intelligent Driven

Markets such as South East Asia, the Middle East, and South America have become hotspots for new growth. At the same time, users' demand for intelligent and visual e-cigarettes has increased, bringing space for equipment innovation and data services.

Key regional market performance:

Area	2024 Market Size	Main trends
North America	15 billion dollars +	Mature categories, perfect supervision, strong branding
Europe	9 billion dollars +	Detailed regulations, mandatory TPD certification, diverse taste preferences
Asia	5 billion dollars +	Fastest user growth, most active device innovation
Latin America & Middle East	3 billion dollars +	Low penetration rate but great potential, concentrated user preferences