The U.K. e-cigarette market revenue stood at $2.0 billion in 2018, and it is expected to surge to $6,486.5 million by 2024. According to the estimates of the market research company, P&S Intelligence, the market will demonstrate a CAGR of 19.6% from 2019 to 2024 (forecast period). The major factors driving the expansion of the market are the burgeoning requirement for ash-less and smokeless vaping, rising public awareness about health and wellness, and rapid advancements and innovations in vaping products in the country.

Depending on product, the U.K. e-cigarette market is divided into t-vapor, vape mod, vaporizer, and cig-a-like categories. Out of these, the vape mod category is predicted to advance at a CAGR of 21.6% during the forecast period. This is ascribed to several features, such as power modulation and flavor customization that enable users to produce more smoke and vapor as per their taste preferences.

Additionally, as per the National Statistics, around 37% of the U.K.’s population have tried e-cigarettes at least once in 2018. The U.K. e-cigarette market is highly fragmented in nature, owing to the presence of several players, such as British American Tobacco plc, Imperial Brands plc, Philip Morris International Inc., and Japan Tobacco Inc., leading the industry.

Out of the four major players, Japan Tobacco Inc. held the third position in 2018, on account of its reputation and the abundant availability of its various international e-vapor brands, such as Logic and Ploom. Altria Group Inc., Shenzhen IVPS Technology Corporation Ltd., JUUL Labs Inc., Innokin Technology Co. Ltd, Pax Labs Inc., and Shenzhen iSmoka Electronics Co. Ltd. are the other players operating in the industry.

Hence, the sales of e-cigarettes will rise sharply in the U.K. in the years to come, mainly because of the growing demand for alternatives to tobacco-based cigarettes and increasing public awareness about the health consequences of tobacco smoking in the country.