E-cigarette and Vape Market Product Overview, Share by Types and Region till 2030

 E-cigarette And Vape Industry Overview

The global e-cigarette and vape market size was valued at USD 18.13 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 30.0% from 2022 to 2030.

The rising awareness about e-cigarettes being safer than traditional cigarettes, especially among the younger population, is anticipated to further drive the market growth due to various studies carried out by medical institutions and associations. The array of customization features such as temperature control and nicotine concentrations offered by the vendors is expected to aid the product demand. Moreover, developing e-cigarette technologies such as pod systems and squonk mods have increased popularity in recent years and user adoption.

Amid the COVID-19 pandemic, e-cigarette and vape vendors have adopted several COVID-19 based marketing strategies to increase product sales. The growing emphasis on adopting safer alternatives to smoking is anticipated to drive the adoption of e-cigarettes and vape devices over the forecast period. As the supplies of e-cigarette and vape devices became scarce in physical stores, the vendors started offering their products through online platforms and offered hand sanitizers and face masks as gifts to purchase vaping products.

Gather more insights about the market drivers, restrains and growth of the Global E-cigarette And Vape market

The e-cigarette and vape market has evolved considerably since 2017, and the devices have become more efficient in battery life and the number of flavors available in the market. Additionally, various flavors such as menthol, tobacco, fruits and nuts, and chocolate are available in the market, attracting many customers. These flavors emit aromas when used in an e-cigarette or a vape device. Additionally, the increasing cost-effectiveness of these devices has further enhanced customer adoption and is expected to drive market growth over the forecast period.

The e-cigarette industry has witnessed a high rise in atomizers and e-liquids owing to high demand in regions such as North America and Europe. Countries such as the U.K. have legalized the consumption of e-cigarettes, which has stimulated market growth significantly. Furthermore, vape shops have been established where customers can personally visit and test the devices and e-liquid flavors before purchase. In England, tank e-cigarettes have remained the most popular device type; however, pod e-cigarettes have become the most popular, owing to the surge in JUUL (Juul Labs, Inc. is an American electronic cigarette company) use.

Market participants in the e-cigarette industry are prominent players who own a significant market share. The companies have primarily invested in e-cigarettes as it is expected to be an effective alternative solution for tobacco consumption. However, the industry has a presence of various small players that offer efficient vaping devices and e-liquids, thereby acquiring a large customer base. Small companies usually outsource the manufacturing of e-cigarettes to Asian countries such as China to competitively price their products.

However, the regulations levied by local authorities across various countries such as the U.S. and India on the sale of vaping products and e-liquids have restrained the market growth. Furthermore, stringent trading laws have made it difficult for retail consumers to import vaping devices for personal consumption. However, it is expected that regulations on traditional cigarettes are expected to accept e-cigarettes as a healthy alternative to tobacco consumption, thereby regulating the technology for safe distribution and usage. Also, the vaping industry has formed various associations to counter the policies against vaping products and regularize the industry for supervision, eventually driving the growth of the market for e-cigarettes and vaping.

Browse through Grand View Research's Next Generation Technologies Industry Research Reports.

  • E-liquid Market - The global e-liquid market size was valued at USD 1.4 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 13.4% from 2021 to 2027. The rising adoption of safer alternatives to smoking across the globe is anticipated to drive the demand for e-cigarettes over the forecast period.
  • S. E-cigarette & Vape Market - The U.S. e-cigarette & vape market size was valued at USD 6.09 billion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 27.3% from 2021 to 2028. The market growth can be attributed to the increasing awareness of safer tobacco alternatives.

E-cigarette And Vape Market Segmentation

Grand View Research has segmented the global e-cigarette and vape market based on product, distribution channel, and region:

  • E-cigarette and Vape Product Outlook (Volume, Million Units; Revenue, USD Million, 2017 - 2030)
    • Disposable
    • Rechargeable
    • Modular Devices
  • E-cigarette and Vape Distribution Channel Outlook (Revenue, USD Million, 2017 - 2030)
    • Online
    • Retail
      • Convenience Store
      • Drug Store
      • Newsstand
      • Tobacconist Store
      • Specialty E-cigarette Store
    • E-cigarette and Vape Regional Outlook (Volume, Million Units; Revenue, USD Million, 2017 - 2030)
      • North America
        • The U.S.
        • Canada
      • Europe
        • K.
        • Germany
      • Asia Pacific
        • China
        • South Korea
        • Japan
      • Latin America
        • Brazil
      • MEA

Market Share Insights

  • September 2020: Japan Tobacco Inc. announced its partnership with Sauber Engineering AG, a prototype and technology developer. Through this partnership, the companies would continue to collaborate on developing engineering projects to increase the performance of Japan Tobacco Inc.
  • March 2019: Japan Tobacco Inc. announced the launch of new flavors of tobacco capsules. The two flavors include a mixed pineapple, peach, and menthol.

Key Companies profiled:

Some prominent players in the global e-cigarette and vape market include

  • Altria Group, Inc.
  • British American Tobacco
  • Imperial Brands
  • International Vapor Group
  • Japan Tobacco Inc.
  • NicQuid
  • JUUL Labs, Inc.
  • Philip Morris International Inc.
  • J. Reynolds Vapor Company
  • Shenzhen IVPS Technology Co., Ltd.
  • Shenzhen KangerTech Technology Co., Ltd.

Order a free sample PDF of the E-cigarette And Vape Market Intelligence Study, published by Grand View Research.

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