E-cigarette and Vape Market

E-cigarette and Vape Market Size, Share, Trends, Growth, and Industry Analysis, By Product (Modular Devices, Disposable, Rechargeable), By Distribution Channel (Retail, Online), By Category (Closed, Open), and Regional Analysis and Forecast 2032.

Consumer Goods & Services | April 2024 | Report ID: EMR00746 | Pages: 257

Global E-cigarette and Vape market are predicted to reach approximately USD 320.51 billion by 2032, at a CAGR of 31.32% from 2024 to 2032.

 

Electronic cigarettes, often known as vapes, work by heating a liquid solution to produce an aerosol that users inhale. They are substitutes for conventional smoking, frequently with flavourings and nicotine. Research and discussion on their long-term health implications are still ongoing. E-cigarettes were first introduced as a possible substitute for traditional tobacco cigarettes, providing users a way to fulfil nicotine cravings without the negative effects of smoking tobacco. As time has passed, the market has grown extensively, offering a variety of products to suit various preferences and usage habits.

The e-cigarette and vape industry have seen significant growth in recent years due to factors like rising awareness of health risks tied to smoking, changing consumer preferences for smoke-free options, and advancements in technology leading to more innovative products. This growth has also brought about regulatory challenges as authorities aim to balance public health concerns with the promotion of harm reduction and innovation.

While some countries have adopted e-cigarettes as a tool for harm reduction and put in place supportive regulations, others have implemented stricter measures to address worries about youth starting to use them and possible long-term health effects. Although there are obstacles, the global e-cigarette and vape industry is projected to keep expanding, driven by constant product improvements, broader distribution networks, and changing consumer tastes. Yet, the market environment is always changing due to regulations, industry mergers, and shifts in consumer habits. This means it is important for individuals involved in the industry to stay updated and be ready to adjust to market changes.

 

Global E-cigarette and Vape report scope and segmentation.

Report Attribute

Details

Estimated Market Value (2023)

USD 27.60 billion

Projected Market Value (2032)

USD 320.51 billion

Base Year

2023

Forecast Years

2024 – 2032

Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Based on By Product, By Distribution Channel, By Category, & Region.

Segments Covered

By Product, By Distribution Channel, By Category & By Region.

Forecast Units

Value (USD Billion or Million), and Volume (Units)

Quantitative Units

Revenue in USD million/billion and CAGR from 2024 to 2032.

Regions Covered

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Countries Covered

U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others.

Report Coverage

Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis.

Delivery Format

Delivered as an attached PDF and Excel through email, according to the purchase option.

 

Global E-cigarette and Vape dynamics

The e-cigarette and vape market are influenced by various factors such as consumer preferences, regulations, technology, and public health issues. Consumers' changing preferences towards healthier choices and smoke-free options drive the demand for e-cigarettes and vapes. People also see e-cigarettes as safer alternatives to traditional smoking, which affects their purchasing decisions, especially for those trying to quit or cut down on tobacco.

However, government regulations present both opportunities and challenges for companies in the market. Regulations in certain regions have helped the market grow by setting clear rules and encouraging new ideas. But in other places, stricter rules are in place to prevent young people from starting and to reduce health risks. The different rules in different places make the market more complicated and can affect how products are made available and sold.

New technology influences how products are made and how they are used by consumers. Manufacturers are always coming up with new ideas to make their products better in terms of performance, safety, and user satisfaction. For example, some e-cigarettes and vapes now come with options to adjust nicotine levels, control temperature, and have modern designs to suit different tastes. Public health initiatives and research also play a role in shaping consumer opinions and government regulations regarding these products.

 

Global E-cigarette and Vape drivers

  • Health Consciousness

The growing understanding of the health dangers linked to traditional tobacco smoking is a key factor propelling the e-cigarette and vape industry. With an increasing number of people prioritizing their health and looking for alternatives to smoking, the interest in e-cigarettes and vapes as potentially safer choices is on the rise. Consumers are attracted to the idea that e-cigarettes provide a smoke-free option, which could potentially decrease their exposure to harmful substances present in tobacco smoke. This trend is especially noticeable among smokers who are actively attempting to quit or cut back on their tobacco use, as well as among younger demographics worried about the potential long-term health effects of smoking.

  • Technological Innovation

Advancements in technology for e-cigarettes and vape devices are pushing market growth by constantly enhancing the performance, safety, and overall user experience. Manufacturers are actively investing in research and development to bring about new features like adjustable nicotine levels, temperature control, and stylish designs that cater to a wide range of consumers.

These improvements not only make e-cigarettes and vapes more appealing but also meet consumer demands for convenience and personalization. Additionally, progress in battery technology, heating components, and vaporization methods are leading to the creation of more effective and dependable devices, ultimately boosting consumer trust and usage.

 

Restraints:

  • Regulatory Uncertainty

Uncertainty in regulations is a major obstacle for the e-cigarette and vape market. Inconsistent rules in different areas can slow down growth and cause problems in the supply chain. Different methods of regulating e-cigarettes, from banning them altogether to placing strict restrictions on marketing and product standards, make it tough for manufacturers and distributors to meet all the requirements. Not knowing what future regulations look like also makes it hard for businesses to make investment choices and grow their markets, which can leave industry players feeling unsure.

  • Public Health Concerns

Concerns about public health related to the use of e-cigarettes and vapes, especially among young people, are a major obstacle for the market. Increasing numbers of young people starting to use these products and worries about becoming addicted to nicotine have led to demands for stricter rules and more campaigns to raise awareness about the potential dangers of e-cigarette use.

Furthermore, ongoing discussions about the lasting impact of vaping on health and the safety of e-cigarette ingredients fuel consumer doubt and government scrutiny, possibly slowing down market expansion. Addressing these public health concerns requires concerted efforts from industry players, policymakers, and public health authorities to ensure responsible marketing practices and effective harm reduction strategies.

 

Opportunities:

  • Product Innovation and Diversification

The e-cigarette and vape industry present ample prospects for companies to set themselves apart and grow their market presence through ongoing innovation and expansion. By creating new flavours, designs, and technological advancements that align with changing consumer preferences, manufacturers can stay ahead of the curve and attract a wider consumer base. Furthermore, introducing alternative nicotine delivery options like nicotine salts and pod-based systems not only gives customers more options but also helps build brand loyalty. By continuously pushing boundaries and adapting to market demands, businesses can secure their position in a competitive industry and attract more customers to their products.

 

Segment Overview

  • By Product

By Product market is segmented into, modular devices, disposable e-cigarettes, and rechargeable e-cigarettes. Modular devices, or vape mods, are customizable devices that let users adjust settings like voltage, wattage, and airflow for a personalized vaping experience. Disposable e-cigarettes are single-use devices filled with e-liquid and a built-in battery, offering convenience for users who want a hassle-free option. Rechargeable e-cigarettes are reusable devices that can be refilled with e-liquid and recharged via USB or other power sources, providing a more sustainable and cost-effective vaping solution.

  • By Distribution Channel

By Distribution Channel E-cigarettes and vapes are segmented by retail stores and online stores. Retail outlets include vape shops, convenience stores, gas stations, and tobacco retailers where one can buy e-cigarette products in person. Online platforms sell e-cigarettes and vaping supplies on websites, making it easy for customers who like to shop online. Both types of distribution are important for reaching customers and growing the market, each providing different benefits like product variety, convenience, and good customer service.

  • By Category

By Category market for e-cigarettes and vapes are segmented into closed system devices and open system devices. Closed system devices, also known as cig-a-likes or pod systems, come with pre-filled pods or cartridges that can be replaced when empty, making them easy and convenient for vaping.

On the other hand, open system devices allow users to fill the device with their preferred e-liquid, giving them more flexibility and customization options. These two categories attract different customer segments, with closed systems being popular among beginners and casual users who value convenience, while open systems are favoured by experienced vapers who seek more control and customization.

 

Global E-cigarette and Vape Overview by Region

The market for e-cigarettes and vapes has different trends and dynamics in various regions globally. North America, especially the United States, is a major market for these products due to growing health awareness, a high smoking rate, and favourable regulations in some states. Europe also has a substantial market share, with countries like the UK and France leading in adoption rates and regulations that promote harm reduction strategies.

The Asia-Pacific region, including countries like China and Japan, presents both opportunities and challenges for the market, with a large consumer base and growing awareness of e-cigarettes' potential as smoking cessation aids, but also facing regulatory hurdles and cultural attitudes towards vaping. Additionally, regions such as Latin America and the Middle East are witnessing emerging markets for e-cigarettes and vapes, propelled by urbanization, changing lifestyles, and rising disposable incomes, albeit with regulatory landscapes that are still evolving.

 

 

Global E-cigarette and Vape market competitive landscape

The competitive landscape of the e-cigarette and vape market is identified by a diverse array of players, ranging from established tobacco companies to independent vape manufacturers and startups. Leading tobacco companies such as Philip Morris International, British American Tobacco, and Japan Tobacco International have entered the market with their own e-cigarette brands, leveraging their extensive distribution networks and financial resources to compete for market share.

Independent vape manufacturers, including companies like JUUL Labs, NJOY, and blu, have also emerged as key players, drove innovation and capturing consumer interest with their sleek designs, advanced technology, and diverse flavour offerings. Additionally, the market features a multitude of smaller players and boutique brands, contributing to a competitive landscape marked by constant product innovation, marketing strategies, and regulatory compliance efforts. As the market continues to evolve and face regulatory challenges, competition intensifies as companies strive to differentiate themselves, expand their product portfolios, and capture market opportunities both domestically and globally.

 

Key Players:

  • JUUL Labs
  • British American Tobacco
  • Imperial Brands plc
  • Altria Group, Inc.
  • Japan Tobacco International
  • Philip Morris International
  • NJOY Holdings, Inc.
  • blu (Fontem Ventures)
  • Reynolds American Inc. (a subsidiary of British American Tobacco)
  • Vuse  

 

Global E-cigarette and Vape market Recent Developments

  • June 2023, Altria Group, Inc. revealed its acquisition of NJOY Holdings, Inc., a prominent vaping company. NJOY e-vapor products will now be marketed under NJOY, LLC (NJOY), a subsidiary of Altria. Additionally, the distribution of NJOY's products will be handled by Altria Group Distribution Company.
  • June 2023, Imperial Brands plc announced its acquisition of nicotine pouches from TJP Labs, marking its entry into the U.S. oral market. This strategic move aims to expand ITG Brands' offerings, with 14 different product types set to be offered in a pouch format that performed well in consumer testing. The acquisition aligns with TJP Labs' commitment to developing products promoting global harm reduction, customer choice, and adaptability.
  • Oct 2022, Altria Group, Inc. unveiled a partnership with JT Group, a leading tobacco company, to launch a joint venture focusing on marketing and selling heated tobacco stick products in the U.S. This collaboration is geared towards expediting global harm reduction efforts by combining forces in product development and the global commercialization of smoke-free alternatives.

 

Scope of global E-cigarette and Vape report

Global E-cigarette and Vape report segmentation

ATTRIBUTE

DETAILS

By Product

  • Modular Devices
  • Disposable
  • Rechargeable

By Distribution Channel

  • Retail (Convenience Store, Drug Store, Newsstand, Tobacconist Store,Specialty E-cigarette Store)
  • Online

By Category

  • Closed
  • Open

By Geography

  • North America (USA, and Canada)
  • Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico, and Rest of Latin America)
  • Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)

Customization Scope

  • Available upon request

Pricing

  • Available upon request

 

Objectives of the Study

The objectives of the study are summarized in 5 stages. They are as mentioned below:

  • Global E-cigarette and Vape size and forecast: To identify and estimate the market size for global E-cigarette and Vape market segmented By Product, By Distribution Channel, By Category, and by region. Also, to understand the consumption/ demand created by consumers between 2024 and 2032.
  • Market Landscape and Trends: To identify and infer the drivers, restraints, opportunities, and challenges for global E-cigarette and Vape
  • Market Influencing Factors: To find out the factors which are affecting the market of global E-cigarette and Vape among consumers.
  • Company Profiling: To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.

Research Methodology

Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region.  The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.

Data Collection

Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.

Primary Research

After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market. 

Secondary Research

A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.

Top-Down Approach & Bottom-Up Approach

In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.

In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.

This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.

Market Analysis & size Estimation

Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.

Quality Checking & Final Review

The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.

Frequently Asked Questions

Global E-cigarette and Vape forecast period is 2024 - 2032.
According to global E-cigarette and Vape research, the market is expected to grow at a CAGR of ~ 31.32% over the next eight years.
The possible segments in global E-cigarette and Vape are based on By Product, By Distribution Channel, By Category, & by region.
The expected market size for Global E-cigarette and Vape is USD 27.60 billion in 2023.
The major players in the market are JUUL Labs, British American Tobacco, Imperial Brands plc, Altria Group, Inc., Japan Tobacco International, Philip Morris International, NJOY Holdings, Inc., blu (Fontem Ventures), Reynolds American Inc. (a subsidiary of British American Tobacco), Vuse (R.J. Reynolds Vapor Company, a subsidiary of British American Tobacco).