Global E-Cigarette and Vape Market size was valued at USD 27.8 Billion in 2023 and is expected to reach USD 66.2 Billion by 2032, at a CAGR of 4.5% during the forecast period 2023 – 2032.
E-Cigarette and Vape Market: Overview
E-cigarettes, short for electronic cigarettes, and vapes are electronic devices that simulate the act of smoking by producing an aerosol, often referred to as vapor, which is inhaled by the user. They typically consist of a battery, a heating element (atomizer), and a cartridge or tank containing a liquid solution known as e-liquid or vape juice.
The global e-cigarette and vape market is witnessing several trends shaping its trajectory. Firstly, there’s a growing shift towards alternative nicotine delivery systems as consumers seek alternatives to traditional tobacco products.
Technological advancements, such as the development of pod-based systems and temperature control devices, are enhancing user experience and driving market growth. Additionally, the increasing popularity of nicotine salts and high-nicotine e-liquids caters to the preferences of users seeking stronger nicotine hits.
Regulatory developments play a crucial role, with governments worldwide implementing varying degrees of regulation, affecting product availability and marketing strategies. The rise of disposable e-cigarettes and the emergence of cannabis vaping products also contribute to market expansion.
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Furthermore, the ongoing scrutiny of safety concerns, particularly regarding youth usage and vaping-related health issues, influences consumer perceptions and regulatory actions, shaping the future landscape of the e-cigarette and vape market.
By product, the rechargeable segment held the highest market share in 2022 and is expected to keep its dominance during the forecast period 2024-2032. Key trends in the rechargeable e-cigarette and vape market include the rise of pod-based systems offering convenience and portability, the increasing popularity of customizable and high-performance devices among experienced users, and the growing demand for e-liquids with innovative flavors and nicotine strengths to cater to diverse consumer preferences.
By distribution channel, the retail stores segment held the highest market share in 2022 and is expected to keep its dominance during the forecast period 2024-2032. In the retail stores e-cigarette and vape market, key trends include the proliferation of specialty vape shops catering to enthusiasts, increasing availability of pod-based systems and nicotine salt e-liquids, heightened focus on flavor innovation and product diversity, and greater regulatory scrutiny impacting sales channels and marketing strategies.
In North America’s e-cigarette and vape market, key trends include increased regulatory scrutiny and public health concerns, especially regarding youth vaping. Additionally, the market sees ongoing innovation in product offerings, such as nicotine pouches and flavored e-liquids, alongside continued consolidation among major industry players and growing consumer demand for reduced-risk alternatives to traditional tobacco products.
Japan Tobacco Inc dominates with a 66.4% share of Japan’s cigarette market. Japanese smokers continue to maintain high consumption levels, averaging around 1,800 cigarettes per capita, which is significantly higher than the approximately 1,000 cigarettes per capita consumed in the United States.
CMI has comprehensively analyzed E-Cigarette and Vape market. The driving forces, restraints, challenges, opportunities, and key trends have been explained in depth to depict in depth scenario of the market. Segment wise market size and market share during the forecast period are duly addressed to portray the probable picture of this E-Cigarette and Vape industry.
The competitive landscape includes key innovators, after market service providers, market giants as well as niche players are studied and analyzed extensively concerning their strengths, weaknesses as well as value addition prospects. In addition, this report covers key players profiling, market shares, mergers and acquisitions, consequent market fragmentation, new trends and dynamics in partnerships.
List of the prominent players in the E-Cigarette and Vape Market:
- Juul Labs Inc.
- British American Tobacco plc
- Japan Tobacco International
- Philip Morris International Inc.
- Altria Group Inc.
- Imperial Brands plc
- Reynolds American Inc.
- Fontem Ventures
- NJOY LLC
- VMR Products LLC
- Logic Technology Development LLC
- Lorillard Inc.
- Shenzhen IVPS Technology Co. Ltd.
- Innokin Technology Co. Ltd.
- Joyetech Co. Ltd.
- Vaporesso
- Aspire
- KangerTech
- Suorin
- GeekVape
- Others
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