The global e-cigarette and vape market size is expected to reach USD 182.84 billion by 2030, registering a CAGR of 30.0% from 2022 to 2030, according to a new study by Grand View Research, Inc. The growing concerns over conventional cigarettes among various age groups have boosted the demand for relatively less-toxic e-cigarettes and vape products. Advances in e-cigarette technology coupled with the availability of e-cigarettes in various types and e-liquid flavors are particularly allowing customers to choose the device and flavor of their choice, thereby contributing to the growth of the market. The rising awareness about safer alternatives to tobacco consumption has stimulated the adoption of e-cigarettes across the world.
E-cigarette And Vape Market Report Highlights
- The modular device segment is anticipated to emerge as the fastest-growing segment over the forecast period. Modular devices are advanced devices used mainly by individuals participating in professional vape competitions. These devices are highly advanced and have programmable functions, such as temperature control and variable wattage control
- The online platform segment is expected to register a significant CAGR over the forecast period. Online vape shops, which have emerged recently, encourage customers to purchase e-cigarettes online. Furthermore, the smaller packaging size of e-cigarettes also attracts lower shipping rates, increasing buyer preference
- North America accounted for the highest market share in terms of revenue in 2021, owing to the extensive presence of prominent players such as Altria Group, Inc. and Philip Morris International Inc., which hold a significant share of the regional market
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E-cigarette And Vape Market Report
Technological advancements have permitted the development of high-capacity e-cigarettes that create significant amounts of vapor and flavor, which has enhanced vapor enthusiast preference. Vaping has assisted a substantial number of smokers in quitting smoking, making e-cigarettes a viable smoking cessation option. Furthermore, ex-smokers believe that using e-cigarettes has improved their breathing. The rising price of regular cigarettes has aided the growing popularity of e-cigarettes. The e-cigarette sector has been stifled by strict legislation in several countries. However, due to the increased popularity of the technology, e-cigarette sales have continued to grow.
The rising awareness about consuming smokeless, safe, and ashless tobacco is anticipated to drive market growth. The push toward COVID-19-based marketing strategies and sales via digital channels is estimated to drive market growth in the post-COVID-19 pandemic era. Furthermore, there is an increasing awareness about vaping being an effective method to quit traditional smoking, as it is less toxic and creates vapors instead of smoke. Thus, the adoption of vape devices is expected to increase over the forecast period, particularly among individuals smoking for recreation and smokers working toward quitting smoking altogether. In a number of countries, rechargeable e-cigarettes, which release less smoke and can be charged through a USB connection are gaining popularity among teens.
COVID-19 Impacts On E-cigarette And Vape Market
Due to the COVID-19 pandemic, several countries worldwide have seen an increase in indoor smoking. However, vape shops remained open and operational in countries such as Italy during the lockdown. To capitalize on the rising demand for vape products, many vendors implement novel marketing strategies and sell their wares via online platforms. For instance, MyVapery/Xyfil, a British nicotine liquid manufacturer, includes freehand sanitizers in the same bottles as its flavored nicotine e-liquids.
Industry Insights By Geographical Regions
North America dominated the global market with a share of over 40%. The social media presence of major industry players is widely used for selling e-cigarettes and vaping products. The young population has largely adopted vaping devices as a safer alternative to tobacco, which is expected to boost the adoption of the product. Over the forecast period, the European regional market is expected to grow significantly. Furthermore, customers find it more convenient to purchase e-cigarettes in bulk via online platforms, which is expected to drive Asia Pacific regional market growth.
E-cigarette And Vape Market Overview By Major Manufacturers:
Market participants in the e-cigarette industry are prominent players in the market that own a significant market share. These companies have invested mainly in e-cigarettes as they are expected to be an effective alternative solution for tobacco consumption. Large companies are pursuing inorganic growth strategies such as partnerships, acquisitions, collaborations, and strategic agreements to increase their customer base and geographical reach. However, the industry is characterized by various smaller niche players that offer efficient vape devices and e-liquids, thereby gradually acquiring a large customer base. Small companies usually outsource the manufacturing of e-cigarettes to Asian countries such as China to price their products competitively. Some of the prominent players operating in the global e-cigarette and vape market are:
- Altria Group, Inc.
- British American Tobacco
- Imperial Brands
- International Vapor Group
- Japan Tobacco Inc.
- NicQuid
- JUUL Labs, Inc.
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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:
Product Outlook (Volume, Million Units; Revenue, USD Million, 2017 – 2030)
Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
Regional Outlook (Volume, Million Units; Revenue, USD Million, 2017 – 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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