E-cigarette And Vape Market Size, Share & Trends Analysis Report By Product, By Distribution Channel, By Region And Segment Forecasts From 2022 To 2030

The global e-cigarette and vape market size is projected to reach USD 182.84 billion by 2030 with a CAGR of 30.0% from 2022 to 2030. The growing preference especially among the younger generations for e-cigarettes over traditional cigarettes is among the major driving factors for the e-cigarette and vape market. As these cigarettes are relatively less-toxic, the younger population group is consciously opting for e-cigarettes. Additionally, the availability of e-cigarettes in various e-liquid flavors and the advances in technology are allowing consumers to choose flavors and devices of their own choice.

The adoption of e-cigarettes is further stimulated by the growing awareness of safer alternatives to tobacco consumption. The added customization features offered by the manufacturers and the vendors as nicotine concentrations and temperature control are projected to stimulate product demand. Development in e-cigarette technologies like squonk mods and pod systems have become highly popular and has witnessed high adoption. Vaping has significantly assisted a wide number of smokers to quit smoking by making e-cigarette smoking a viable switching option.

The growing trend of consuming smokeless, ash less, and safe tobacco is projected to contribute to market expansion. Moreover, the awareness about vaping being effective in quitting traditional smoking due to its less toxicity and release of vapor is also growing over time. COVID-19 pandemic has rather pushed the market toward adopting better market strategies and sales like offering hand sanitizers and facemasks as gift items to purchase vape products using digital platforms. The cost-effectiveness of the advanced devices has enhanced consumer adoption, driving the market growth during the forecasted period.

The strict regulations laid by the local authorities of countries like the U.S. and India on e-liquids and vaping products are a drawback for the e-cigarette & vape market growth. However, the prominent market participants in the industry own significant market shares and invested majorly in e-cigarettes owing to their effective alternative solution factor. Tank e-cigarettes have remained to be the most popular device type in England. In addition, due to the surge in JUUL use, pod e-cigarettes have also earned good recognition in the country.

E-cigarette and Vape Market Report Key Takeaways

• Owing to the presence of several prominent market players like Philip Morris International Inc. that holds the regional market’s significant share, North America registered the highest market revenue share in 2021
• The online platform segment is projected to derive a significant CAGR during the forecast period owing to the emergence of online vape shops that encouraged consumers to buy e-cigarettes online with smaller packaging attracting lower shipping rates
• The modular device segment is expected to become the fastest-growing segment over the forthcoming years as these are highly advanced devices with programmable functions like variable wattage control and temperature control
• According to The Washington Post over 2.5 million adolescents in 2022 are e-cigarette consumers with a preference for a better variety of flavors and disposable quality products
• Philip Morris International Inc. launched IQOS ILUMA in Japan in 2021 which is the first tobacco-heating system of the brand introducing the induction-heating technology which does not require compulsory cleaning and runs without a blade
• Japan Tobacco Inc. in September 2020 publicized its collaboration with a prototype and technology developer named Sauber Engineering AG through which the companies would continue to develop engineering projects leading to a performance increase of the products from Japan Tobacco Inc.
• December 2020 marked the launch of μKERA Ultra which is a semiconductor wafer process-based micro-vaporizer technology producing vapor from e-liquids or cannabis extract

E-cigarette and Vape Market Segments

• 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
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
  • Asia Pacific
    • China
    • South Korea
    • Japan
  • Latin America
    • Brazil
  • MEA
• List of Key Players in the E-cigarette and Vape Market
  • Altria Group, Inc.
  • British American Tobacco
  • Imperial Brands
  • International Vapor Group
  • Japan Tobacco Inc.
  • NicQuid
  • JUUL Labs, Inc.
  • Philip Morris International Inc.
  • R.J. Reynolds Vapor Company
  • Shenzhen IVPS Technology Co., Ltd.
  • Shenzhen KangerTech Technology Co., Ltd.