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E-Cigarette And Vape Market Size & Share, 2027 | Industry Report

E-Cigarette And Vape Market Analysis Report By Product, By Component, By Distribution Channel And Segment Forecasts From 2020 To 2027

Report ID: MN17619650  |  Published: May 2020  |  No of Pages: 80
Format: Electronic (PDF)  |  Industry: Consumer Goods  |  Publisher: Grand View Research

Industry Insights

The global e-cigarette and vape market size was accounted for USD 12.41 billion, in 2019.It is estimated to grow at a CAGR of 23.8% during the forecast period, 2020 to 2027. Rising popularity and demand for the product among millennial population is expected to propel the market growth from 2020 to 2027. Moreover, wide variety of e-cigarettes from various brands are available in the market which is projected to further drive the product penetration.

E-cigarettes are safer option of smoking as they are operated through batteries. New technologies like squonk mods and pod systems are gaining popularity among the consumers across the globe. This is anticipated to drive the market growth over the forecast period. Key manufacturers are providing customized and best-quality products to their consumers to gain an edge over other competitors. Such smoking devices are gaining traction across the global e-cigarette market, thereby, driving the market growth.

U.S. e-cigarette and vape market

Availability of different flavors of e-cigarettes and features such as extended battery life are propelling the product demand. Moreover, these products are highly affordable as compared to conventional cigarettes. These factors are expected to bolster the market growth over the next five years.

Various researches and studies claim that e-cigarettes are safer than traditional cigarettes. Therefore, youngsters prefer e-cigarettes over the conventional ones owing to rising awareness regarding harmful effects of smoking on human body. Moreover, manufacturers are focusing on product innovation, R&D, and customization to attract large number of consumer groups. In addition, consumers who enjoy large amount of vapor prefer technologically advanced products that generate huge amount of vapor.

The market growth is restrained by stringent government policies and regulations for smoking in various developed and developing nations such as India, Germany, and U.S. Moreover, many countries have boycotted selling of cigarettes and vaping products, thus, lowering the revenue. In addition, heavy import duties and strict trade regulations, have affected the sales of vaping products. These factors are anticipated to retard the market growth over the forecast period.

Product Insights

In 2019, the segment of rechargeable devices held the largest market share across the global e-cigarette & vape market. These are affordable devices with replaceable cartridges that contain e-liquid. Consumer can use this device for longer period by replacing used cartridge with new one. This is projected to boost the product penetration across the globe.

The segment of modular devices is projected to expand at the fastest CAGR from 2020 to 2027 owing to its feature of altering the amount of vapor generation and controlling the diffusion of flavor. Moreover, emerging technologies including squonk mods and pod systems have boosted the demand for vaping products over the forthcoming years. Additionally, manufacturers are providing customized products that are available at different price levels. This has enabled the users to buy the desired products at affordable price.

Distribution Channel Insights

By distribution channel, the market is further divided into retail store and online segments. Earlier, retail stores like vape shops and gas stations used to sell e-cigarettes. Availability of wide range of products and e-liquid helped the consumers choose their desired flavor. In addition, consumers can test the equipment before buying it.

However, companies started launching e-cigarettes on online platforms after 2015. The online segment is projected to grow significantly from 2020 to 2027. Online channels are promoting these devices by offering huge variety and convenience. Moreover, heavy discounts offered by online platforms and websites are expected to boost the sale of e-cigarettes and vape through online retail channels.

Component Insights

The segment of vape mod held the largest market share and is anticipated to maintain its dominance from 2020 to 2027. Vape mods are available in several innovative designs such as box mods and regulated mods. This has proliferated the demand for e-cigarettes. Moreover, vaping competitions are organized across different regions. This is expected to boost the sales of box or unregulated mods over the forecast period. Regulated mods can be used for regular consumption.

Europe e-cigarette and vape market

The e-liquid segment is expected to witness a significant growth over the forecast period owing to availability of wide variety of flavors such as dessert, tobacco, fruit, and mixed. Consumers are influenced by DIY ideas of preparing their own e-liquids by mixing certain flavors. Furthermore, manufacturers of e-liquid are adopting the Genomic Allergen Rapid Detection strategy to develop e-liquids that meet the desired standards.  

Regional Insights

In 2019, North America held the largest market share across the global e-cigarettes market owing to presence of prominent players including R.J. Reynolds Vapor Company; Phillip Morris International Inc.; and JUUL Labs, Inc. Moreover, rising adoption of e-cigarettes and vape among the younger population as a safe option to traditional cigarettes is expected to propel the market growth. However, rising consumption of mint and fruit flavored e-cigarettes among underage population is the major reason behind current ban on such products in U.S. This is projected to adversely affect the market in the region.

The market for e-cigarettes and vape in Europe is projected to ascend at a significant rate from 2020 to 2027. Rising demand for vaping products is expected to drive the market growth. Moreover, health organizations and governing local bodies in these regions are allowing to sell e-cigarettes and vape from prominent brands such as Imperial Brands Plc’s Blu and British American Tobacco Plc’s Vype. This is anticipated to proliferate the regional demand over the forecast period.

E-cigarette and Vape Market Share Insights

Leading players operating in this industry include British American Tobacco; Imperial Brands; Altria Group, Inc.; International Vapor Group; NicQuid; Japan Tobacco, International; JUUL Labs, Inc.; R.J. Reynolds Vapor Company; Philip Morris International Inc.; Shenzhen KangerTech Technology Co., Ltd. and Shenzhen IVPS Technology Co., Ltd. These companies are focusing mergers and acquisitions to expand their global presence and consumer reach. Moreover, new entrants can easily enter the market as there are low to moderate entry barriers and they can start their ventures by investing less amount of money. In addition, companies are focusing on developing new and advanced products to cater to rising health awareness among millennials. For example, Altria Group, Inc. spent USD 252 million in product innovation and R&D to incorporate new technologies in their e-cigarette and vape devices.

Report Scope

Attribute

Details

Base year for estimation

2019

Actual estimates/Historical data

2016 - 2018

Forecast period

2020 - 2027

Market representation

Revenue in USD Million, Volume in Million Units, and CAGR from 2020 to 2027

Regional scope

North America, Europe, Asia Pacific, Latin America, and MEA

Country scope

U.S., Canada, U.K., Germany, China, South Korea, Japan, and Brazil

Report coverage

Revenue and volume forecast, company ranking, competitive landscape, growth factors, and trends

15% free customization scope (equivalent to 5 analyst working days)

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.


Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Million Insights has segmented the global e-cigarette and vape market report based on product, component, distribution channel, and region:

 • Product Outlook (Volume, Million Units; Revenue, USD Million, 2016 - 2027)
    • Disposable
    • Rechargeable
    • Modular Devices

 • Component Outlook (Volume, Million Units; Revenue, USD Million, 2016 - 2027)
    • Atomizer
    • Vape Mod
    • Cartomizer
    • E-liquid

 • Distribution Channel Outlook (Volume, Million Units; Revenue, USD Million, 2016 - 2027)
    • Online
    • Retail
        • Convenience Store
        • Drug Store
        • Newsstand
        • Tobacconist Store
        • Specialty E-cigarette Store

 • Regional Outlook (Volume, Million Units; Revenue, USD Million, 2016 - 2027)
    • North America
        • U.S.
        • Canada
    • Europe
        • U.K.
        • Germany
    • Asia Pacific
        • China
        • Japan
        • South Korea
    • Latin America
        • Brazil
    • Middle East & Africa (MEA)

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