E-cigarette And Vape Market Overview 2023

E-cigarette And Vape Market Overview 2023

The global e-cigarette and vape market size was valued at USD 22.45 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 30.6% from 2023 to 2030. The public’s growing understanding of e-cigarettes being safer than traditional cigarettes, particularly among younger people, due to numerous studies conducted by medical institutions and associations, is forecasted to fuel market growth. In addition, it is anticipated that the manufacturers’ wide range of customization options, including temperature control and nicotine dosages, will help the product demand. Moreover, growing e-cigarette technologies like pod systems and squonk mods have gained popularity and user adoption in recent years.

E-cigarette and vape providers have developed several COVID-19-based marketing methods to boost product sales amid the COVID-19 pandemic. The use of e-cigarettes and vaping equipment is expected to increase over the projection period as people adopt safer alternatives to smoking. When e-cigarette and vape pens device stocks in physical stores started to run low, sellers began selling their items online and giving out hand sanitizers and face masks in exchange for vaping product purchases. E-cigarettes and vaping have changed significantly in 2017, with various flavors and more power-efficient devices. These products are available in a variety of flavors, including menthol, tobacco, fruits & nuts, and chocolate.

An e-cigarette or a vape device that uses these tastes emits fragrances. In addition, these devices’ rising cost-effectiveness has increased customer acceptance and is anticipated to fuel industry expansion. There has been a significant increase in sales of atomizers and e-liquids in North America and Europe markets due to the increasing demand. Many nations, including the U.K., have legalized e-cigarette use, which has boosted industry expansion. In addition, vape shops have been set up where clients can go in person and taste the products and e-liquid flavors before buying. Tank e-cigarettes have continued to be the most popular device type in England.

Still, pod e-cigarettes have overtaken them due to the rise in JUUL (Juul Labs, Inc., an American electronic cigarette manufacturer) use. Industry participants are well-known companies with sizable market shares. Corporations have mostly invested in e-cigarettes since they are anticipated to be a successful alternative to tobacco use. However, the market is home to several small firms that provide effective vaping products and e-liquids, building a sizable consumer base. To keep their prices low, small businesses typically outsource the production of e-cigarettes to Asian nations like China. However, restrictions placed on the sale of vaping supplies and e-liquids by local authorities in many nations, including the U.S. and India, have slowed the market’s expansion.

Furthermore, it is challenging for retail customers to import vaping devices for personal use due to strict trading rules. However, it is anticipated that laws governing conventional cigarettes would recognize e-cigarettes as a healthy alternative to tobacco use, thereby regulating the technology for secure distribution and use. Moreover, the vaping industry has established several associations to combat anti-vaping regulations and regulate the business for oversight, thereby fueling the expansion of the market for e-cigarettes and vaping.

Product Insights

The rechargeable product segment accounted for the highest share of more than 43.35% in 2022. Rechargeable devices are predicted to become more popular due to their affordability and ability to do away with the requirement for ongoing supply purchases like cartridges. In addition, clients who make their e-liquid can avoid buying pre-filled cartridges. Particularly seasoned smokers find that buying recharged e-cigarettes is cost-effective. Rechargeable e-cigarettes are also becoming increasingly popular among young people in many important countries because they emit less smoke and can be charged even through a USB port.

The modular devices segment is anticipated to register a significant growth rate over the forecast period. The devices’ high-level customization capabilities to combine various functions and components are the primary factor driving the segment. Depending on individual needs, these parts & components change the flavor & volume of vapor the device produces. The regular organization of various vaping events, including vape conferences and competitions, boosts the need for modular devices.

Report Coverage & Deliverables

PDF report & online dashboard will help you understand:

  • Competitive benchmarking
  • Historical data & forecasts
  • Company revenue shares
  • Regional opportunities
  • Latest trends & dynamics

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Distribution Channel Insights

The retail store distribution channel segment dominated the industry in 2022 and accounted for the highest share of more than 83.30% of the overall revenue. E-cigarettes were formerly offered for sale in retail locations like vape shops and gas stations. These stores helped clients choose from a variety of equipment and e-liquids. Vape shops are allowing clients to try out and test these devices before making a purchase decision, which is contributing to the retail store segment’s growth during the projection period.

Global e-cigarette and vape market share, by distribution channel, 2022 (%)

The online distribution channel segment is anticipated to register the fastest CAGR during the forecast period. People are increasingly buying e-cigarettes and vape products online because of the advantages of competitive pricing, convenience, and a greater selection of goods available on these platforms. The Asia Pacific region has seen the emergence of numerous internet stores selling e-cigarettes. The region has also experienced growth in the market for e-cigarette goods, which has prompted vendors to offer e-cigarettes for sale online.

Regional Insights

North America dominated the global industry in 2022 and accounted for the maximum share of more than 44.10% of the overall revenue. The presence of influential business figures like R.J. E-cigarette and vaping product sales frequently occur on social media platforms. The use of the product is anticipated to increase since the young generation has predominantly chosen vaping devices as a safer alternative to cigarettes. However, it is expected that the United States’ current restrictions on various e-cigarette tastes, notably fruit and mint flavors, restrain market growth in the region.

E-cigarette And Vape Market Trends by Region

Most e-cigarettes are imported from other countries, such as China. Furthermore, customers prefer to buy e-cigarettes in bulk through online platforms, which is anticipated to fuel market expansion in the Asia Pacific region. The regional market in Europe is anticipated to expand significantly during the forecast period. The approval of e-cigarettes and vaping by regional health organizations, such as British American Tobacco Plc’s Vype and Imperial Brands Plc’s Blu, as superior alternatives to tobacco smoking is anticipated to fuel market expansion in Europe.

Key Companies & Market Share Insights

Social media marketing is expected to play a key role in key players’ efforts to maintain connections with consumers and dispensaries. This is essential to maintain consumer focus and support upcoming growth plans. Personal vaporizers enable users to avoid sharing e-cigarettes and vaping equipment in the post-COVID-19 environment, which is necessary. There are few barriers to entry for new competitors in the market because they can launch their businesses with low startup costs.

To broaden their client base and global reach, large-scale organizations are adopting growth strategies including product launches, acquisitions, collaborations, and strategic agreements. For instance, in October 2022, Imperial Brands launched Blu 2.0, a vaping device. The device is lightweight and integrated with ceramic heating pod technology. The device will be available in the stores from March 2023. Some of the key players operating in the global e-cigarette and vape market include:

  • 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.

E-cigarette And Vape Market Report Scope

Report AttributeDetails
Market size value in 2023USD 28.17 billion
Revenue forecast in 2030USD 182.84 billion
Growth rateCAGR of 30.6% from 2023 to 2030
Base year for estimation2022
Historical data2018 – 2021
Forecast period2023 – 2030
Quantitative unitsRevenue in USD million and CAGR from 2023 to 2030
Report coverageRevenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends
Segments coveredProduct, distribution channel, region
Regional scopeNorth America; Europe; Asia Pacific; Latin America; MEA
Country scopeU.S.; Canada; U.K.; Germany; China; South Korea; Japan; Brazil
Key companies profiledAltria 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.
Customization scopeFree report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional, and segment scope.
Pricing and purchase optionsAvail customized purchase options to meet your exact research needs. 

 

Global E-cigarette And Vape Market Segmentation

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the global e-cigarette and vape market report based on product, distribution channel, and region:

Global E-cigarette And Vape Market Segmentation

  • Product Outlook (Revenue, USD Million, 2018 – 2030)
    • Disposable
    • Rechargeable
    • Modular Devices
  • Distribution Channel Outlook (Revenue, USD Million, 2018 – 2030)
    • Online
    • Retail
      • Convenience Store
      • Drug Store
      • Newsstand
      • Tobacconist Store
      • Specialty E-cigarette Store
  • Regional Outlook (Revenue, USD Million, 2018 – 2030)
    • North America
      • U.S.
      • Canada
    • Europe
      • U.K.
      • Germany
    • Asia Pacific
      • Japan
      • China
      • South Korea
    • Latin America
      • Brazil
    • MEA

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