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.
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.
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.
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. 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.
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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
Grand View Research has segmented the global e-cigarette and vape market based on product, distribution channel, and region:
E-cigarette and Vape Product Outlook (Volume, Million Units; Revenue, USD Million, 2017 - 2030)
E-cigarette and Vape Distribution Channel Outlook (Revenue, USD Million, 2017 - 2030)
Specialty E-cigarette Store
E-cigarette And Vape Regional Outlook (Volume, Million Units; Revenue, USD Million, 2017 - 2030)
List of Key Players in the E-cigarette And Vape Market
Altria Group, Inc.
British American Tobacco
International Vapor Group
Japan Tobacco Inc.
JUUL Labs, Inc.
Philip Morris International Inc.
R.J. Reynolds Vapor Company
Shenzhen IVPS Technology Co., Ltd.
Shenzhen KangerTech Technology Co., Ltd.
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