The global e-cigarette and vape market size is expected to reach USD 67.31 billion by 2027, registering a revenue-based CAGR of 23.8% from 2020 to 2027, according to a new study conducted by Grand View Research, Inc. The growing awareness regarding consuming safe, smokeless, and ashless tobacco is expected to propel the growth. Furthermore, vaping is considered to be an effective method to quit smoking, as it is less toxic and creates vapor instead of smoke. The adoption of vaping devices is expected to increase, particularly among individuals willing to quit smoking or willing to smoke merely for recreation. Launch of new and innovative vaping devices, such as introduction of IQOS MESH, a puff-activated heating and a low-liquid level detection system, is also anticipated to foster the product adoption.
Rising concerns over conventional cigarettes among various age groups has boosted the demand for e-cigarettes. Several E-liquid flavors have also been launched in the market to cater to the changing preferences of individuals, thereby stimulating the market growth. However, e-cigarettes are often compared to conventional cigarettes owing to the nicotine content, which is considered harmful to health and hence they tend to attract criticism, a factor that is expected to restrain the market growth.
Several agencies have been calling for setting standards for vaping devices in order to encourage people to opt for a safer alternative to smoking. Long-term studies undertaken by various medical associations have helped determine that e-cigarettes can be considered as a safer substitute to conventional cigarettes. However, several countries, such as India, Singapore, and Uruguay, among others have banned the sale and distribution of e-cigarettes, hindering the adoption of these products.
Major tobacco companies control a large share of the global e-cigarette & vape market. These players have forayed into the e-cigarette space with new and innovative products under their brand name. On the other hand, there also exist various smaller players that develop efficient vapor products. Moreover, market incumbents are also investing in innovation and new product development.
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Further key findings from the study suggest:
Modular device is expected to emerge as the fastest-growing segment, registering a CAGR of 25.2% from 2020 to 2027. The sub-segment would continue to grow as modular devices allow their users to adjust the vapor output according to their preference
E-liquid segment is expected to register the highest CAGR over the forecast period, driven by the growing popularity of DIY e-liquid
Online platform is anticipated to emerge as a popular medium for the sale of vapor products. Vendors are using social media applications, such as Instagram and Facebook to promote their vaping devices
North America accounted for the largest market share, in terms of revenue in 2019 and is expected to maintain its dominance over the forecast period. It is home to prominent players, such as JUUL Labs, Inc.; Altria Group, Inc.; and Philip Morris International Inc. which hold a significant market share
Key market players include Altria Group, Inc.; British American Tobacco; Imperial Brands; International Vapor Group; Japan Tobacco, International; NicQuid; JUUL Labs, Inc.; Philip Morris International, Inc.; R.J. Reynolds Vapor Company; Nicquid; Shenzhen IVPS Technology Co., Ltd.; and Shenzhen KangerTech Technology Co., Ltd.
Grand View Research has segmented the global e-cigarette & vape market based on product, component, distribution channel, and region:
E-cigarette and Vape Product Outlook (Volume, Million Units; Revenue, USD Million, 2016 - 2027)
E-cigarette and Vape Component Outlook (Volume, Million Units; Revenue, USD Million, 2016 - 2027)
E-cigarette and Vape Distribution Channel Outlook (Revenue, USD Million, 2016 - 2027)
Specialty E-cigarette Store
E-cigarette and Vape Regional Outlook (Volume, Million Units; Revenue, USD Million, 2016 - 2027)
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