The global e-cigarette and vape market size is expected to reach USD 104.51 billion by 2028, registering a CAGR of 28.1% from 2021 to 2028, according to a new study by Grand View Research, Inc. 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. The rising awareness about consuming smokeless, safe, and ashless tobacco is anticipated to drive market growth. 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 among smokers working toward quitting smoking altogether.
Several countries across the globe have witnessed an increase in indoor smoking owing to lockdowns announced amid the COVID-19 pandemic. However, vape shops remained open and were functional during the lockdown in countries such as Italy. To cash in on the rising demand for vape products, numerous vendors are adopting unique marketing strategies and offering their products through online platforms. For instance, MyVapery/Xyfil, a British nicotine liquid manufacturer, is offering free hand sanitizers in the same bottles as the company’s flavored nicotine e-liquids.
The growing concerns over conventional cigarettes among various age groups have boosted the demand for relatively less-toxic e-cigarettes and vape products. Market players are launching various e-liquid flavors in the market to cater to the evolving preferences of customers, thereby stimulating market growth. However, e-cigarettes are often associated with conventional cigarettes and hence, tend to attract criticism, a factor expected to restrain the market growth.
Market participants in the e-cigarette industry are prominent players in the market that own a significant market share. These companies have largely invested in e-cigarettes as they are expected to be an effective alternative solution for tobacco consumption. However, the industry is characterized by the presence of various smaller niche players that offer efficient vape devices and e-liquids, thereby, acquiring a large customer base gradually. 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 allow users to adjust the vapor output according to their preference. High customizability is expected to drive the segment growth over the forecast period
E-liquid segment is anticipated to emerge as the fastest-growing segment from 2021 to 2028. The tobacco-free composition of e-liquids and the availability of various flavors such as chocolate, menthol, and blueberry, along with a range of fruit flavors, make these products appealing and acceptable. This is expected to drive the segment growth
The online platform segment is expected to register a significant CAGR over the forecast period. The increasing use of social media applications such as WhatsApp, Instagram, and Facebook to promote and sell vape devices is anticipated to drive the growth of the online distribution channel
North America accounted for the highest market share in terms of revenue in 2020 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 North American market
Grand View Research has segmented the global e-cigarette and vape market based on product, component, distribution channel, and region:
E-cigarette & Vape Product Outlook (Volume, Million Units; Revenue, USD Million, 2016 - 2028)
E-cigarette & Vape Component Outlook (Volume, Million Units; Revenue, USD Million, 2016 - 2028)
E-cigarette & Vape Distribution Channel Outlook (Volume, Million Units; Revenue, USD Million, 2016 - 2028)
Specialty E-cigarette Store
E-cigarette & Vape Regional Outlook (Volume, Million Units; Revenue, USD Million, 2016 - 2028)
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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