E-cigarette And Vape Industry Overview
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.
E-cigarette And Vape Market Segmentation
Grand View Research has segmented the global e-cigarette and vape market based on product, distribution channel, and region:
Based on the Product Insights, the market is segmented into Disposable, Rechargeable and Modular Devices.
- The adoption of rechargeable devices is expected to increase as they tend to be affordable and eliminate the need to re-purchase supplies, such as cartridges.
- Rechargeable e-cigarettes produce less smoke and can be charged in a USB port, thus are becoming popular among youth in many key countries.
- The modular devices segment is anticipated to register a significant CAGR over the forecast period.
- Various vaping events, such as vape conventions and competitions, are organized regularly in North America, thereby stimulating the demand for modular devices in the region.
Based on the Distribution Channel Insights, the market is segmented into Online and Retail.
- The online segment is anticipated to register a significant CAGR over the forecast period. The benefits of online marketplaces in terms of competitive pricing, convenience, and access to a wider variety of products encourage people to purchase e-cigarettes and vape online.
- The retail store segment accounted for the highest market share of over 84% in 2021. Earlier, e-cigarettes were sold in retail outlets such as vape shops and gas stations. These shops assisted customers in selecting from a wide range of devices and e-liquids.
E-cigarette And Vape Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
To effectively maintain communication with the consumers and be in regular exchange with their dispensary partners, e-cigarette and vape vendors worldwide are expected to engage in aggressive social media marketing techniques. This is necessary to keep consumers focused and boost future growth strategies. In the post-COVID-19 era, personal vaporizers allow users to avoid sharing e-cigarette and vape equipment, which is critical.
Some prominent players 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.
- J. Reynolds Vapor Company
- Shenzhen IVPS Technology Co., Ltd.
- Shenzhen KangerTech Technology Co., Ltd.
Order a free sample PDF of the in E-cigarette And Vape Market Intelligence Study, published by Grand View Research.
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