Global E-cigarette And Vape Market Size, Share & Trends Analysis Report By Distribution Channel, By Product (Disposable, Rechargeable, Modular Devices), By Category, By Region,- Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2024-2033

E-cigarette And Vape Market Size and Growth

The global e-cigarette and vape market size was exhibited at USD 28.35 billion in 2023 and is projected to hit around USD 393.85 billion by 2033, growing at a CAGR of 30.1% during the forecast period 2024 to 2033.

E-cigarette And Vape Market Size 2024 To 2033

E-cigarette And Vape Market Key Takeaways:

  • The rechargeable segment accounted for the highest market share of over 40% in 2023.
  • The modular devices segment is anticipated to register a significant growth rate over the forecast period.
  • The retail store segment accounted for the highest market share of over 80% in 2023.
  • The online segment is anticipated to register a significant growth rate over the forecast period.
  • North America dominated the global market with a share of over 40% in 2023. 

Report Scope of E-cigarette And Vape Market

 Report Coverage  Details
Market Size in 2024 USD 36.88 Billion
Market Size by 2033 USD 393.85 Billion
Growth Rate From 2024 to 2033 CAGR of 30.1%
Base Year 2023
Forecast Period 2024-2033
Segments Covered Product, Category, Distribution Channel, Region
Market Analysis (Terms Used) Value (US$ Million/Billion) or (Volume/Units)
Regional scope North America; Europe; Asia Pacific; Latin America; MEA
Key Companies Profiled 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.

The public's growing understanding of e-cigarettes being safer than traditional cigarettes, particularly among younger people, is forecasted to fuel market expansion due to numerous studies conducted by medical institutions and associations. Additionally, it is anticipated that the manufacturers' wide range of customization options, including temperature control and nicotine dosages, will help the product demand. Additionally, 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 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.

The market also offers a variety of flavors, including menthol, tobacco, fruits and nuts, and chocolate. An e-cigarette or a vape device that uses these tastes emits fragrances. Additionally, these devices' rising cost-effectiveness has increased customer acceptance and is anticipated to fuel market expansion throughout the projection period.

There has been a significant increase in sales of atomizers and e-liquids in North American and European markets due to the increasing demand. Many nations, including the U.K., have legalized e-cigarette use, which has boosted industry expansion. Additionally, 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.

Market participants in the e-cigarette sector 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. Additionally, the vaping industry has established several associations to combat anti-vaping regulations and regulate the business for oversight, thereby fueling the expansion of the e-cigarette and vaping markets.

E-cigarette And Vape Market By Product Insights

The rechargeable segment accounted for the highest market share of over 40% in 2023. 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. Additionally, 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 driving force behind demand. Depending on individual needs, these parts and components change the flavor and volume of vapor the device produces. The regular organization of various vaping events, including vape conferences and competitions, boosts the region's need for modular devices.

E-cigarette And Vape Market By Distribution Channel Insights

The retail store segment accounted for the highest market share of over 80% in 2023. 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 category's growth during the projection period.

The online segment is anticipated to register a significant growth rate over 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 online marketplaces. The Asia Pacific region has seen the emergence of numerous internet stores selling e-cigarettes. The region has also experienced an increase in the market for e-cigarette goods, which has prompted vendors to offer e-cigarettes for sale online.

E-cigarette And Vape Market By Regional Insights

North America dominated the global market with a share of over 40% in 2023. 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.

Given that 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 time of forecasting. 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.

E-cigarette And Vape Market Recent Developments

  • In June 2023, Altria Group, Inc. announced the acquisition of NJOY Holdings, Inc., a vaping company. The company will market NJOY e-vapor products under NJOY, LLC (NJOY), an Altria subsidiary. Moreover, NJOY's products will be distributed by Altria Group Distribution Company.

  • In June 2023, Imperial Brands plc announced the acquisition of nicotine pouches from TJP Labs with an aim to make a foray into the U.S. oral market. The acquisition will enable ITG Brands, the company’s U.S. operation, to offer 14 different product types in a pouch that performs well in consumer testing. Through this acquisition, TJP Labs aims to reinforce its commitment to developing products that promote global harm reduction, customer choice, and flexibility.

  • In October 2023, Altria Group, Inc. announced a partnership with JT Group, a tobacco company. Altria Group, Inc. and JT Group launched a joint venture for the marketing and sale of heated tobacco stick products in the U.S. By partnering on product development and global commercialization of smoke-free products, Altria Group, Inc. aimed to expedite global damage reduction.

  • In July 2023, British American Tobacco p.l.c. introduced Glo hyper X2, the newest development from its fast-growing global heated tobacco brand, in Tokyo, Japan. The product's new barrel styling design has been shaped by consumer insights, providing innovative and user-friendly features.

Some of the prominent players in the global e-cigarette and vape market include:

Segments Covered in the Report

This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the global e-cigarette and vape market

Product

  • Disposable
  • Rechargeable
  • Modular Devices

Category

  • Open
  • Closed

Distribution Channel

  • Online
  • Retail
    • Convenience Store
    • Drug Store
    • Newsstand
    • Tobacconist Store
    • Specialty E-cigarette Store

Regional

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • MEA

Frequently Asked Questions

The global e-cigarette and vape market size was exhibited at USD 28.35 billion in 2023 and is projected to hit around USD 393.85 billion by 2033, growing at a CAGR of 30.1% during the forecast period 2024 to 2033.

The global e-cigarette and vape market is expected to witness a compound annual growth rate of 30.1% from 2024 to 2033 to reach USD 393.85 billion by 2033.

The rechargeable segment in the e-cigarette & vape market accounted for the highest market share of over 40% 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.

The retail store segment accounted for the highest e-cigarette & vape market share of over 80% in 2023. Retail shops are allowing clients to try out and test these devices before making a purchase decision, which is contributing to the retail store category\'s growth during the projection period.

North America dominated the global e-cigarette and vape market with a share of over 40% in 2022. The presence of influential business figures like R.J. E-cigarette and vaping product sales frequently occur on social media platforms.

Key players in the e-cigarette & vape market 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.

Chapter 1 Methodology and Scope

1.1 Information Procurement

1.1.1 Purchased Database

1.1.2 Internal Database

1.1.3 Secondary Sources & Third-Party Perspectives

1.1.4 Primary Research

1.2 Information Analysis

1.2.1 Data Analysis Models

1.3 Market Formulation & Data Visualization

1.4 Data Validation & Publishing

1.5 Market Segmentation & Scope

Chapter 2 Executive Summary

2.1 Market Snapshot

2.2 Product Segment Snapshot

2.3 Distribution Channel Segment Snapshot

2.4 Category Segment Snapshot

2.5 Competitive Landscape Snapshot

Chapter 3 E-cigarette and Vape Industry Outlook

3.1 Market Lineage Outlook

3.2 E-cigarette and Vape Market - Value Chain Analysis

3.3 E-cigarette and Vape Market Dynamics

3.3.1 Market driver analysis

3.3.1.1 Technological advances in e-cigarette technology

3.3.1.2 Growing awareness of safe alternatives of tobacco consumption

3.3.2 Market restraint analysis

3.3.2.1 Stringent government regulations

3.5 Industry Analysis

3.5.1 E-cigarette and Vape Market - Porter’s Five Forces Analysis

3.5.2 E-cigarette and Vape Market - PESTEL Analysis

Chapter 4 E-cigarette and Vape Product Outlook

4.1 E-cigarette and Vape Market Share By Product, 2024 & 2033

4.2 Disposable

4.2.1 Disposable e-cigarettes market, 2021 - 2033

4.3 Rechargeable

4.3.1 Rechargeable e-cigarettes market, 2021 - 2033

4.4 Modular Devices

4.4.1 Modular devices market, 2021 - 2033

Chapter 5 E-cigarette and Vape Category Outlook

5.1 E-cigarette and Vape Market Share By Category, 2024 & 2033

5.2 Open

5.2.1 Open e-cigarettes market, 2021 - 2033

5.3 Closed

5.3.1 Closed e-cigarettes market, 2021 - 2033

Chapter 6 E-cigarette and Vape Distribution Channel Outlook

6.1 E-cigarette and Vape Market Share By Distribution Channel, 2024 & 2033

6.2 Online

6.2.1 Online market, 2021 - 2033

6.3 Retail Store

6.3.1 Retail store market, 2021 - 2033

6.3.1.1 Convenience Store

6.3.1.1.1 Convenience store market, 2021 - 2033

6.3.1.2 Drug Store

6.3.1.2.1 Drug store market, 2021 - 2033

6.3.1.3 Newsstand

6.3.1.3.1 Newsstand market, 2021 - 2033

6.3.1.4 Tobacconist Store

6.3.1.4.1 Tobacconist store market, 2021 - 2033

6.3.1.5 Specialty E-cigarette Store

6.3.1.5.1 Specialty e-cigarette store market, 2021 - 2033

Chapter 7 E-cigarette and Vape Regional Outlook

7.1 E-cigarette and Vape Market Share By Region, 2024 & 2033

7.2 North America

7.2.1 North America e-cigarette and vape market, 2021 - 2033

7.2.2 North America e-cigarette and vape market, by product, 2021 - 2033

7.2.3 North America e-cigarette and vape market, by category, 2021 - 2033

7.2.4 North America e-cigarette and vape market, by distribution channel, 2021 - 2033

7.2.6 North America e-cigarette and vape market, by retail store, 2021 - 2033

7.2.6 U.S.

7.2.6.1 U.S. e-cigarette and vape market, 2021 - 2033

7.2.6.2 U.S. e-cigarette and vape market, by product, 2021 - 2033

7.2.6.3 U.S. e-cigarette and vape market, by category, 2021 - 2033

7.2.6.4 U.S. e-cigarette and vape market, by distribution channel, 2021 - 2033

7.2.6.5 U.S. e-cigarette and vape market, by retail store, 2021 - 2033

7.2.7 Canada

7.2.7.1 Canada e-cigarette and vape market, 2021 - 2033

7.2.7.2 Canada e-cigarette and vape market, by product, 2021 - 2033

7.2.7.3 Canada e-cigarette and vape market, by category, 2021 - 2033

7.2.7.4 Canada e-cigarette and vape market, by distribution channel, 2021 - 2033

7.2.7.5 Canada e-cigarette and vape market, by retail store, 2021 - 2033

7.3 Europe

7.3.1 Europe e-cigarette and vape market, 2021 - 2033

7.3.2 Europe e-cigarette and vape market, by product, 2021 - 2033

7.3.3 Europe e-cigarette and vape market, by category, 2021 - 2033

7.3.4 Europe e-cigarette and vape market, by distribution channel, 2021 - 2033

7.3.4.1 Europe e-cigarette and vape market, by retail store, 2021 - 2033

7.3.5 U.K.

7.3.5.1 U.K. e-cigarette and vape market, 2021 - 2033

7.3.5.2 U.K. e-cigarette and vape market, by product, 2021 - 2033

7.3.5.3 U.K. e-cigarette and vape market, by category, 2021 - 2033

7.3.5.4 U.K. e-cigarette and vape market, by distribution channel, 2021 - 2033

7.3.5.5 U.K. e-cigarette and vape market, by retail store, 2021 - 2033

7.3.6 Germany

7.3.6.1 Germany e-cigarette and vape market, 2021 - 2033

7.3.6.2 Germany e-cigarette and vape market, by product, 2021 - 2033

7.3.6.3 Germany e-cigarette and vape market, by category, 2021 - 2033

7.3.6.4 Germany e-cigarette and vape market, by distribution channel, 2021 - 2033

7.3.6.5 Germany e-cigarette and vape market, by retail store, 2021 - 2033

7.3.7 Spain

7.3.7.1 Spain e-cigarette and vape market, 2021 - 2033

7.3.7.2 Spain e-cigarette and vape market, by product, 2021 - 2033

7.3.7.3 Spain e-cigarette and vape market, by category, 2021 - 2033

7.3.7.4 Spain e-cigarette and vape market, by distribution channel, 2021 - 2033

7.3.7.5 Spain e-cigarette and vape market, by retail store, 2021 - 2033

7.3.8 Switzerland

7.3.8.1 Switzerland e-cigarette and vape market, 2021 - 2033

7.3.8.2 Switzerland e-cigarette and vape market, by product, 2021 - 2033

7.3.8.3 Switzerland e-cigarette and vape market, by category, 2021 - 2033

7.3.8.4 Switzerland e-cigarette and vape market, by distribution channel, 2021 - 2033

7.3.8.5 Switzerland e-cigarette and vape market, by retail store, 2021 - 2033

7.4 Asia Pacific

7.4.1 Asia Pacific e-cigarette and vape market, 2021 - 2033

7.4.2 Asia Pacific e-cigarette and vape market, by product, 2021 - 2033

7.4.3 Asia Pacific e-cigarette and vape market, by category, 2021 - 2033

7.4.4 Asia Pacific e-cigarette and vape market, by distribution channel, 2021 - 2033

7.4.4.1 Asia Pacific e-cigarette and vape market, by retail store, 2021 - 2033

7.4.5 Japan

7.4.5.1 Japan e-cigarette and vape market, 2021 - 2033

7.4.5.2 Japan e-cigarette and vape market, by product, 2021 - 2033

7.4.5.3 Japan e-cigarette and vape market, by category, 2021 - 2033

7.4.5.4 Japan e-cigarette and vape market, by distribution channel, 2021 - 2033

7.4.5.5 Japan e-cigarette and vape market, by retail store, 2021 - 2033

7.4.6 China

7.4.6.1 China e-cigarette and vape market, 2021 - 2033

7.4.6.2 China e-cigarette and vape market, by product, 2021 - 2033

7.4.6.3 China e-cigarette and vape market, by category, 2021 - 2033

7.4.6.3 China e-cigarette and vape market, by distribution channel, 2021 - 2033

7.4.6.4 China e-cigarette and vape market, by retail store, 2021 - 2033

7.4.7 South Korea

7.4.7.1 South Korea e-cigarette and vape market, 2021 - 2033

7.4.7.2 South Korea e-cigarette and vape market, by product, 2021 - 2033

7.4.7.3 South Korea e-cigarette and vape market, by category, 2021 - 2033

7.4.7.4 South Korea e-cigarette and vape market, by distribution channel, 2021 - 2033

7.4.7.5 South Korea e-cigarette and vape market, by retail store, 2021 - 2033

7.5 Latin America

7.5.1 Latin America e-cigarette and vape market, 2021 - 2033

7.5.2 Latin America e-cigarette and vape market, by product, 2021 - 2033

7.5.3 Latin America e-cigarette and vape market, by category, 2021 - 2033

7.5.4 Latin America e-cigarette and vape market, by distribution channel, 2021 - 2033

7.5.4.1 Latin America e-cigarette and vape market, by retail store, 2021 - 2033

7.5.5 Chile

7.5.5.1 Chile e-cigarette and vape market, 2021 - 2033

7.5.5.2 Chile e-cigarette and vape market, by product, 2021 - 2033

7.5.5.3 Chile e-cigarette and vape market, by category, 2021 - 2033

7.5.5.4 Chile e-cigarette and vape market, by distribution channel, 2021 - 2033

7.5.5.5 Chile e-cigarette and vape market, by retail store, 2021 - 2033

7.5.6 Ecuador

7.5.6.1 Ecuador e-cigarette and vape market, 2021 - 2033

7.5.6.2 Ecuador e-cigarette and vape market, by product, 2021 - 2033

7.5.6.3 Ecuador e-cigarette and vape market, by category, 2021 - 2033

7.5.6.4 Ecuador e-cigarette and vape market, by distribution channel, 2021 - 2033

7.5.6.5 Ecuador e-cigarette and vape market, by retail store, 2021 - 2033

7.5.7 Honduras

7.5.7.1 Honduras e-cigarette and vape market, 2021 - 2033

7.5.7.2 Honduras e-cigarette and vape market, by product, 2021 - 2033

7.5.7.3 Honduras e-cigarette and vape market, by category, 2021 - 2033

7.5.7.4 Honduras e-cigarette and vape market, by distribution channel, 2021 - 2033

7.5.7.5 Honduras e-cigarette and vape market, by retail store, 2021 - 2033

7.6 MEA

7.6.1 MEA e-cigarette and vape market, 2021 - 2033

7.6.2 MEA e-cigarette and vape market, by product, 2021 - 2033

7.6.3 MEA e-cigarette and vape market, by category, 2021 - 2033

7.6.4 MEA e-cigarette and vape market, by distribution channel, 2021 - 2033

7.6.4.1 MEA e-cigarette and vape market, by retail store, 2021 - 2033

7.6.5 UAE

7.6.5.1 UAE e-cigarette and vape market, 2021 - 2033

7.6.5.2 UAE e-cigarette and vape market, by product, 2021 - 2033

7.6.5.3 UAE e-cigarette and vape market, by category, 2021 - 2033

7.6.5.4 UAE e-cigarette and vape market, by distribution channel, 2021 - 2033

7.6.5.5 UAE e-cigarette and vape market, by retail store, 2021 - 2033

7.5.6 South Africa

7.5.6.1 South Africa e-cigarette and vape market, 2021 - 2033

7.5.6.2 South Africa e-cigarette and vape market, by product, 2021 - 2033

7.5.6.3 South Africa e-cigarette and vape market, by category, 2021 - 2033

7.5.6.4 South Africa e-cigarette and vape market, by distribution channel, 2021 - 2033

7.5.6.5 South Africa e-cigarette and vape market, by retail store, 2021 - 2033

7.5.7 Egypt

7.5.7.1 Egypt e-cigarette and vape market, 2021 - 2033

7.5.7.2 Egypt e-cigarette and vape market, by product, 2021 - 2033

7.5.7.3 Egypt e-cigarette and vape market, by category, 2021 - 2033

7.5.7.4 Egypt e-cigarette and vape market, by distribution channel, 2021 - 2033

7.5.7.5 Egypt e-cigarette and vape market, by retail store, 2021 - 2033

Chapter 8 Competitive Landscape

8.1 Company Categorization

8.2 Company Share Analysis, 2024

8.3 Company Heat Map Analysis, 2024

8.3 Strategy Mapping

Chapter 9 Competitive Landscape

9.1 Reynolds American Inc.

9.1.1 Company overview

9.1.2 Financial performance

9.1.3 Product benchmarking

9.1.4 Strategic initiatives

9.2 Imperial Brands

9.2.1 Company overview

9.2.2 Financial performance

9.2.3 Product benchmarking

9.2.4 Strategic initiatives

9.3 JUUL Labs, Inc.

9.3.1 Company overview

9.3.2 Financial performance

9.3.3 Product benchmarking

9.3.4 Strategic initiatives

9.4 Altria Group, Inc.

9.4.1 Company overview

9.4.2 Financial performance

9.4.3 Product benchmarking

9.4.4 Strategic initiatives

9.5 Japan Tobacco Inc.

9.5.1 Company overview

9.5.2 Financial performance

9.5.3 Product benchmarking

9.5.4 Strategic initiatives

9.6 Philip Morris International

9.6.1 Company overview

9.6.2 Financial performance

9.6.3 Product benchmarking

9.6.4 Strategic initiatives

9.7 International Vapor Group

9.7.1 Company overview

9.7.2 Financial performance

9.7.3 Product benchmarking

9.7.4 Strategic initiatives

9.8 British American Tobacco

9.8.1 Company overview

9.8.2 Financial performance

9.8.3 Product benchmarking

9.8.4 Strategic initiatives

9.9 Nicquid

9.9.1 Company overview

9.9.2 Financial performance

9.9.3 Product benchmarking

9.10 Shenzhen IVPS Technology Co., Ltd.

9.10.1 Company overview

9.10.2 Financial performance

9.10.3 Product benchmarking

9.11 Shenzhen KangerTech Technology Co., Ltd.

9.11.1 Company overview

9.11.2 Financial performance

9.11.3 Product benchmarking

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