Global E-cigarette And Vape Market Size To Exceed USD 218.55 Billion By 2033 | CAGR of 22.76%
Category: Semiconductors & ElectronicsGlobal E-cigarette And Vape Market Size To Exceed USD 218.55 Billion By 2033
According to a research report published by Spherical Insights & Consulting, the Global E-cigarette And Vape Market Size Expected to Grow from USD 28.12 Billion in 2023 to USD 218.55 Billion by 2033, at a CAGR of 22.76% during the forecast period 2023-2033.
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Browse key industry insights spread across 205 pages with 110 Market data tables and figures & charts from the report on the "Global E-cigarette And Vape Market Size, Share, and COVID-19 Impact Analysis, By Product (Disposable, Rechargeable, and Modular Devices), By Category (Open and Closed), By Distribution Channel (Online and Retail), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/e-cigarette-and-vape-market
E-cigarettes, electronic cigarettes, and vapes are battery-powered electronic devices that mimic the smoking process by emitting an aerosol, commonly called vapor, which is inhaled. They usually have a battery, a heating component (atomizer), and a cartridge or tank with a liquid solution called e-liquid or vape juice. The world market for e-cigarettes and vapes is experiencing various trends that are defining its course. Further, an increasing movement toward alternative nicotine products is also coming from consumers wanting alternatives to regular tobacco. Innovations like pod-based devices and temperature-controlled products are boosting consumer experience and stimulating market development. Further, the growing demand for nicotine salts and high-nicotine e-liquids accommodates the need for stronger nicotine rushes among consumers. However, health issues caused by e-cigarettes are hindering industry growth. Long-term adverse effects of smoking and vaping are still under study, and the impact of cigarettes on health has yet to be determined fully.
The rechargeable segment accounted for the highest share in 2023 and is projected to grow at a significant CAGR during the forecast period.
On the basis of product, the global E-cigarette and vape market is divided into disposable, rechargeable, and modular devices. Among these, the rechargeable segment accounted for the highest share in 2023 and is projected to grow at a significant CAGR during the forecast period. The growth is due to the popularity of pod-based systems with convenience and portability, the popularity of high-performance and customizable devices among advanced users, and the demand for e-liquids with new flavors and nicotine levels to encounter varied consumer preferences.
The open segment accounted for the largest revenue share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period.
On the basis of category, the global E-cigarette and vape market is divided into open and closed. Among these, the open segment accounted for the largest revenue share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period. The growth in segment is driven as it allows users to refill the tank with e-liquid of their choice, offering more flexibility in flavor and nicotine strength. Open systems are popular among users who prefer customization and often have a larger market share.
The retail segment accounted for the highest share in 2023 and is projected to grow at a substantial CAGR during the forecast period.
On the basis of distribution channel, the global E-cigarette and vape market is divided into online and retail. Among these, the retail segment accounted for the highest share in 2023 and is projected to grow at a substantial CAGR during the forecast period. The segment growth is driven by the explosion of specialty vape stores serving enthusiasts, rising availability of pod-based systems and nicotine salt e-liquids, greater emphasis on flavor innovation and product variety, and more regulatory attention affecting sales channels and marketing approaches.
North America is anticipated to hold the largest share of the global E-cigarette and vape market over the predicted timeframe.
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North America is anticipated to hold the largest share of the global E-cigarette and vape market over the predicted timeframe. The regional growth is driven by the rising regulatory attention and public health issues, particularly around youth vaping. The market also witnesses continued innovation in product formats, including nicotine pouches and flavored e-liquids, and continued consolidation among the large industry players as well as increasing consumer demand for lower-risk alternatives to combustible tobacco products.
Asia Pacific is expected to grow at the fastest CAGR in the global E-cigarette and vape market during the forecast period. Since most of the e-cigarettes are being imported from other nations, like China. Moreover, customers like to purchase e-cigarettes in bulk form online, which is expected to drive business growth in the Asia Pacific region.
Major vendors in the global E-cigarette and vape market are 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., and Others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Recent Development
- In June 2023, Altria Group, Inc. completed the acquisition of NJOY Holdings, Inc. This acquisition is a significant step in Altria's strategy to move beyond smoking and expand its smoke-free product portfolio. NJOY e-vapor products will be marketed by NJOY, LLC, a wholly owned subsidiary of Altria.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global E-cigarette and vape market based on the below-mentioned segments:
Global E-cigarette And Vape Market, By Product
- Disposable
- Rechargeable
- Modular Devices
Global E-cigarette And Vape Market, By Category
- Open
- Closed
Global E-cigarette And Vape Market, By Distribution Channel
- Online
- Retail
Global E-cigarette And Vape, Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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