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.

Global E-cigarette And Vape Market Insights Forecasts to 2033

• The Global E-cigarette And Vape Market Size was estimated at USD 28.12 Billion in 2023
• The Market Size is Expected to Grow at a CAGR of around 22.76% from 2023 to 2033
• The Worldwide E-cigarette And Vape Market Size is Expected to Reach USD 218.55 Billion by 2033
• Asia Pacific is expected to grow the fastest during the forecast period.

The Global E-cigarette and vape market size was worth around USD 28.12 billion in 2023 and is predicted to grow to around USD 218.55 billion by 2033 with a compound annual growth rate (CAGR) of 22.76% between 2023 and 2033. Growing e-cigarette technologies like pod systems and squonk mods have gained popularity and user adoption in recent years.

Market Overview

The e-cigarette and vape market refers to the industry that produces electronic devices, such as e-cigarettes and vape pens, designed to vaporize nicotine-containing liquids as an alternative to traditional smoking. It includes various products like devices, liquids, and accessories, driven by consumer demand for less harmful smoking options. E-cigarettes, which are battery-powered devices that vaporize nicotine-containing liquids, have gained popularity due to their perception as a less harmful alternative to smoking. Factors contributing to the market's expansion include growing awareness of the harmful effects of smoking, increasing regulation in the tobacco industry, and a shift towards healthier lifestyle choices. Additionally, advancements in vaping technology and a wide range of flavored liquids have attracted a diverse consumer base, including younger adults. However, various small companies are operating in the market with efficient vaping devices and e-liquids that have established a large consumer base. Small businesses usually outsource the manufacturing of e-cigarettes to Asian countries such as China to maintain their low prices.

Report Coverage

This research report categorizes the global E-cigarette and vape market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global E-cigarette and vape market. Recent market developments and competitive strategies such as expansion, type launch, development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global E-cigarette and vape market.

Driving Factors

The increasing awareness of the public about e-cigarettes being healthier than conventional cigarettes, especially among youth, is predicted to drive market growth because of the various studies done by medical institutions and organizations. It is also expected that the variety of customization options provided by the manufacturers, such as temperature control and nicotine levels, will support the product demand. Moreover, emerging e-cigarette technologies such as pod systems and squonk mods have become popular and user-friendly in recent years.

Restraining Factors

Regulations imposed on the sale of vaping products and e-liquids by regional governments in most countries, such as the U.S. and India, have hindered the growth of the market. Additionally, it is difficult for store buyers to import vaping devices for individual use owing to stringent trading regulations.

Market Segmentation

The global E-cigarette and vape market share is classified into product, category, and distribution channel.

• The rechargeable segment accounted for the highest share in 2023 and is projected to grow at a significant CAGR during the forecast period.

In the terms 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 segment is fueled since rechargeable products are expected to gain popularity as a result of their affordability and capability to eliminate the need for repeated supply purchases such as cartridges. Moreover, customers who produce their e-liquid can also prevent purchasing pre-filled cartridges.

• The open segment accounted for the largest revenue share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period.

In the terms 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 is fueled as it enables high levels of customization. Unlike closed pod devices such as JUUL, open vaping comes with refillable tank-based e-cigarettes that enable consumers to have control over factors such as e-liquid, wattage, and coil type.

• The retail segment accounted for the highest share in 2023 and is projected to grow at a substantial CAGR during the forecast period.

In the terms 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 increase in the segment is because e-cigarettes were previously available for sale within retail stores such as vape shops and gas stations. Such stores enabled customers to select from many different equipment and e-liquids.

Regional Segment Analysis of the Global E-cigarette And Vape Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is anticipated to hold the largest share of the global E-cigarette and vape market over the predicted timeframe.

North America is anticipated to hold the largest share of the global E-cigarette and vape market over the predicted timeframe. The expansion is fueled by increased health awareness, changing consumer practices, and continued efforts by global industry leaders to exploit the enormous opportunities in densely populated nations such as China and India. Although regulatory uncertainties are still ongoing in some markets, the existence of an aspirational youth population presents tremendous potential for growth.

Asia Pacific is expected to grow at the fastest CAGR in the global E-cigarette and vape market during the forecast period. The expansion is fueled by increased health awareness, changing consumer practices, and continued efforts by global industry leaders to exploit the enormous opportunities in densely populated nations such as China and India. Although regulatory uncertainties are still ongoing in some markets, the existence of an aspirational youth population presents tremendous potential for growth.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global E-cigarette and vape market along with a comparative evaluation primarily based on their type of offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes type development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• 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.
• 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, Imperial Brands plc announced the acquisition of a range of nicotine pouches from TJP Labs to facilitate its entry into the U.S. modern oral market. This acquisition will enable ITG Brands, Imperial's U.S. operation, to offer a diverse range of 14 product variants in a pouch, which has performed strongly in consumer testing.

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 Market, By Regional Analysis

• 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