E-cigarette And Vape Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2028

Published Date : Dec 2020 | No. of Pages : 250 Pages | Category : ICT

The global E-cigarette And Vape market size is expected to be worth around US$ 67.32 billion by 2028, according to a new report by Vision Research Reports.

The global E-cigarette And Vape market size was valued at US$ 12.42 billion in 2020 and is anticipated to grow at a CAGR of 23.9% during forecast period 2021 to 2028.

Growth Factors

The growing awareness regarding consuming safe, smokeless, and ashless tobacco is expected to propel the growth. Furthermore, vaping is considered to be an effective method to quit smoking, as it is less toxic and creates vapor instead of smoke. The adoption of vaping devices is expected to increase, particularly among individuals willing to quit smoking or willing to smoke merely for recreation. The launch of new and innovative vaping devices, such as the introduction of IQOS MESH, puff-activated heating, and a low-liquid level detection system, is also anticipated to foster product adoption.

Rising concerns over conventional cigarettes among various age groups have boosted the demand for e-cigarettes. Several E-liquid flavors have also been launched in the market to cater to the changing preferences of individuals, thereby stimulating market growth. However, e-cigarettes are often compared to conventional cigarettes owing to the nicotine content, which is considered harmful to health, and hence they tend to attract criticism, a factor that is expected to restrain the market growth.

Report Highlights

On the basis of product, the e-cigarette and vape market is segmented into disposable, rechargeable, and modular devices. The rechargeable segment generated the highest revenue in 2019. E-cigarette devices have evolved over the years, becoming smaller and safer. Rechargeable devices can be used for a longer duration by switching the cartridges containing e-liquid. Moreover, these devices cost fairly less, which is expected to increase their adoption.

Modular devices are anticipated to emerge as the fastest-growing product segment over the forecast period. These devices offer customization options that help users combine different parts to alter the flavor and the amount of vapor generated from the device. Technologies such as pod devices have increased the sale of vaping devices over the forecast period. Furthermore, vendors are coming up with various device configuration and across various price ranges that enables customers to purchase their desired device at a reasonable cost.

On the basis of the distribution channel, the market is segmented into an online and retail store. The retail store is further segmented into convenience stores, drug stores, newsstands, tobacconists, and specialty e-cigarette stores. E-cigarettes were initially sold in retail outlets such as gas stations and vape shops. The store helped users to choose from a wide variety of devices and e-liquid. Moreover, vape shops enabled users to test the device and e-liquid before making the purchase decision.

Companies started selling e-cigarettes online in late 2015. The benefits of online marketplaces, in terms of convenience, competitive pricing, access to a wider variety of products, are encouraging people to purchase e-cigarette and vape online. Websites offer a large variety of products as compared to retail stores. Moreover, sellers have their own websites from where users can purchase the products at a low price.

The vape mod segment dominated the market in 2019 and is expected to maintain its position over the forecast period. The availability of vape mods in various designs, such as regulated vape mods and unregulated (box) mods has led to an increase in the purchase of e-cigarettes. The introduction of vaping competitions has encouraged the sale of mods, especially box mods. Regulated mods are mostly meant for general usage.

The availability of fruit, tobacco, dessert, and mixed flavors, among others, has encouraged the growth of the e-liquid segment. Flavors play an important role in attracting consumers, which is, subsequently impacting the demand for conventional cigarettes. Furthermore, the Do-it-Yourself (DIY) trend where users develop their own e-liquid by combining flavors, is anticipated to further fuel the growth of the market.

North American dominated the market in 2019. The presence of key players such as JUUL Labs, Inc.; Philip Morris International Inc.; and R.J. Reynolds Vapor Company is anticipated to drive the growth. The young population has largely adopted vaping devices as a safe alternative to tobacco, which, in turn, is estimated to boost the adoption of these products. 

Europe is anticipated to register considerable growth over the forecast period. The growing popularity of vaping devices has increased remarkably in recent years. Additionally, health bodies in the region are approving e-cigarette and vape from vendors, such as British American Tobacco Plc’s Vype and Imperial Brands Plc’s Blu as a better alternative to tobacco smoking. 

Key Players

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.; Shenzhen KangerTech Technology Co., Ltd.

Market Segmentation

  • Product Outlook 

    • Disposable

    • Rechargeable

    • Modular Devices

  • Component Outlook 

    • Atomizer

    • Vape Mod

    • Cartomizer

    • E-liquid

  • Distribution Channel Outlook 

    • Online

    • Retail

      • Convenience Store

      • Drug Store

      • Newsstand

      • Tobacconist Store

      • Specialty E-cigarette Store

  • Regional Outlook 

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

    • Asia Pacific

      • China

      • Japan

      • South Korea

    • Latin America 

      •  Brazil 

    • MEA

The E-cigarette And Vape market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of E-cigarette And Vape market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global E-cigarette And Vape market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the E-cigarette And Vape market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted E-cigarette And Vape market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the E-cigarette And Vape capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of E-cigarette And Vape by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global E-cigarette And Vape market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major E-cigarette And Vape market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of E-cigarette And Vape market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the E-cigarette And Vape industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

The E-cigarette And Vape market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to E-cigarette And Vape market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of E-cigarette And Vape market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new E-cigarette And Vape market. These factors have benefited the growth of the global market for E-cigarette And Vape. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for E-cigarette And Vape. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of E-cigarette And Vape are as follows:

  • Historic Year: 2017-2020
  • Base Year: 2020
  • Forecast Year 2021 to 2028

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2028);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

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