The global e-cigarette and vape market was valued at US$18,103 million in 2021 and is estimated to grow at a compound annual growth rate (CAGR) of 25% during the forecast period. This can be attributed to the growing preference among smokers to adopt a safer tobacco alternative. The continuous innovation in e-cigarette technology and introduction of new products is expected to drive their adoption during the forecast period.
AgileIntel’s global e-cigarette and vape market study is a 166 pages report containing in-depth analysis on historical and forecasted spending patterns in the sector. The study offers granular value data from a global, regional, product type, and component perspective.
The base year is 2021 for the study with historical data between 2018 and 2021. The data forecast has been provided for the years between 2022 and 2029.
Figure 1: Global E-cigarette and Vape Market during 2018-2029 in US$ million
Key insights from the E-cigarette and Vape report
Insights by Product Type:
The e-cigarette and vape market is segmented into disposable, rechargeable and modular devices based on product type.
Rechargeable e-cigarette was the largest segment in 2021, accounting for 43% of the market share. These e-cigarettes can be recharged for prolonged usage and comprise an internal battery. The demand for rechargeable e-cigarettes is growing since they are economical, and users do not have to re-purchase cartridges. Also, customers making DIY e-liquid need not purchase pre-filled cartridges. Seasoned vapers particularly find it economical to buy rechargeable e-cigarettes.
Meanwhile, the disposable variants of e-cigarettes come with an internal battery, compact, and pre-filled with cartomizers, suitable for one-time use only. Further, the growth in modular devices is driven by demand from users who seek advanced and customizable functionalities in their devices. These devices are expensive, highly advanced, and have programmable functions, such as temperature control and variable wattage control. They are also preferred by individuals participating in professional vape competitions.
Figure 2: Global E-cigarette and Vape Market by Product in 2021
Insights by Component:
The e-cigarette and vape market is segmented into Vape Mod, Atomizer, E-liquid, and Cartomizer, based on component type.
Vape Mods are key components of the e-cigarette device and held the largest market share in 2021. The availability of numerous customization options and price ranges is driving the adoption of Vape Mods. They have evolved over the years incorporating features such as temperature control, variable wattage, and custom atomizer power delivery, giving users multiple options to change the flavor and vapor output. Vape mods are expected to get more advanced by connecting to the internet and mobile phones.
Meanwhile, the atomizer segment accounted for 28% market share in 2021 and is expected to grow over the forecast period because different types of coils used in e-cigarettes require atomizers of different configurations, such as Rebuildable Atomizer (RBA) and Rebuildable Dripping Atomizer (RDA). Furthermore, the customizable nature of Atomizers is also driving their sales as they can be manufactured in different styles and sizes to serve different purposes, such as competition vaping, casual vaping, and high flavor output.
Moreover, the demand for Cartomizers is driven by the sales trend in the disposable e-cigarettes segment. This one-time use component is cheap, comes in standard flavor, holds a small amount of e-liquid, and has to be re-purchased upon consumption.
Figure 3: Global E-cigarette and Vape Market by Component in 2021
Insights on Regional Growth:
North America is the largest market accounting for 44% of the global revenue share in 2021, mainly due to the presence of prominent players such as Altria Group and Philip Morris International, who hold a significant market share in the region. The growing demand for disposable e-cigarettes due to their low-cost and easy availability has contributed to the market growth in the region. Moreover, events such as vape conventions and competitions are regularly organized in the region, thereby raising the demand for modular devices in North America.
Europe accounted for 27% of the global e-cigarettes and vape market in 2021. Some countries such as the U.K. have legalized the consumption of e-cigarettes which is expected to significantly boost market growth in the region. Moreover, European countries have established vape shops where customers can visit and test the devices and e-liquid flavors before purchasing.
Asia Pacific is the largest manufacturer of e-cigarettes in the world. The region has been witnessing a significant demand for modular e-cigarette devices, which is expected to drive market growth.
Figure 4: Global E-cigarette and Vape Market by Region in 2021
Insights on Key Markets:
The U.S. was the largest market for e-cigarette and vape products, capturing a 40% market share and was valued at US$7.28 billion. The market growth was driven by a high demand for rechargeable e-cigarettes, whereas E-liquid is expected to emerge as the fastest-growing segment in the U.S. The presence of various small-scale e-cigarette companies in the U.S. has resulted in the development of customized products for niche customers. These companies are also developing atomizers that can provide a high vapor and flavor output.
The e-cigarette and vape market in China was pegged at US$1.38 billion in 2021. The increase in disposable income and availability of low-priced vape products are expected to drive the demand for e-cigarettes in China. Moreover, small companies are outsourcing the manufacturing of e-cigarettes to China to price their products competitively.
Figure 5: E-Cigarette and Vape Market by Key Countries in 2021
Market dynamics
Trends
Drivers
Opportunities
Challenges
Impact of COVID-19
The COVID-19 pandemic had a mixed impact on the e-cigarette and vape market. Supply chain disruptions caused by the temporary closure of manufacturing plants and trade restrictions in many countries have adversely affected the global tobacco industry. Additionally, many reports indicated that people using e-cigarettes and vapes are five to seven times more susceptible to being infected by COVID-19. Smoking damages the lungs, making it difficult for the body to fight off COVID-19 and other diseases. These factors have impacted the market during the pandemic.
On the other hand, the government-imposed lockdowns, social distancing norms, and stay-at-home orders have resulted in a significant rise in the sales of e-cigarettes. The general perception that e-cigarettes and vapes are safer than conventional tobacco products is expected to drive the demand for these products during the forecast period. Moreover, E-cigarette and vape vendors have resorted to aggressive marketing strategies and offering their products through online platforms as supplies of e-cigarette and vape devices became scarce in physical stores. Many vaping brands such as MyVapery, One Drop Vape, and Podsalt offer hand sanitizers and masks as gifts on purchase of their products.
Scope of the Global E-Cigarette and Vape report
This report provides analysis of the latest industry trends and estimates revenue growth at global, regional, and country levels. For this report, AgileIntel has segmented the global e-cigarette and vape market report based on product type, component, and region:
Insights on Product Type (Revenue in US$ million, 2018-2029)
Insights on Component (Revenue in US$ million, 2018-2029)
Insights on Regional market (Revenue in US$ million, 2018-2029)
Table of Contents
List of tables
List of figures
Chapter-1: Introduction
1.1 Objective of the report
1.2 Market Definition
1.3 Scope of the report
1.3.1 Markets covered
1.3.2 Years covered
1.4 Conventions
1.5 Stakeholder
1.6 Summary Methodology
1.7 Data Collection
1.7.1 Secondary research
1.7.2 Primary research
1.8 Market size estimation
1.8.1 Bottom-up approach
1.8.2 Top-down approach
1.9 Data triangulation
1.10 Assumptions and limitations
1.11 COVID-19 impact
Chapter-2: Market Overview
2.1 Introduction
2.2 COVID-19 impact on the market
2.3 Market Dynamics
2.3.1 Drivers
2.3.2 Restraints
2.3.3 Opportunities
2.3.4 Challenges
2.4 Key Players
2.5 Trends
2.6 Recent Developments
Chapter-3: Markets Analysis by Product Type
3.1.1 Market overview, 2018-2029 (US$ million)
3.2.1 E Cigarette & Vape Market: Disposable (US$ million)
3.3.1 E Cigarette & Vape Market: Rechargeable (US$ million)
3.4.1 E Cigarette & Vape Market: Modular Devices (US$ million)
Chapter- 4: Markets Analysis by Component
4.1.1 Market overview, 2018-2029 (US$ million)
4.1.2 E Cigarette & Vape Market: Atomizer (US$ million)
4.1.3 E Cigarette & Vape Market: Vape Mod (US$ million)
4.1.4 E Cigarette & Vape Market: Cartomizer (US$ million)
4.1.5 E Cigarette & Vape Market: E-liquid (US$ million)
Chapter-5: Regional Analysis
5.1.1 Market overview, 2018-2029 (US$ million)
5.1.2 E Cigarette & Vape Market: Asia Pacific (US$ million)
5.1.3 E Cigarette & Vape Market: North America (US$ million)
5.1.4 E Cigarette & Vape Market: Europe (US$ million)
5.1.5 E Cigarette & Vape Market: South America (US$ million)
5.1.6 E Cigarette & Vape Market: Middle East and Africa (US$ million)
Chapter-6: Regional Market Analysis by Product Type
6.1 E Cigarette & Vape regional Market by Product Type
6.1.1 E Cigarette & Vape Market: APAC Disposable (US$ million)
6.1.2 E Cigarette & Vape Market: APAC Rechargeable (US$ million)
6.1.3 E Cigarette & Vape Market: APAC Modular Devices (US$ million)
6.1.4 E Cigarette & Vape Market: North America Disposable (US$ million)
6.1.5 E Cigarette & Vape Market: North America Rechargeable (US$ million)
6.1.6 E Cigarette & Vape Market: North America Modular Devices (US$ million)
6.1.7 E Cigarette & Vape Market: Europe Disposable (US$ million)
6.1.8 E Cigarette & Vape Market: Europe Rechargeable (US$ million)
6.1.9 E Cigarette & Vape Market: Europe Modular Devices (US$ million)
6.1.10 E Cigarette & Vape Market: South America Disposable (US$ million)
6.1.11 E Cigarette & Vape Market: South America Rechargeable (US$ million)
6.1.12 E Cigarette & Vape Market: South America Modular Devices (US$ million)
6.1.13 E Cigarette & Vape Market: Middle East Disposable (US$ million)
6.1.14 E Cigarette & Vape Market: Middle East Rechargeable (US$ million)
6.1.15 E Cigarette & Vape Market: Middle East Modular Devices (US$ million)
Chapter-7: Regional Markets Analysis by Component
7.1 E Cigarette & Vape regional Market by Component
7.1.1E Cigarette & Vape Market: Atomizer (US$ million)
7.1. 2 E Cigarette & Vape Market: APAC Vape Mod (US$ million)
7.1. 3 E Cigarette & Vape Market: APAC Cartomize (US$ million)
7.1. 4 E Cigarette & Vape Market: APAC E-liquid (US$ million)
7.1. 5. E Cigarette & Vape Market: North America Vape Mod (US$ million)
7.1.6 E Cigarette & Vape Market: North America Cartomize (US$ million)
7.1.7 E Cigarette & Vape Market: North America E-liquid (US$ million)
7.1.8 E Cigarette & Vape Market: Europe Vape Mod (US$ million)
7.1.9 E Cigarette & Vape Market: Europe Cartomize (US$ million)
7.1.10 E Cigarette & Vape Market: Europe E-liquid (US$ million)
7.1.11 E Cigarette & Vape Market: South America Vape Mod (US$ million)
7.1.12 E Cigarette & Vape Market: South America Cartomize (US$ million)
7.1.13 E Cigarette & Vape Market: South America E-liquid (US$ million)
7.1.14 E Cigarette & Vape Market: MEA Vape Mod (US$ million)
7.1.15E Cigarette & Vape Market: MEA Cartomize (US$ million)
7.1 .16E Cigarette & Vape Market: MEA E-liquid (US$ million)
Chapter-8: Key Markets Analysis
8.1 E Cigarette & Vape key market size
8.1.1 Market overview, 2018-2029 (US$ million)
8.1.2 E Cigarette & Vape Market: US, North America (US$ million)
8.1 .3E Cigarette & Vape Market: Canada, North America (US$ million)
8.1.4 E Cigarette & Vape Market: Mexico, North America (US$ million)
8.1.5 E Cigarette & Vape Market: Germany, Europe (US$ million)
8.1.6 E Cigarette & Vape Market: Italy, Europe (US$ million)
8.1.7 E Cigarette & Vape Market: France, Europe (US$ million)
8.1.8 E Cigarette & Vape Market: China, Asia Pacific (US$ million)
8.1.9 E Cigarette & Vape Market: India, Asia Pacific (US$ million)
8.1.10 E Cigarette & Vape Market: Japan, Asia Pacific (US$ million)
8.1.11 E Cigarette & Vape Market: Brazil, South America (US$ million)
8.1.12 E Cigarette & Vape Market: Middle East and Africa (US$ million)
Chapter-9: Company Profiles
9.1 Altria Group, Inc.
9.2 British American Tobacco
9.3 International Vapor Group
9.4 Japan Tobacco Inc.
9.5 JUUL Labs, Inc
9.6 Philip Morris International Inc.,
9.7 Shenzhen IVPS Technology Co., Ltd.
Appendix
Glossary of terms
Disclaimer
About Us
List of Tables
Table 1: By value: E Cigarette & Vape Market by Product Type during 2018-2029 in US$ million
Table 2: By value: E Cigarette & Vape Market by Component during 2018-2029 in US$ million
Table 3: By value: E Cigarette & Vape Market by region during 2018-2029 in US$ million
List of Figures
Figure 1: By value: E Cigarette & Vape Market segment share during 2018-2029 in %
Figure 2: By value: Disposable Market segment share during 2018-2029 in %
Figure 3: By value: Share of Disposable in E Cigarette & Vape Market during 2018-2029 in %
Figure 4: By value: Rechargeable segment share during 2018-2029 in %
Figure 5: By value: Share of Rechargeable in E Cigarette & Vape Market during 2018-2029 in %
Figure 6: By value: Modular Devices segment share during 2018-2029 in %
Figure 7: By value: Share of Modular Devices in E Cigarette & Vape Market during 2018-2029 in %
Figure 8: By value: Share of Atomizer in E Cigarette & Vape Market during 2018-2029 in %
By value: Atomizer segment share during 2018-2029 in %
Figure 9: By value: Share of Vape Mod in E Cigarette & Vape Market during 2018-2029 in %
By value: Vape Mod segment share during 2018-2029 in %
Figure 10: By value: Share of Cartomize in E Cigarette & Vape Market during 2018-2029 in %
By value: Cartomize segment share during 2018-2029 in %
Figure 11: By value: Share of E-liquid in E Cigarette & Vape Market during 2018-2029 in %
By value: E-liquid segment share during 2018-2029 in %
Figure 12: By Value: key regional Markets in US$ million
Figure 13: By value: Market region share during 2018-2029 in %
Figure 14: By value: Share of Asia Pacific Market during 2018-2029 in %
Figure 15: By value: Asia Pacific Market during 2018-2029 in US$ million
Figure 16: By value: Share of North America Market during 2018-2029 in %
Figure 17: By value: North America Market during 2018-2029 in US$ million
Figure 18: By value: Share of Europe Market during 2018-2029 in
Figure 19: By value: Europe Market during 2018-2029 in US$ million
Figure 20: By value: Share of South America Market during 2018-2029 in %
Figure 21: By value: South America Market during 2018-2029 in US$ million
Figure 22: By value: Share of Middle East and Africa Market during 2018-2029 in %
Figure 23: By value: Middle East and Africa Market during 2018-2029 in US$ million
Figure 24: By value: Share of APAC Disposable Market during 2018-2029 in %
Figure 25: By value: APAC Disposable Market during 2018-2029 in US$ million
Figure 26: By value: Share of APAC Rechargeable Market during 2018-2029 in %
Figure 27: By value: APAC Rechargeable Market during 2018-2029 in US$ million
Figure 28: By value: Share of APAC Modular Devices Market during 2018-2029 in %
Figure 29: By value: APAC Modular Devices Market during 2018-2029 in US$ million
Figure 30: By value: Share of APAC Atomizer Market during 2018-2029 in %
Figure 31: By value: APAC Atomizer Market during 2018-2029 in US$ million
Figure 32: By value: Share of APAC Vape Mod Market during 2018-2029 in %
Figure 33: By value: APAC Vape Mod Market during 2018-2029 in US$ million
Figure 34: By value: Share of APAC Cartomize Market during 2018-2029 in %
Figure 35: By value: APAC Cartomize Market during 2018-2029 in US$ million
Figure 36: By value: Share of APAC E-liquid Market during 2018-2029 in %
Figure 37: By value: APAC E-liquid Market during 2018-2029 in US$ million
Figure 38: By value: Share of North America Disposable Market during 2018-2029 in %
Figure 39: By value: North America Disposable Market during 2018-2029 in US$ million
Figure 40: By value: Share of North America Rechargeable Market during 2018-2029 in %
Figure 41: By value: North America Rechargeable Market during 2018-2029 in US$ million
Figure 42: By value: Share of North America Modular Devices Market during 2018-2029 in %
Figure 43: By value: North America Modular Devices Market during 2018-2029 in US$ million
Figure 44: By value: Share of North America Atomizer Market during 2018-2029 in %
Figure 45: By value: North America Atomizer Market during 2018-2029 in US$ million
Figure 46: By value: Share of North America Vape Mod Market during 2018-2029 in %
Figure 47: By value: North America Vape Mod Market during 2018-2029 in US$ million
Figure 48: By value: Share of North America Cartomize Market during 2018-2029 in %
Figure 49: By value: North America Cartomize Market during 2018-2029 in US$ million
Figure 50: By value: Share of North America E-liquid Market during 2018-2029 in %
Figure 51: By value: North America E-liquid Market during 2018-2029 in US$ million
Figure 52: By value: Share of Europe Disposable Market during 2018-2029 in %
Figure 53: By value: Europe Disposable Market during 2018-2029 in US$ million
Figure 54: By value: Share of Europe Rechargeable Market during 2018-2029 in %
Figure 55: By value: Europe Rechargeable Market during 2018-2029 in US$ million
Figure 56: By value: Share of Europe Modular Devices Market during 2018-2029 in %
Figure 57: By value: Europe Modular Devices Market during 2018-2029 in US$ million
Figure 58: By value: Share of Europe Atomizer Market during 2018-2029 in %
Figure 59: By value: Europe Atomizer Market during 2018-2029 in US$ million
Figure 60: By value: Share of Europe Vape Mod Market during 2018-2029 in %
Figure 61: By value: Europe Vape Mod Market during 2018-2029 in US$ million
Figure 62: By value: Share of Europe Cartomize Market during 2018-2029 in %
Figure 63: By value: Europe Cartomize Market during 2018-2029 in US$ million
Figure 64: By value: Share of Europe E-liquid Market during 2018-2029 in %
Figure 65: By value: Europe E-liquid Market during 2018-2029 in US$ million
Figure 66: By value: Share of South America Disposable Market during 2018-2029 in %
Figure 67: By value: South America Disposable Market during 2018-2029 in US$ million
Figure 68: By value: Share of South America Rechargeable Market during 2018-2029 in %
Figure 69: By value: South America Rechargeable Market during 2018-2029 in US$ million
Figure 70: By value: Share of South America Modular Devices Market during 2018-2029 in %
Figure 71: By value: South America Modular Devices Market during 2018-2029 in US$ million
Figure 72: By value: Share of South America Atomizer Market during 2018-2029 in %
Figure 73: By value: South America Atomizer Market during 2018-2029 in US$ million
Figure 74 By value: Share of South America Vape Mod Market during 2018-2029 in %
Figure 75: By value: South America Vape Mod Market during 2018-2029 in US$ million
Figure 76: By value: Share of South America Cartomize Market during 2018-2029 in %
Figure 77: By value: South America Cartomize Market during 2018-2029 in US$ million
Figure 78: By value: Share of South America E-liquid Market during 2018-2029 in %
Figure 79: By value: South America E-liquid Market during 2018-2029 in US$ million
Figure 80: By value: Share of MEA Disposable Market during 2018-2029 in %
Figure 81: By value: MEA Disposable Market during 2018-2029 in US$ million
Figure 82: By value: Share of MEA Rechargeable Market during 2018-2029 in %
Figure 83: By value: MEA Rechargeable Market during 2018-2029 in US$ million
Figure 84: By value: Share of MEA Modular Devices Market during 2018-2029 in %
Figure 85: By value: MEA Modular Devices Market during 2018-2029 in US$ million
Figure 86: By value: Share of MEA Atomizer Market during 2018-2029 in %
Figure 87: By value: MEA Atomizer Market during 2018-2029 in US$ million
Figure 88: By value: Share of MEA Vape Mod Market during 2018-2029 in %
Figure 89: By value: MEA Vape Mod Market during 2018-2029 in US$ million
Figure 90: By value: Share of MEA Cartomize Market during 2018-2029 in %
Figure 91: By value: MEA Cartomize Market during 2018-2029 in US$ million
Figure 92: By value: Share of MEA E-liquid Market during 2018-2029 in %
Figure 93: By value: MEA E-liquid Market during 2018-2029 in US$ million
Figure 94: Altria Group, Inc.
Figure 95: British American Tobacco
Figure 96: International Vapor Group
Figure 97: Japan Tobacco Inc.
Figure 98: JUUL Labs, Inc
Figure 99: Philip Morris International Inc.,
Figure 100: Shenzhen IVPS Technology Co., Ltd.
Report Parameters | Details |
---|---|
Time Period Considered | 2018-2029 |
Historical Period | 2018-2021 |
Forecast Period | 2022-2029 |
Units considered | Revenue in US$ million |
Report Coverage | Value/Revenue forecast, competitive landscape, drivers, challenges, opportunities, and trends |
COVID-19 | Impact of the COVID-19 pandemic has been factored in the revenue estimations, trends, and drivers |
Segments | By Product Type By Component By Region |
Regions included in the study | Asia Pacific (APAC), North America, Europe, Middle East and Africa, South America |
Companies Profiled | Altria Group, Inc., British American Tobacco, International Vapor Group, Japan Tobacco Inc., JUUL Labs, Inc., Philip Morris International Inc., Shenzhen IVPS Technology Co., Ltd. |
The global e-cigarette and vape market was valued at US$18,103 million in 2021 and is expected to reach US$ 22,490.41million in 2022.
The global e-cigarette and vape market is expected to grow at a compound annual growth rate of 25.0% from 2022 to 2029 to reach US$ 134,274.54 million by 2029.
North America is the largest market accounting for 44% of the global revenue share in 2021, mainly due to the presence of prominent players.
Rechargeable e-cigarette was the largest segment in 2021, accounting for 43% of the market share. These e-cigarettes can be recharged for prolonged usage and comprise an internal battery.
Some key players operating in the e-cigarette and vape market include Altria Group, Inc., British American Tobacco, International Vapor Group, Japan Tobacco Inc., JUUL Labs, Inc., Philip Morris International Inc., Shenzhen IVPS Technology Co., Ltd. among others.
E-cigarettes are a great alternative to traditional cigarettes and use non-nicotine solutions to generate smoke, thereby driving the market growth.
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