E-Cigarette and Vape Market, By Product (Disposable, Rechargeable), Component (Vape Mod, E-Liquid),

Published Date: | Report Code : IT2064208

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E-Cigarette and Vape Market, By Product (Disposable, Rechargeable), Component (Vape Mod, E-Liquid), Distribution Channel, and By Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America) – Market Size & Forecasting To 2028

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Report Code : IT2064208

Status : Published

The Global E-Cigarette And Vape Market size was valued at USD 12.41 billion in 2019 and is predicted to expand at a revenue-based CAGR of 23.8% from 2017 to 2028, expected to succeed in USD 67.31 billion by 2028. The growing awareness regarding consuming safe, smokeless, and ashless tobacco is predicted to propel the expansion. Furthermore, vaping is considered to be an efficient method to quit smoking, because it is less toxic and creates vapor rather than smoke. The adoption of vaping devices is predicted to extend, particularly among individuals willing to quit smoking or willing to smoke merely for recreation. Launch of latest and innovative vaping devices, like the introduction of IQOS MESH, puff-activated heating, and a low-liquid level detection system, is additionally anticipated to foster the merchandise 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 within the market to cater to the changing preferences of people, thereby stimulating market growth. However, e-cigarettes are often compared to standard cigarettes due to the nicotine content, which is considered harmful to health and hence they have a tendency to draw in criticism, an element that's expected to restrain the market growth.

Several agencies are calling for setting standards for vaping devices so as to encourage people to choose a safer alternative to smoking. Long-term studies undertaken by various medical associations have helped determine that e-cigarettes are often considered as a safer substitute to standard cigarettes. However, several countries, like India, Singapore, and Uruguay, among others have banned the sale and distribution of e-cigarettes, hindering the adoption of those products.

Major tobacco companies control an outsized share of the worldwide e-cigarette & vape market. These players have forayed into the e-cigarette space with new and innovative products under their name. On the opposite hand, there also exist various smaller players that develop efficient vapor products. Moreover, market incumbents also are investing in innovation and new development.

Key Factors Impacting the Growth of E-Cigarette and Vape Market:

  • Modular device is predicted to emerge as the fastest-growing segment, registering a CAGR of 25.2% from 2020 to 2028. The sub-segment would continue to grow as modular devices allow their users to regulate the vapor output consistent with their preference
  • E-liquid segment is predicted to register the very best CAGR over the forecast period, driven by the growing popularity of DIY e-liquid
  • The online platform is anticipated to emerge as a well-liked medium for the sale of vapor products. Vendors are using social media applications, like Instagram and Facebook to market their vaping devices
  • North America accounted for the most important market share, in terms of revenue in 2019 and is predicted to take care of its dominance over the forecast period. it's home to prominent players, like JUUL Labs, Inc.; Altria Group, Inc.; and Philip Morris International Inc. which hold a big market share
  • Key market players 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.

The E-Cigarette and Vape market segmentation is based on product, component, distribution channel, and region.

Product Outlook:

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 are often used for an extended duration by switching the cartridges containing e-liquid. Moreover, these devices cost fairly less, which is predicted to extend 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 change the flavor and also the amount of vapor generated from the device. Technologies like pod devices have increased the sale of vaping devices over the forecast period. Furthermore, vendors are arising with various device configurations and across various price ranges that permit customers to get their desired device at an inexpensive cost.

Component Outlook:

The vape mod segment dominated the market in 2019 and is predicted to maintain its position over the forecast period. The availability of vape mods in various designs, like regulated vape mods and unregulated (box) mods, has led to a rise within 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 expansion of the e-liquid segment. Flavors play a crucial 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 expansion of the market. E-liquid vendors are investing in Genomic Allergen Rapid Detection (GARD) assays testing strategy so as to fulfill the required standards in e-liquid ingredients and flavors.

Distribution Channel Outlook:

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

Companies started selling e-cigarettes online in late 2015. The advantages of online marketplaces, in terms of convenience, competitive pricing, access to a wider sort of products, are encouraging people to get 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 buy the products at a low price.

Regional Outlook:

North America dominated the market in 2019. The presence of key players like JUUL Labs, Inc.; Philip Morris International Inc.; and R.J. Reynolds Vapor Company is anticipated to drive the expansion. The young population has largely adopted vaping devices as a secure alternative to tobacco, which, in turn, is estimated to boost the adoption of those products. However, the present ban on some e-cigarette flavors including fruit and mint flavors in the U.S. to limit the underage vaping within the country is predicted to hamper the regional market growth to a particular extent.

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 within the region are approving e-cigarette and vape from vendors, like British American Tobacco Plc’s Vype and Imperial Brands Plc’s Blu as a far better alternative to tobacco smoking. However, factors like lack of awareness regarding the technology and stringent regulations concerning vaping in many regions are anticipated to hinder the expansion.

Competitive Landscape

Key players 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.

The market is characterized by low entry barriers for new players since the new players can establish their business with minimal investments. Competition among the players is high and large companies acquire smaller companies to extend the customer base and geographical reach.

This report also includes the profiles of key E-Cigarette and Vape market companies along with their SWOT analysis and market strategies. In addition, these competitive landscapes provide a detailed description of each company including future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launch, new product developments, and other latest industrial developments.

Key Developments in E-Cigarette and Vape Market:

  • In November 2018, Japan Tobacco Inc. acquired Akij Group’s tobacco business in Bangladesh. This acquisition enabled the previous to expand its operations in Bangladesh, thereby becoming the second-largest tobacco company within the country.
  • In 2018, Altria Group, Inc. invested USD 252 million in R&D for the event of advanced e-cigarette and vape.

What Does This Report Provide?

This report provides a detailed understanding of the global E-Cigarette and Vape market from qualitative and quantitative perspectives during the forecast period. The report also provides dynamic indicators with potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the market.

Market Segmentation:

By Product

  • Disposable
  • Rechargeable

By Component

  • Vape Mod
  • E-Liquid

By Distribution Channel

  • Online
  • Retail

By Region:

  • North America E-Cigarette and Vape Market
    • By Country (US, Canada, Mexico)
    • By Product
    • By Component
    • By Distribution Channel
  • Europe E-Cigarette and Vape Market
    • By Country (Germany, Russia, UK, France, Italy, Spain, Rest of Europe)
    • By Product
    • By Component
    • By Distribution Channel
  • Asia Pacific E-Cigarette and Vape Market
    • By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
    • By Product
    • By Component
    • By Distribution Channel
  • Middle East & Africa E-Cigarette and Vape Market
    • By Country (UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa)
    • By Product
    • By Component
    • By Distribution Channel
  • South America E-Cigarette and Vape Market
    • By Country (Brazil, Argentina, Colombia, Rest of South America)
    • By Product
    • By Component
    • By Distribution Channel

Reasons to Buy This Report:

  • Market size estimation of the E-Cigarette and Vape market on a regional and global basis
  • Unique research Usage for market size estimation and forecast
  • Profiling of major companies operating in the market with key developments
  • Broad scope to cover all the possible segments helping every stakeholder in the market

Customization:

We provide customization of the study to meet specific requirements:

  • By Segment
  • By Sub-segment
  • By Region/Country

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