Global E-cigarette And Vape Market by Product (Disposable, Rechargeable), by Distribution Channel (Retail, Online) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global e-cigarette and vape markets were valued at USD 15.04 Billion in 2020. They are expected to grow at a compound annual rate (CAGR of 28.1%) between 2021 and 2028. Over the forecast period, vape and e-cigarette use is expected to increase due to the growing focus on safer alternatives to smoking. To increase sales, vape and e-cigarette vendors have used a variety of COVID-19-based marketing strategies. The vendors began selling their products online as they became hard to find vape products and e-cigarettes in stores. They also offered face masks and hand sanitizers with every purchase. Podsalt, One Drop Vape and BLVK started giving away free hand sanitizers when they purchased their products. This was a major factor in driving market growth during the pandemic, and it is expected to remain a key element in the post-pandemic era.

Since 2016, the e-cigarette market and vape market have seen a significant shift in efficiency and variety. There are many flavors available on the market such as menthol and tobacco, fruits and nuts and chocolate. This is what is attracting large numbers of customers. These flavors can be used in a vape pen or e-cigarette. These devices are also more affordable, which has increased customer adoption. Market growth is expected over the forecast period.

Market growth is expected to be driven by the growing awareness that e-cigarettes are safer than traditional cigarettes, particularly among younger people, according to numerous studies conducted by medical institutions and associations. The vendors offer a wide range of customization options, including temperature control and nicotine concentrations. This is expected to increase product demand. Market growth is expected to be driven by the constant improvement of new product development by vendors.

Market players have been focusing on increasing awareness of e-cigarettes, vape devices, in recent years. This is especially true for adult smokers. JUUL Labs, Inc. launched a marketing campaign to inform adult smokers about the dangers of traditional combustible cigarettes. They encouraged them to switch to vape and e-cigarettes. These marketing campaigns are expected to increase market growth during the forecast period.

The market has been hampered by regulations imposed by various countries, including the U.S. and India, on the sale and distribution of vaping products and electronic liquids. Many countries have prohibited the sale and distribution of vape products. This has resulted in lower sales. In September 2019, for example, the Government of India prohibited manufacturing, export/import, storage, distribution and advertising of vape products. Retail consumers have been unable to import vaping products for personal use due to strict trading laws. The vaping industry has created a variety of associations to combat the prohibitions on vaping products. They also regulate the industry for oversight, which eventually drives the growth in the market for vape and e-cigarettes.

Product Insights

In 2020, the rechargeable segment held more than 40% of the market. Rechargeable devices are expected to grow in popularity as they are more affordable and can be used without the need to purchase cartridges. Customers can make their own e-liquids without the need to purchase pre-filled cartridges. You can use rechargeable devices for longer periods of time by changing the cartridges that contain e-liquid. It is also more affordable to buy rechargeable e-cigarettes or vapes for seasoned users, which will increase their popularity.

Modular devices are expected to grow at a substantial rate over the forecast period. These devices allow for high-level customization that allows users to mix and match different parts and features to create a customized flavor or vapor. The modular devices segment will be driven by the availability of a variety of device configurations and price points, which allows customers to buy the device they want at a fair price.

Distribution Channel Insights

In 2020, the retail segment held more than 80% of the market. E-cigarettes were first sold in vape shops and gas stations. The stores allowed users to select from a variety of devices as well as E-liquids. Vape shops allowed users to test the devices before purchasing. This will drive the growth of retail stores over the forecast period.

Over the forecast period, the online market is expected to grow at a substantial CAGR. Online marketplaces offer many benefits, including competitive pricing, convenience and greater variety of products. This is encouraging more people to vape and buy e-cigarettes online. Websites offer more products than retail shops. Sellers have their own websites where customers can buy the products at a lower price. These factors will drive the online market's growth.

Component Insights

In 2020, the vape mod market accounted for more than 45% of all global sales. Vaping competitions are becoming more popular in countries like Russia, Indonesia, the U.K. and the UAE. This will drive vape mod sales growth. In April 2019, Shenzhen WOTOFO Technology Co., Ltd., which is a manufacturer vape products, held a vape tricking contest called Wotofo Vape Trick Competition 2019. These initiatives will be a driving force for segment growth in the future.

Over the forecast period, the e-liquid market is expected to experience a significant increase in CAGR. E-liquid demand has increased due to the introduction of different flavors, including fruit, dessert, tobacco, and dessert. In March 2019, Japan Tobacco Inc. introduced new flavors of tobacco capsules. These two flavors are a mix of pineapple, peach, and menthol. The segment is expected to drive market growth due to the Do It Yourself (DIY), trend that allows users to create their own eliquids by mixing flavors.

Regional Insights

North America was the dominant market in 2020, with more than 40% of global sales. It is expected that the region will see significant market growth due to the presence of industry giants such as Philip Morris International Inc., R.J. Reynolds Vapor Company, and JUULLabs Inc. E-cigarettes are increasingly being sold via social media platforms. Young people have embraced vaping as a safer alternative to smoking, which is expected to increase the use of these products. The current ban in the U.S. on certain e-cigarette flavors, including mint and fruit flavors, is expected to limit the market's growth to some extent.

E-cigarettes are mainly imported from China. Customers find it easy to order e-cigarettes online in large quantities, which will drive Asia Pacific market growth. Over the forecast period, Europe is expected to experience significant growth. As it offers a healthier alternative to smoking, the European market is expected to grow as the regional health authorities have accepted vaping and e-cigarettes from vendors like Imperial Brands Plc's Blu and British American Tobacco Plc.

Market Share Insights & Key Companies

Vape and e-cigarette vendors around the world are expected to use social media to communicate with consumers and keep in touch with dispensary partners. This is necessary to keep customers in mind and improve their future growth plans. Due to health and sanitary concerns, customers will shift to vape pens over traditional joints. Users can use their personal vaporizers to avoid sharing their e-cigarettes and vape devices. This is crucial in the post-COVID-19 age. This will drive market growth during the forecast period.

New players have few barriers to entry in the industry, which means that they can start their own business with very little investment. The industry is highly competitive and large companies are seeking inorganic growth strategies like partnerships, acquisitions and collaborations to expand their customer base and geographic reach. Philip Morris International, a South Korean tobacco and nicotine company, announced in January 2020 its partnership with KT&G. The partnership allowed KT&G to export its smoke-free products. Market players invest actively in product improvement and development of new products. British American Tobacco introduced two new e-cigarettes, Vype iSwitch Maxx & Vype iSwitch Maxx in London's five VIP stores. These products use distiller plate technology to heat the e-liquid. The following are some of the major players in the global vape and e-cigarette market:

• 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.

• Shenzhen KangerTech Technology Co. Ltd.

Up Market Research published a new report titled “E-cigarette And Vape Market research report which is segmented by Product (Disposable, Rechargeable), by Distribution Channel (Retail, Online), By Players/Companies NicQuid, International Vapor Group, Imperial Brands, Shenzhen KangerTech Technology Co Ltd, British American Tobacco, Shenzhen IVPS Technology Co Ltd, JUUL Labs Inc, Philip Morris International Inc, Altria Group Inc, Japan Tobacco Inc, RJ Reynolds Vapor Company”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global E-cigarette And Vape Market Report Segments:

The market is segmented by Product (Disposable, Rechargeable), by Distribution Channel (Retail, Online).

E-cigarette And Vape Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the E-cigarette And Vape Market

Overview of the regional outlook of the E-cigarette And Vape Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The E-cigarette And Vape Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of E-cigarette And Vape Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Disposable

                2. Rechargeable

                1. Retail

                2. Online

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the E-cigarette And Vape Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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• Correctly Positioning New Products
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Reasons to Purchase the E-cigarette And Vape Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.