E CIGARETTE AND VAPE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

The Global E-cigarette And Vape Market is estimated to be valued at USD 29.96 Bn in 2024. The market is expected to reach USD 155.65 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 26.5% from 2024 to 2031. The global e-cigarette and vape market have been witnessing significant growth in the past few years owing to the rising awareness about the health risks associated with conventional smoking. E-cigarettes provide a less harmful alternative to tobacco cigarettes while also satisfying the nicotine cravings. Moreover, innovative product designs and various flavored e-liquids have made vaping more popular among the younger demographic globally. However, the long-term health impacts of e-cigarette use are still being researched which remain a concern. With growing health consciousness, the market is expected to expand further during the forecast period.

Market Dynamics

The key drivers fueling the growth of the global e-cigarette and vape market include rising number of conventional smokers looking for less harmful alternatives and aggressive marketing campaigns by manufacturers emphasizing on their harm reduction potential compared to traditional cigarettes. Moreover, unknown long term health effects and increasing taxes also restrain the market growth. On the positive side, product diversification in terms of vapor output, designs, and new flavors present lucrative opportunities for market expansion.

Key Features of the Study

- This report provides in-depth analysis of the global e-cigarette and vape market, and provides market size (USD Bn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year

- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market

- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends, regional outlook, and competitive strategies adopted by key players

- It profiles key players in the global e-cigarette and vape market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies

- Key companies covered as a part of this study include Juul Labs, Inc., British American Tobacco plc, Imperial Brands PLC, Philip Morris International Inc., Altria Group, Inc., Vuse (Reynolds American Inc.), NJOY, Inc., VaporFi, Inc., Innokin Technology, Vaporesso (Smoore Technology Ltd.), GeekVape, Aspire, SMOK (Shenzhen IVPS Technology Co., Ltd.), KangerTech, and Joyetech

- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics

- The global e-cigarette and vape market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts

- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global e-cigarette and vape market

Market Segmentation

•  Product Insights (Revenue, USD Bn, 2019 - 2031)
• • Disposable
  • Rechargeable
  • Modular Devices
  • Others
•  Category Insights (Revenue, USD Bn, 2019 - 2031)
• • Open
  • Closed
•  Distribution Channel Insights (Revenue, USD Bn, 2019 - 2031)
• • Offline
  • Online
• Regional Insights (Revenue, USD Bn, 2019 - 2031)
• • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East
    • GCC Countries
    • Israel
    • Rest of Middle East
  • Africa
    • South Africa
    • North Africa
    • Central Africa
• Key Players Insights
  • Juul Labs, Inc.
  • British American Tobacco plc
  • Imperial Brands PLC
  • Philip Morris International Inc.
  • Altria Group, Inc.
  • Vuse (Reynolds American Inc.)
  • NJOY, Inc.
  • VaporFi, Inc.
  • Innokin Technology
  • Vaporesso (Smoore Technology Ltd.)
  • GeekVape
  • Aspire
  • SMOK (Shenzhen IVPS Technology Co., Ltd.)
  • KangerTech
  • Joyetech