E-cigarette and Vape Market Size & Share, by Product (Disposable, Rechargeable, Modular Devices); Category (Open, Close); Distribution Channel (Retail Shop, Online); Flavour (Tobacco, Botanical, Fruit, Sweet, Beverage); Mode of Operation (Automatic E-Cigarette, Manual E-Cigarette) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2025-2037

  • Report ID: 6132
  • Published Date: Nov 15, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2025-2037

E-cigarette and Vape Market size was valued at USD 36.41 billion in 2024 and is set to exceed USD 1.12 trillion by 2037, expanding at over 30.2% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of e-cigarette and vape is evaluated at USD 45.21 billion.

The reason behind the growth is the surging use of e-cigarette and vape by customers. According to the National Library of Medicine released in the year 2023, the global lifetime and current prevalence of e-cigarette and vape in women were 16% and 8%, respectively. Also, the lifetime and current prevalence of e-cigarette and vape in men were 22% and 12%, respectively.


E-cigarette and Vape Market Overview
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E-cigarette and Vape Sector: Growth Drivers and Challenges

Growth Drivers

  • Safer options than tobacco products - Growth in the industry is being driven by goods that are safer than other tobacco products. Smoking tobacco products may lead to a number of health issues, such as heart difficulties, cancer, precision oncology, and respiratory ailments. Actually, smoking causes six million deaths worldwide each year. Experts are increasingly advising passive smokers to switch to vaping goods.

    According to the World Health Organization, the tobacco pandemic kills approximately 8 million people every year worldwide, it is one of the worst risks to public health that the world has ever faced. Of those fatalities, almost 7 million are directly related to tobacco use, and over 1.3 million are caused by secondhand smoke exposure for nonsmokers.
     
  • Technical growth in e-cigarette and vape - The perception of e-cigarettes being limited-risk products is one explanation for this. According to a research nester’s survey, it is found that the Millennials and Generation Y people in North America use 25% of e-cigarette and vape rather than the usual one. The usual ones are used by only 20% of people.

    In a similar poll in Japan, it was noticed that almost 17% of Millennials and Generation Y people most of the time take e-cigarettes and 14% take usual ones. Additionally, when they are asked why they take e-cigarettes they exert that it is cheaper than regular tobacco products and they come in a large number of flavors.
     
  • Introduction of a wide range of taste options - Numerous tastes, including fruits, pastries, candies, and drinks, appeal to a wider spectrum of customers. The experience of using an e-cigarette is made more engaging and delightful by flavors that replicate well-known and pleasant tastes. In addition, tastes draw nonsmokers, especially young people, who are drawn to their novelty.

    Furthermore, tastes contribute to the success of quitting smoking. Flavored e-cigarettes are more tempting and rewarding to smokers trying to give up traditional cigarettes, which eases the transition and quickens the pace of product acceptance.

Challenges

  • Health problems related to e-cigarette and vape - Health problems brought on by e-cigarettes are impeding industry expansion. The long-term negative consequences of smoking and vaping are still being researched, and the effects of cigarettes on health have not yet been fully determined.

    According to some research, e-cigarettes and traditional cigarettes, both cause immunological reactions. They also raise other problems, such the possibility of burns from failing batteries on the hands or face.
     
  • Government ban on consuming e-cigarette and vape- Legislation pertaining to e-cigarettes is being discussed in several nations due to the possible connection between tobacco regulations and rules for medicinal drugs.

    The e-cigarette manufacturers have been advocating for legislation that advances their goals. The use of electronic cigarettes aboard commercial aircraft is prohibited by the US Department of Transportation. All aircraft traveling to and from the US must abide by this rule.

E-cigarette and Vape Market: Key Insights

Base Year

2024

Forecast Year

2025-2037

CAGR

30.2%

Base Year Market Size (2024)

USD 36.41 billion

Forecast Year Market Size (2037)

USD 1.12 trillion

Regional Scope

  • North America (U.S., and Canada)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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E-cigarette and Vape Segmentation

Product (Disposable, Rechargeable, Modular Devices)

Rechargeable segment is expected to dominate over 45% e-cigarette and vape market share by 2037. The increasing use of rechargeable vaping is because of its non-toxic components than regular tobacco cigarettes.

According to current research of the National Institute on Drug Abuse in 2023, switching from traditional cigarettes to rechargeable vaping as a full replacement appears to be less dangerous for smokers.

Distribution Channel (Retail Shop, Online)

By 2037, retail shop segment is set to capture over 80% e-cigarette and vape market share. The retail shop market will grow till 2037, reaching a valuation of USD 8.26 billion. This expansion will be noticed because vape goods and e-cigarettes are aggressively sold by big retail chains including Tesco, Walmart, and Target.

According to a study done by the National Library of Medicine, 68.6% of young adults reported having seen media or advertising for e-cigarettes in the previous 30 days in the year 2023. These ads were mostly found on social media (43.4%) and in retail (31.7%), and exposure to these ads was linked to e-cigarette usage.

Our in-depth analysis of the global e-cigarette and vape market includes the following segments:

          Product

  • Disposable
  • Rechargeable
  • Modular Devices

          Category

  • Open
  • Close

          Distribution Channel

  • Retail Shop
  • Online

          Flavor

  • Tobacco
  • Botanical
  • Fruit
  • Sweet
  •  Beverage

          Mode of Operation

  • Automatic E-Cigarette
  • Manual E-Cigarette

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E-cigarette and Vape Industry - Regional Synopsis

North American Market Statistics

North America industry is predicted to hold largest revenue share of 40% by 2037. The region’s e-cigarette and vape sector is thriving, because the younger population in this region is accepting vaping as a safer option. According to the National Library of Medicine published in 2023, eighty-three percent of North American teenagers who were using at the time reported using flavored e-cigarettes, and 38.9% said they used them at least twenty days a month.

The market for dry cleaning and laundry services has expanded in the U.S. as a result of the rising use of e-cigarette and vape in nicotine people. In the United States, high school students' current use rates peaked in 2019 at 27.5% and then dropped to 19.6% in 2020.

The Canadian e-cigarette and vape development mainly lies in the increasing craze in adolescents. In Canada, the rates of lifetime and current use of EC among teenagers reached 37% and 14.6%, respectively, in 2023.

European Market Analysis

The Europe region will encounter massive revenue that will massively and will acquire the second position in the e-cigarette and vape market, owing to the rising number of users in the European region. According to the National Library of Medicine, teenagers in seven locations in Western Europe reported lifetime EC usage at 35.5% (from 23% in Germany to over 50% in Italy and Belgium), while 17.2% reported current CC use. Of these adolescents, 6.6% reported EC current use (i.e., monthly or more regularly).

e-cigarette and vape is especially in actual demand in the U.K., driven by the rising sales of online e-cigarette and vape. In the three years after the company's founding, the number of workers has expanded from five to 28, according to one online shop, whose turnover climbed by 500% between their first and second year of business.

In France, e-cigarette and vape will encounter massive growth because of the increasing sales of e-liquids and vaporizers in this country. According to Research Nester’s report, it is found that almost half of nicotine addicted people between 45% and 50% make their e-liquid mixes.

Germany will also notice a huge growth in e-cigarette and vape because of the increasing use of disposable e-cigarette and vape. In Germany, the proportion of people between the ages of 16 and 29 who say they have ever used e-cigarettes rose from 11% in 2023 to 18%

Research Nester
E-cigarette and Vape Market Regional
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Companies Dominating the E-cigarette and Vape Landscape

    Leading companies are concentrating on enhancing the features and specifications of e-cigarette and vape in addition to forming alliances, mergers, and acquisitions to broaden their product offerings. A few of the key players in the e-cigarette and vape market are:

    • Allo Technology Shenzhen Co. Ltd.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Allo Technology Shenzhen Co. Ltd.
    • Altria Group Inc.
    • British American Tobacco Plc
    • DashVapes
    • Eleaf Group
    • ENVI
    • Flavour Beast
    • Geekvape
    • Imperial Brands Plc
    • Innokin Technology Ltd.

In the News

  • British American Tobacco Plc. and McLaren Racing have decided to extend their cooperation for a number of years. After announcing the worldwide alliance in 2019, the arrangement ensures that BAT will remain an Official Principal Partner of the McLaren Formula 1 Team through the 2024 season and beyond. Additionally, BAT branding will be shown on NEOM McLaren Formula E vehicles for the first time this year.
  • Philip Morris International Inc. announced the launch of IQOS ILUMA in the Japanese market in August 2021. This most recent model in the IQOS range was the company's first tobacco-heating device using state-of-the-art induction-heating technology. Notably, this cutting-edge technology improves the product's ease and user experience by doing away with the need for a blade and cleaning.

Author Credits:  Abhishek Verma


  • Report ID: 6132
  • Published Date: Nov 15, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

In the year 2025, the industry size of e-cigarette and vape is evaluated at USD 45.21 billion.

The e-cigarette and vape market size was valued at USD 36.41 billion in 2024 and is set to exceed USD 1.12 trillion by 2037, expanding at over 30.2% CAGR during the forecast period i.e., between 2025-2037. The market growth is propelled by surging use of e-cigarette and vape by customers.

North America industry is predicted to hold largest revenue share of 40% by 2037, influenced by younger population in this region accepting vaping as a safer option.

The major players in the market are Allo Technology Shenzhen C0. Ltd., Altria Group Inc., British American Tobacco Plc., DashVapes, Eleaf Group, ENVI, Flavour Beast, Geekvape, Imperial Brands Plc., Innokin Technology Ltd., Japan Tobacco Inc., JUUL Labs, Inc., Philip Morris International Inc., Reynolds Vapor Company, Shenzhen Kanger Tech Technology Co., Ltd, and others.
E-cigarette and Vape Market Report Scope
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