Electronic Cigarette/VAPE Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2034

Page: 215 | Report Code: CG250106 | Research Suite: Report (PDF) & Market Data (Excel)

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The electronic cigarette also called a vape is referred to a device which stimulates tobacco smoking, consisting of components including battery, atomizer and a cartridge which contains nicotine with flavoring.       

MARKET OVERVIEW 

The market valuation of the electronic cigarette/VAPE market was valued at approximately USD xx billion in 2023 and is projected to reach USD xx billion in 2034 exhibiting a CAGR of xx.x% during the forecast period of 2024-2034. The market is aligned with diverse sector, which makes it a sustainable and growing market. 


GROWTH DRIVERS 

The rise in the awareness of alternative smoking that are less harmful as compared to traditional smoking. The rise in disposable income as stated by World Bank is another significant diver, allowing the consumers to spend on electronic cigarette or vape.  The expansion of e-commerce is another which drive the adoption of the, providing the convenience of ordering and accessibility.        
 
MARKET SEGMENTATION: 

·         By Type- rechargeable, disposable and modular device   

·         By Component Type- batteries, e-liquids and accessories 

·         By Category- open and closed   

·         By Flavor Type- tobacco, menthol, fruits and desserts and beverage inspired 

·         By Distribution channel- online and retail 

·         By Regions- North America, Europe, Asia Pacific, South America, Middle East and Africa

Electronic Cigarette/VAPE Market Segment by Type Review: 

The rechargeable e-cigarette is battery powered device which can be charged with the help of USB cable and reuse it unlike the disposable one which has be disposed after single use.  The modular device provides the benefits of customization of flavors, nicotine delivery and vapor production.

        

Regional Analysis: 

North America is a significant market driven by the high smoking cessation initiatives. Europe is another significant market driven by the widespread acceptance. APAC is significantly growing market driven by rise in disposable income.   


Key Challenges: 

The electronic cigarette/vape market is incident to strict regulatory framework and navigating through this hurdle may increase the compliance cost and cause delay in the market entry.

Competitive Landscape: 

In the highly competitive electronic cigarette/vape market, companies are investing heavily in research and development to innovate and improve their products and services. They are also collaborating, forming strategic partnerships, or acquiring other companies to gain access to new market segments, enhance distribution networks, and increase market share.

The key news and development includes-

·         In June 2023, Altria Group, Inc. announced the acquisition of NJOY Holdings, Inc., a vaping company. The company will market NJOY e-vapor products under NJOY, LLC (NJOY), an Altria subsidiary. Moreover, NJOY's products will be distributed by Altria Group Distribution Company.

·         In June 2023, Imperial Brands plc announced the acquisition of nicotine pouches from TJP Labs with an aim to make a foray into the U.S. oral market. The acquisition will enable ITG Brands, the company’s U.S. operation, to offer 14 different product types in a pouch that performs well in consumer testing. Through this acquisition, TJP Labs aims to reinforce its commitment to developing products that promote global harm reduction, customer choice, and flexibility.

·         In October 2022, Altria Group, Inc. announced a partnership with JT Group, a tobacco company. Altria Group, Inc. and JT Group launched a joint venture for the marketing and sale of heated tobacco stick products in the U.S. By partnering on product development and global commercialization of smoke-free products, Altria Group, Inc. aimed to expedite global damage reduction.

·         In July 2022, British American Tobacco p.l.c. introduced Glo hyper X2, the newest development from its fast-growing global heated tobacco brand, in Tokyo, Japan. The product's new barrel styling design has been shaped by consumer insights, providing innovative and user-friendly features. 

Global Key Players:  

·         Altria Group, Inc.

·         British American Tobacco

·         Imperial Brands

·         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.

·         Vaporesso

·         Other Players

Attributes

Details

Base Year

2023

Trend Period

2024 – 2034

Forecast Period

2024 – 2034

Pages

215

By Type

Rechargeable, Disposable and Modular Device

By Component Type

Batteries, E-Liquids and Accessories 

By Category

Open and Closed

By Flavor Type

Tobacco, Menthol, Fruits and Desserts and Beverage Inspired

By Distribution channel

Online and Retail

By region

North America, Europe, Asia Pacific, the Middle East and Africa, and South America

Company Profiles

Altria Group, Inc., British American Tobacco, Imperial Brands, 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., Vaporesso, Other Players

Edition

1st edition

Publication

January 2025

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