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)
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 |