Global Vape Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Vape Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Vape is an electronic cigarette, which is a new global trend product. Vape is mainly composed of cigarette oil (including nicotine, essence, solvent propylene glycol, etc.), heating system, power supply and filter tip. Aerosol with specific smell is produced by heating atomization for smokers to use. This report studies the global Vape market.

Market Overview:

The latest research study on the global Vape market finds that the global Vape market reached a value of USD 14504.65 million in 2022. It’s expected that the market will achieve USD 36113.75 million by 2028, exhibiting a CAGR of 16.42% during the forecast period.

Vape Growth Drivers

Vape are battery-powered and release a certain amount of vaporized nicotine that can be inhaled. Although the effect is similar to that of regular smoking, the smoke is not directly inhaled. As a result, electronic cigarettes are considered a safe alternative to traditional tobacco cigarettes. People are increasingly concerned about the health risks associated with traditional tobacco cigarettes, which are expected to prompt adult smokers to switch to vape, thereby driving product demand.

With the rapid development of the e-commerce industry, many industries have developed the synchronous operation mode of online stores and offline stores, and the Vape industry has joined in. Online stores have reduced many business components, including employees, procurement costs, telephone calls, data input, and requirements for opening physical stores, thus reducing transaction costs; Business management becomes easier: compared with traditional physical store management, online sales websites are easier to record store inventory, transportation, logs and overall business transactions. Online stores also provide real-time update function, which can explore all the latest business trends, communicate with customers in time, solve problems and improve customer satisfaction. Vape enterprises can design websites and put pictures of Vape to stimulate consumers' desire for shopping. Vape enterprises can add product price, classification and specifications to the website, and endow products with characteristics. These methods can better increase the traffic of Vape websites, thus increasing the sales volume. Many supermarkets can purchase Vape from the Internet and send them directly to the warehouse, which saves the purchasing cost and is very convenient. Many dealers choose to receive goods online, and orders can be tracked and managed online. Buyers can buy Vape directly through the Internet. The convenience of the Internet and the development of e-commerce have promoted the demand growth of Vape industry.

Region Overview:

North America had the highest growth rate of all regions.

Company Overview:

The top three companies are JUUL Labs, British American Tobacco, RLX Technology (RELX), with the revenue market share of 15.24%, 5.35%, 4.01% in 2020.

Juul Labs, Inc. is an American electronic cigarette company which spun off from Pax Labs in 2017. It makes the Juul e-cigarette, which packages nicotine salts from leaf tobacco into one-time use cartridges. Juul Labs was co-founded by Adam Bowen and James Monsees. It is headquartered in San Francisco.

British American Tobacco plc (BAT) is a British multinational company that manufactures and sells cigarettes, tobacco and other nicotine products. The company, established in 1902, is headquartered in London, England.

BAT has operations in around 180 countries, and its cigarette brands include Dunhill, Kent, Lucky Strike, Pall Mall and Rothmans. Its brands also include Vype and Vuse and Glo.

Segmentation Overview:

By type, Pod segment accounted for the largest share of market in 2021.

Application Overview:

By application, the Retail Stores segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Vape market covered in Chapter 3:

Imperial Tobacco
Shenzhen IVPS Technology (SMOK)
NJOY
JUUL Labs
RLX Technology (RELX)
Supreme Imports (KiK, 88vape)
British American Tobacco
Philip Morris International
Japan Tobacco International
Safe Smoke (Fifty-one)
Hangsen
Turning Point Brands

In Chapter 4 and Chapter 14.2, on the basis of types, the Vape market from 2018 to 2029 is primarily split into:

Pen
Pod
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Vape market from 2018 to 2029 covers:

Online
Retail

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)