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

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

Electronic cigarette (e-cigarette) is the most common prototype of electronic nicotine delivery systems. The e-cigarette heats up a cartridge of the solution and produces vapor inhaled by the user. Vaping is the act of inhaling and exhaling the aerosol, often referred to as vapor, which is produced by an e-cigarette or similar device. Generally, a vaping device consists of a mouthpiece, a battery, a cartridge for containing the e-liquid or e-juice, and a heating component for the device that is powered by a battery. When the device is used, the battery heats up the heating component, which turns the contents of the e-liquid into an aerosol that is inhaled into the lungs and then exhaled.

Market Overview:

The latest research study on the global E-cigarette and Vaping market finds that the global E-cigarette and Vaping market reached a value of USD 20486.1 million in 2022. It’s expected that the market will achieve USD 98197.12 million by 2028, exhibiting a CAGR of 29.85% during the forecast period.

The price of e-cigarette and vaping may be affected by COVID-19

Affected by COVID-19, the price of e-cigarette and vaping will fluctuate accordingly. The logistics and transportation of various countries are under tremendous pressure, and the recovery of enterprises has been delayed. As a result, the supply of raw materials such as evaporators in thee-cigarette and vaping factory is insufficient, the company's production capacity will decline, the spot market will tighten, and prices will rise. The operating rate of dealers has dropped significantly.

Impacts from the long-term

Due to the slow recovery of logistics, e-cigarette and vaping rely on long-term orders and port spot to maintain normal production. This has a positive impact on the development of the e-cigarette and vaping market. In the long run, e-cigarette and vaping must have its own core competitiveness to survive, such as products, channels, marketing, management, technology, cost advantages, etc. As the inventory levels of retailers and distributors increase, the sales of e-cigarette and vaping manufacturers may increase in 2021.
On a global scale, the e-cigarette and vaping industry needs a way to survive and is committed to minimizing risks while keeping its business operating normally. E-cigarette and vaping manufacturers and distributors need to develop policies and procedures to reduce the potential impact of the coronavirus on their employees, and e-cigarette and vaping retailers must try to maintain business growth despite the decline in passenger traffic.

The convenient supply of e-cigarette and vaping on many distribution channels has promoted the growth of the market

Manufacturers of e-cigarette and vaping equipment are promoting and selling their products through kiosks and dedicated in-store hubs in large retail and grocery stores. The e-cigarette and vaping provider have also established stores and sales points to provide an e-cigarette and vaping experience similar to that provided by the club. Traditional smokers prefer these shops because they can get a variety of flavors and better smoking devices in these places. These designated stores and points of sale are expanding the consumer base of a single e-cigarette and vaping product provider, thereby driving market growth.

Technological innovation strengthens product functions

Technological innovation strengthens product functions, and new e-cigarette and vaping products are popular among young consumers. With the gradual development of e-cigarette products from the first and second generations to the third generation, e-cigarette and vaping products no longer only have the function of reducing harmful substances. They have different flavors, personalized cartridges and the smoke effect they possess has become the driving factor for young consumers to purchase new e-cigarette and vaping products.

Expanding the flavor product portfolio is a key market trend

Flavor and fragrance suppliers are launching several new flavors to attract more customers and manufacturers of e-cigarette and vaping products. Different flavors such as bubble gum, cola, methanol, chocolate, mint, and a fusion of fruits and other condiments have attracted quite a few people to adopt e-cigarettes. Users in North America and Europe, mainly users in Canada, the US and the UK, have shown a significant shift towards flavored e-cigarette and vaping. Therefore, with the rapid popularity of spices in the e -cigarette and vaping market, these suppliers are launching a large number of spices. This factor has brought more development opportunities to the e-cigarette and vaping market.

Region Overview:

In global comparison, a significant portion of the revenue was generated in China (69.28% in 2022).

Company Overview:

JUUL Labs, Inc. is one of the major players operating in the E-cigarette and Vaping market, holding a share of 30.21% in 2023.

JUUL Labs, Inc.

JUUL Labs, Inc. manufactures electronic cigarettes. The Company offers products such as device kits, JUULpods, and accessories in different flavors.

British American Tobacco

British American Tobacco plc (BAT) is a British multinational company that manufactures and sells cigarettes, tobacco and other nicotine products.

Segmentation Overview:

By type, Rechargeable segment accounted for the largest share of market in 2022.

Disposable

A disposable e-cigarette is an e-cig that comes ready to vape and is thrown away once it runs out of charge or e-liquid. Disposable vapes are designed to be familiar to smokers, but without the tar, smoke, and ash that comes with smoking cigarettes. There are no replaceable parts, buttons, rechargeable batteries, or complicated menus to navigate. Disposables are designed to be used and thrown away once the e-liquid has run dry.

Rechargeable

A rechargeable e-cig differs from a disposable device in one key way: users can recharge the battery and keep using the same device over time. There are also more flavor options with rechargeable devices because users can usually refill them with different e-liquids. Rechargeable Vaping have changed the way vapers are enjoying their vaping experiences. From battery durability to money savings, rechargeable e-cigs come with many valuable perks.

Modular Devices

The modular electronic cigarette design includes cartridge, cartomizer, and a battery. Many customers prefer modular vaping devices because they generate high volumes of vapor and can also be customized in terms of power output, coils, and number of batteries.

Application Overview:

By application, the Tobacco segment occupied the biggest share from 2018 to 2022.

Key Companies in the global E-cigarette and Vaping market covered in Chapter 3:

British American Tobacco
Relx Technologies
JUUL Labs, Inc.
Japan Tobacco Inc.
International Vapor Group
Imperial Brands

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

Disposable
Rechargeable
Modular Devices

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the E-cigarette and Vaping market from 2018 to 2029 covers:

Tobacco
Menthol
Mint
Fruit
Candy
Other flavors

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)