Global E-cigarette And Vape Market Rising Size, Huge Business Growth Opportunities With Covid-19 Impact Analysis By 2029

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The global e-cigarette and vape market was valued at US$18,103 million in 2021 and is estimated to grow at a compound annual growth rate (CAGR) of 25% during the forecast period. This can be attributed to the growing preference among smokers to adopt a safer tobacco alternative. The continuous innovation in e-cigarette technology and introduction of new products is expected to drive their adoption during the forecast period.

AgileIntel’s global e-cigarette and vape market study is a 166 pages report containing in-depth analysis on historical and forecasted spending patterns in the sector. The study offers granular value data from a global, regional, product type, and component perspective.

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The base year is 2021 for the study with historical data between 2018 and 2021. The data forecast has been provided for the years between 2022 and 2029. Insights by Product Type:

The e-cigarette and vape market is segmented into disposable, rechargeable and modular devices based ...
... on product type.

Rechargeable e-cigarette was the largest segment in 2021, accounting for 43% of the market share. These e-cigarettes can be recharged for prolonged usage and comprise an internal battery. The demand for rechargeable e-cigarettes is growing since they are economical, and users do not have to re-purchase cartridges. Also, customers making DIY e-liquid need not purchase pre-filled cartridges. Seasoned vapers particularly find it economical to buy rechargeable e-cigarettes.

Meanwhile, the disposable variants of e-cigarettes come with an internal battery, compact, and pre-filled with cartomizers, suitable for one-time use only. Further, the growth in modular devices is driven by demand from users who seek advanced and customizable functionalities in their devices. These devices are expensive, highly advanced, and have programmable functions, such as temperature control and variable wattage control. They are also preferred by individuals participating in professional vape competitions.

Insights by Component:

The e-cigarette and vape market is segmented into Vape Mod, Atomizer, E-liquid, and Cartomizer, based on component type.

Vape Mods are key components of the e-cigarette device and held the largest market share in 2021. The availability of numerous customization options and price ranges is driving the adoption of Vape Mods. They have evolved over the years incorporating features such as temperature control, variable wattage, and custom atomizer power delivery, giving users multiple options to change the flavor and vapor output. Vape mods are expected to get more advanced by connecting to the internet and mobile phones.

Meanwhile, the atomizer segment accounted for 28% market share in 2021 and is expected to grow over the forecast period because different types of coils used in e-cigarettes require atomizers of different configurations, such as Rebuildable Atomizer (RBA) and Rebuildable Dripping Atomizer (RDA). Furthermore, the customizable nature of Atomizers is also driving their sales as they can be manufactured in different styles and sizes to serve different purposes, such as competition vaping, casual vaping, and high flavor output.

Moreover, the demand for Cartomizers is driven by the sales trend in the disposable e-cigarettes segment. This one-time use component is cheap, comes in standard flavor, holds a small amount of e-liquid, and has to be re-purchased upon consumption.

Insights on Regional Growth:

North America is the largest market accounting for 44% of the global revenue share in 2021, mainly due to the presence of prominent players such as Altria Group and Philip Morris International, who hold a significant market share in the region. The growing demand for disposable e-cigarettes due to their low-cost and easy availability has contributed to the market growth in the region. Moreover, events such as vape conventions and competitions are regularly organized in the region, thereby raising the demand for modular devices in North America.

Europe accounted for 27% of the global e-cigarettes and vape market in 2021. Some countries such as the U.K. have legalized the consumption of e-cigarettes which is expected to significantly boost market growth in the region. Moreover, European countries have established vape shops where customers can visit and test the devices and e-liquid flavors before purchasing.

Asia Pacific is the largest manufacturer of e-cigarettes in the world. The region has been witnessing a significant demand for modular e-cigarette devices, which is expected to drive market growth.

Insights on Key Markets:

The U.S. was the largest market for e-cigarette and vape products, capturing a 40% market share and was valued at US$7.28 billion. The market growth was driven by a high demand for rechargeable e-cigarettes, whereas E-liquid is expected to emerge as the fastest-growing segment in the U.S. The presence of various small-scale e-cigarette companies in the U.S. has resulted in the development of customized products for niche customers. These companies are also developing atomizers that can provide a high vapor and flavor output.

The e-cigarette and vape market in China was pegged at US$1.38 billion in 2021. The increase in disposable income and availability of low-priced vape products are expected to drive the demand for e-cigarettes in China. Moreover, small companies are outsourcing the manufacturing of e-cigarettes to China to price their products competitively.

Impact of COVID-19

The COVID-19 pandemic had a mixed impact on the e-cigarette and vape market. Supply chain disruptions caused by the temporary closure of manufacturing plants and trade restrictions in many countries have adversely affected the global tobacco industry. Additionally, many reports indicated that people using e-cigarettes and vapes are five to seven times more susceptible to being infected by COVID-19. Smoking damages the lungs, making it difficult for the body to fight off COVID-19 and other diseases. These factors have impacted the market during the pandemic.

On the other hand, the government-imposed lockdowns, social distancing norms, and stay-at-home orders have resulted in a significant rise in the sales of e-cigarettes. The general perception that e-cigarettes and vapes are safer than conventional tobacco products is expected to drive the demand for these products during the forecast period. Moreover, E-cigarette and vape vendors have resorted to aggressive marketing strategies and offering their products through online platforms as supplies of e-cigarette and vape devices became scarce in physical stores. Many vaping brands such as MyVapery, One Drop Vape, and Podsalt offer hand sanitizers and masks as gifts on purchase of their products.

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