E-cigarette And Vape Market Size Is Poised To Reach $67.31 Billion By 2027: Grand View Research Inc.

 

The global e-cigarette and vape market size is expected to reach USD 67.31 billion by 2027, registering a revenue-based CAGR of 23.8% from 2020 to 2027, according to a new study conducted by Grand View Research, Inc. The growing awareness regarding consuming safe, smokeless, and ashless tobacco is expected to propel the growth. Furthermore, vaping is considered to be an effective method to quit smoking, as it is less toxic and creates vapor instead of smoke. The adoption of vaping devices is expected to increase, particularly among individuals willing to quit smoking or willing to smoke merely for recreation. The launch of new and innovative vaping devices, such as the introduction of IQOS MESH, puff-activated heating, and a low-liquid level detection system, is also anticipated to foster product adoption.

Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor.

Rising concerns over conventional cigarettes among various age groups have boosted the demand for e-cigarettes. Several E-liquid flavors have also been launched in the market to cater to the changing preferences of individuals, thereby stimulating market growth. However, e-cigarettes are often compared to conventional cigarettes owing to the nicotine content, which is considered harmful to health, and hence they tend to attract criticism, a factor that is expected to restrain the market growth.

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Several agencies have been calling for setting standards for vaping devices in order to encourage people to opt for a safer alternative to smoking. Long-term studies undertaken by various medical associations have helped determine that e-cigarettes can be considered as a safer substitute for conventional cigarettes. However, several countries, such as India, Singapore, and Uruguay, among others have banned the sale and distribution of e-cigarettes, hindering the adoption of these products.

E-cigarette & Vape Market Report Highlights

• Modular device is expected to emerge as the fastest-growing segment, registering a CAGR of 25.2% from 2020 to 2027. The sub-segment would continue to grow as modular devices allow their users to adjust the vapor output according to their preference
• The E-liquid segment is expected to register the highest CAGR over the forecast period, driven by the growing popularity of DIY e-liquid
• The online platform is anticipated to emerge as a popular medium for the sale of vapor products. Vendors are using social media applications, such as Instagram and Facebook to promote their vaping devices
• North America accounted for the largest market share, in terms of revenue in 2020 and is expected to maintain its dominance over the forecast period. It is home to prominent players, such as JUUL Labs, Inc.; Altria Group, Inc.; and Philip Morris International Inc. which hold a significant market share
• Key market players include Altria Group, Inc.; British American Tobacco; Imperial Brands; International Vapor Group; Japan Tobacco, International; NicQuid; JUUL Labs, Inc.; Philip Morris International, Inc.; R.J. Reynolds Vapor Company; Nicquid; Shenzhen IVPS Technology Co., Ltd.; and Shenzhen KangerTech Technology Co., Ltd.

Major tobacco companies control a large share of the global e-cigarette & vape market. These players have forayed into the e-cigarette space with new and innovative products under their brand name. On the other hand, there also exist various smaller players that develop efficient vapor products. Moreover, market incumbents are also investing in innovation and new product development.

The global e-cigarette and vape market size was valued at USD 12.41 billion in 2020 and is expected to expand at a revenue-based CAGR of 23.8% from 2020 to 2027. The market is expected to gain traction over the forecast period, owing to increasing product demand from millennials. The availability of a variety of e-cigarette options is anticipated to further fuel product adoption.

An e-cigarette is a battery-operated device that is considered as a safe alternative to smoking cigarettes. The industry is non-uniformly regulated as the effects of the devices are under review. Large tobacco companies have flourished by introducing these devices through various brands that cater to different requirements, thereby enhancing the product quality and level of customization. Moreover, emerging e-cigarette technologies, such as pod systems and squonk mods have increased its popularity in recent years.

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Key players include Altria Group, Inc.; British American Tobacco; Imperial Brands; International Vapor Group; Japan Tobacco, International; NicQuid; JUUL Labs, Inc.; Philip Morris International Inc.; R.J. Reynolds Vapor Company; Nicquid; Shenzhen IVPS Technology Co., Ltd.; and Shenzhen KangerTech Technology Co., Ltd.

The market is characterized by low entry barriers for new players since the new players can establish their business with minimal investments. Competition among the players is high and large companies acquire smaller companies to increase customer base and geographical reach. For instance, in November 2018, Japan Tobacco Inc. acquired Akij Group’s tobacco business in Bangladesh. This acquisition enabled the former to expand its operations in Bangladesh, thereby becoming the second-largest tobacco company in the country.

Companies invest actively in R&D for continuous innovation and new product development. For instance, in 2018, Altria Group, Inc. invested USD 252 million in R&D for the development of advanced e-cigarette and vape.

Grand View Research has segmented the global e-cigarette & vape market based on product, component, distribution channel:

E-cigarette and Vape Product Outlook (Volume, Million Units; Revenue, USD Million, 2016 - 2027)

·         Disposable

·         Rechargeable

·         Modular Devices

E-cigarette and Vape Component Outlook (Volume, Million Units; Revenue, USD Million, 2016 - 2027)

·         Atomizer

·         Vape Mod

·         Cartomizer

·         E-liquid

 

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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