Electronic Cigarette and Tobacco Vapor Market Size, Share, Growth, and Industry Analysis, By Type (Reusable Electronic Cigarettes and Disposable Electronic Cigarettes), By Application (Online Sales and Offline Sales), Regional Forecast to 2031

Updated On: 01 April 2024

Electronic Cigarette and Tobacco Vapor Market Report Overview

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The global electronic cigarette and tobacco vapor market size was USD 22853.47 million in 2021 and will touch USD 55118.2 million by 2031, at a CAGR of 9.2% during the forecast period. 

The global COVID-19 pandemic has been unprecedented and staggering, with the Industrial embroidery machine market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. 

A battery, an atomizer, and an inhaler make up an electronic cigarette and tobacco vapor, which simulates tobacco smoking without causing smoke inhalation. It is thought to be less hazardous than traditional cigarettes since the device is filled with a nicotine-containing or nicotine-free liquid solution that is heated and turned into vapour before being inhaled. Since it offers advantages including no smoke, less pollution, fewer health issues, and the opportunity to smoke in public places, this device has been accepted as a substitute to conventional cigarettes. Market increase is facilitated by growing awareness of the harmful effects of conventional cigarettes, electronic cigarettes' reduced absorption of tar and carbon monoxide, rising wealth, and technological breakthroughs by electronic cigarette and tobacco vapor manufacturers.

COVID-19 Impact: Consumer Goods Industry Rises during the COVID-19 Pandemic

Electronic cigarette and tobacco vapor providers have developed several COVID-19-based marketing methods to boost product sales during the COVID-19 pandemic. Over the projection period, it is predicted that an increasing focus on adopting safer alternatives to smoking will fuel the use of e-cigarettes and vaping equipment. When Electronic cigarette and tobacco vapor device stocks in physical stores started to run low, sellers started selling their items online and giving out hand sanitizers and face masks in exchange for vaping product purchases. However, the consumer goods industry is likely to rise, which is anticipated to increase the sales of e-cig products over the forecast year due to the ease of lockdown limitations and improved logistics considering the preventive measures for COVID-19.  

Latest Trends

"High Consumption of E-cigarettes than Regular Cigarette to Rise Market Demand "

As a result of various studies carried out by medical institutions and associations, there is now a greater understanding that e-cigarettes are safer than regular cigarettes, especially among younger people. This is projected to accelerate market expansion even further. Demand for the device is also anticipated to increase because to the producers' provision of customisation features like temperature control and nicotine dosing. Additionally, the market expansion for electronic cigarettes is anticipated to be accelerated by players' ongoing improvements in new product development.

Electronic Cigarette and Tobacco Vapor Market Segmentation

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• By Type Analysis

According to type, the electronic cigarette and tobacco vapor market can be segmented into reusable electronic cigarettes and disposable electronic cigarettes.  

In terms of type, the reusable electronic cigarettes are anticipated to be the largest segment during the forecast period.  

• By Application Analysis

Based on application, the electronic cigarette and tobacco vapor market can be divided into Online Sales and Offline Sales.

In terms of application, Online Sales market is projected to hold the largest market share through 2031.

Driving Factors

"E-cigarette Use as a Tobacco Alternative Smoking Promotes Market Development "

More people throughout the world are becoming aware of the negative effects of smoking regular cigarettes. As a result, alternatives that support customers in quitting traditional cigarettes have been developed. One of the most important global concerns is cancer brought on cigarette smoking. With the use of e-cigarettes, the risk of developing cancer is eliminated, as is the consumption of more than 4,000 substances, including tobacco and numerous other toxins and carcinogens, which are found in tobacco smoke and cause lung disorders and cancer. They also produce less harmful material and provide less of a threat to smokers who have asthmatic issues.

"Popularity Amongst Youngsters will Fuel Market Expansion "

In the upcoming years, the market is anticipated to grow quickly due to the increasing popularity of disposable e-cigarettes among customers, particularly the millennial generation. To meet the rising demand for these products among customers, major players are releasing new and creative products. The attempt was initiated to help consumers make healthier choices and steer them away from combustible cigarettes.

Restraining Factors

"Rising Smoking-Related Risks to Impede Market Expansion "

The market expansion for disposable e-cigarettes is anticipated to be hampered by the rising potential risks associated with each stage of the product's lifespan, including mining, manufacturing, using, and disposing of them.

Over the course of the analysis period, all these factors are predicted to restrain the expansion of the electronic cigarette and tobacco vapor market in some region.  

Electronic Cigarette and Tobacco Vapor Market Regional Insights

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"Increased Demand for Flavored Disposable E-Cigarettes in the Area will Promote Market Growth "

North America, which accounts electronic cigarette and tobacco vapor market share in the region.  One of the key elements anticipated to propel the industry's growth in the area is the rising popularity of flavor-infused disposable e-cigarettes sold by companies like Puff Bar, Vuse, and Suorin. Additionally, increased millennial and Gen X product use is anticipated to fuel market expansion.

Key Industry Players

"Adoption Experiential Marketing Services by Key Players Influencing Market Development"

The top key players in the market such as Philip Morris International, JUUL Labs, British American Tobacco PLC, Imperial Brands plc, Altria Group Inc., Turning Point Brands, Japan Tobacco Inc. Most of the top players hold the experiential marketing service market shares. In addition, the strategies to develop new technologies, capital investment in R&D, improve product quality, acquisitions, mergers, and compete for the electronic cigarette and tobacco vapor market growth in the competition help them to perpetuate their position and value in the market. Besides, collaboration with other companies & extensive possession over market shares by the key players stimulates the electronic cigarette and tobacco vapor market development.

List of Market Players Profiled

• Philip Morris International (U.S.)
• JUUL Labs (U.S.)
• British American Tobacco PLC (U.K.)
• Imperial Brands plc (U.K.)
• Altria Group Inc. (U.S.)
• Turning Point Brands (U.S.)
• Japan Tobacco Inc. (Japan)
• MCIG Inc. (U.S.)
• NJOY, LLC (U.S.)

Report Coverage

This report examines an understanding of the electronic cigarette and tobacco vapor market’s size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.