E-cigarette & Vape Market – Industry Growth Report, Forecast 2027

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. Launch of new and innovative vaping devices, such as introduction of IQOS MESH, a puff-activated heating and a low-liquid level detection system, is also anticipated to foster the product adoption.

Further key findings from the study suggest:

• 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
• E-liquid segment is expected to register the highest CAGR over the forecast period, driven by the growing popularity of DIY e-liquid
• 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 2019 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.

To request a sample copy or view summary of this report, click the link below:
https://www.grandviewresearch.com/industry-analysis/e-cigarette-vaping-market