E-cigarette and Vape Market is estimated to be US$ 391.1 billion by 2032 with a CAGR of 31.1% - By PMI

Covina, April 24, 2023 (GLOBE NEWSWIRE) -- “According to the latest research study, the demand of E-cigarette and Vape Market accounted for US$ 22.45 billion in 2022 and is estimated to be US$ 391.1 billion by 2032 and is anticipated to register a CAGR of 31.1%.

E-cigarette and Vape are electronic device used as a substitute for smoking or for recreational purposes. E-cigarette are battery powered devices which converts liquid nicotine into vapor and then inhaled by users, it contains atomizer, nicotine cartridge, vaporizing chamber, LED indicator, rechargeable battery and heating coil.

Growing health concern over use of conventional tobacco-based cigarettes has driven the target market growth. Rising adoption of e-cigarette and vape products has created lucrative opportunities for reusable, disposable and customizable e-cigarettes. Presence of major key players in new launch innovative products with various flavors and innovative technology is expected to fruitful the demand for E-cigarette and Vape market growth in coming years. For instance, vaping company Kwit Stick launched new micro USB-recharging vaporizing pen with starter kit containing charging cable, pen device, four flavor pods and syringe bottle to refill.

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Analyst View:

In 2020, the European area led the global market, and this trend is projected to continue in the forecast the key factor driving the growth of the E-cigarette and Vape Market is growing popularity of e-cigarettes among youngsters. Rapid expansion of vape shops in country especially UK, U.S., and Europe has further facilitated the target market growth. Low cost compare to traditional cigarettes, acquisitions, strategic agreements and development of new innovative products with various flavors by manufacturers is expected to boost the demand for E-cigarette and Vape Market growth over the forecast period. As a result, market competition is intensifying, and both big international corporations and start-ups are vying to establish position in the market.

Key Highlights:

• In November 2022, Imperial launched new disposable vape range under the Blu brand. New launched range is made up of collection of compact pocket-sized vapes containing 20mg nicotine, 2ml nicotine, up to 600 puffs. New launched vape product are featured with LED indicator which light ups in use and available in flavor such as banana, mango, watermelon, strawberry and peach.
• In 2017, British American Tobacco’s Vype, a flagship vapour brand is now present in most of the major vaping markets including the UK. Moreover, in 2017, the company’s vapour products portfolio was strengthened with the acquisition of the ViP brand.

Key Market Insights from the report:

E-cigarette and Vape Market accounted for US$ 22.45 billion in 2022 and is estimated to be US$ 391.1 billion by 2032 and is anticipated to register a CAGR of 31.1%. The E-cigarette and Vape Market is segmented based on Product, Component, Distribution Channel and Region.

• Based on Product, E-cigarette and Vape Market is segmented into Modular Devices, Rechargeable and Disposable.
• Based on Component, E-cigarette and Vape Market is segmented into Vape Mod, Atomizer, E-Liquid, Cartomizer, and Others.
• Based on Distribution Channel, E-cigarette and Vape Market is segmented into Online, Retail, Supermarkets, Convenient Stores and Others.
• By Region, the E-cigarette and Vape Market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East & Africa.

Scope of the Report:

1. E-cigarette and Vape Market, By Product
   • Overview
     • Market Value and Forecast (US$ Bn), and Share Analysis (%), 2022 – 2032
     • Y-o-Y Growth Analysis (%), 2022 – 2032
     • Segment Trends
   • Modular Devices
     • Overview
     • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
   • Rechargeable
     • Overview
     • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
   • Disposable
     • Overview
     • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
2. E-cigarette and Vape Market, By Component, 2022 – 2032, (US$ Bn)
   • Overview                                      
     • Market Value and Forecast (US$ Bn), and Share Analysis (%), 2022 – 2032
     • Y-o-Y Growth Analysis (%), 2022 – 2032
     • Segment Trends
   • Vape Mod
     • Overview
     • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
   • Atomizer
     • Overview
     • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
   • E-Liquid
     • Overview
     • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
   • Cartomizer
     • Overview
     • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
   • Others
     • Overview
     • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
3. E-cigarette and Vape Market, By Distribution Channel, 2022 – 2032, (US$ Bn)
   • Overview                                      
     • Market Value and Forecast (US$ Bn), and Share Analysis (%), 2022 – 2032
     • Y-o-Y Growth Analysis (%), 2022 – 2032
     • Segment Trends
   • Online
     • Overview
     • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
   • Retail
     • Overview
     • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
   • Supermarkets
     • Overview
     • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
   • Convenient Stores
     • Overview
     • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
   • Others
     • Overview
     • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032

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Competitive Landscape:

• British American Tobacco
• Altria Group Inc.
• NicQquid
• Imperial Brands
• JUUL Labs Inc.
• International Vapor Group
• R.J. Reynolds Vapor Company
• Philip Morris International Inc.
• Shenzen KangerTech Technology Co. Ltd.
• Shenzen IVPS Technology Co. Ltd.

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