Market Analysis

Trends:

The e-cigarette and vape market, as of 2022, is experiencing significant growth and evolution. The rechargeable segment within this market has emerged as the dominant player, accounting for the largest market share, surpassing 40%. This growth is primarily attributed to the cost-effectiveness of rechargeable devices, which eliminate the need for continuous supply purchases, such as cartridges. Consumers are increasingly drawn to these devices for their long-term affordability.

Key players:

Key players in the e-cigarette and vape industry are shaping the landscape. Leading companies such as 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., are driving innovation and competition within the market, vying for a significant share of the industry's growth potential.

Market Growth 2020-2030:

According to Beyond Market Insights, the Electronic Cigarettes/E-Cigarette market was valued at USD 22.17 billion in 2022. The market is projected to witness substantial growth, with an estimated worth of USD 168.96 billion by 2030, exhibiting a remarkable CAGR of 29.8% over the forecast period from 2020 to 2030. These figures reflect the increasing adoption of e-cigarettes and vaping products, driven by changing consumer preferences and growing awareness of their benefits.