E-Cigarette and Vaping Market by Product Type, by Distribution and Geography: Analysis, Size, Growth, Trends, and Forecast, 2024-2028

Market Size

Shifting consumer preferences, technological advancements, and regulatory changes are shaping the e-cigarette and vaping market. While traditional cigarettes have long been prevalent, there's a noticeable trend among younger people towards e-cigarettes and vaping as they are perceived safer alternatives. Studies from medical institutions and associations have contributed to this perception, highlighting potential health benefits compared to conventional smoking. The market landscape includes physical stores and online platforms where consumers can purchase vaping products. However, recent events such as the COVID-19 pandemic have led to increased demand for online sales.

This market is segmented by product type, by distribution channel, and by region, including North America, Europe, APAC, South America, and the Middle East and Africa. This report also analyzes key competitors in the e-cigarette and vaping market, such as Altria Group, JUUL Labs, and NicQuid.

Technavio’s in-depth industry report analyzes the current state of the e-cigarette and vaping market and provides detailed forecasts on its performance over the coming years. It examines key factors such as market drivers, challenges, and key emerging trends, as well as the global competitive landscape. Also included is a breakdown of the types of products available in the market, along with their market shares and future prospects.

Market Report Highlights

Product Type	Disposable Modular Rechargeable
Distribution	Offline Online
Regional Landscape	North America Europe APAC South America Middle East and Africa
Key Companies Profiled	Altria Group Inc. British American Tobacco DashVapes Eleaf Group ENVI Imperial Brands Plc Japan Tobacco Inc. JUUL Labs Inc. NicQuid LLC Philip Morris International Inc. Shenzhen FreeMax Technology Co. Ltd. SVC Labs Ltd. Turning Point Brands Inc.

Market Report Insights

• Precise evaluation of the market’s size and a forecast of market performance from 2024 to 2028
• Qualitative and quantitative analysis of the current market scenario and future prospects, allowing clients to make informed business decisions
• In-depth analysis of the drivers and challenges that will impact the growth of the market between 2024 and 2028
• Predictions about upcoming trends and changes in consumer behavior
• A thorough industry analysis of the competitive landscape and detailed information on key market players, including factors such as market positioning and product offerings
• Region-by-region analysis of market growth and opportunities across North America, Europe, APAC, South America, and the Middle East and Africa

Market Segmentation

The e-cigarette and vaping market is segmented according to product type and distribution. Technavio’s industry report provides actionable market insights on each segment, including market share and growth forecasts.

Product Type Segmentation

• Disposable
• Modular
• Rechargeable

Distribution Segmentation

• Online
• Offline

Regional Analysis

Different parts of the world will have different demands, supply chain logistics, legal nuances, and other factors to take into consideration when entering a new market. Technavio’s e-cigarette and vaping market research helps facilitate strategic business decisions by providing a detailed look at regional market trends, drivers, and challenges along with predictions for regional market sizes and growth.

Regions covered in this market report include:

• North America
• Europe
• APAC
• South America
• The Middle East and Africa

Competitive Landscape

This report provides an analysis of the market’s competitive landscape and offers information on the products offered by various companies in order to help clients improve their market positions. It also provides a detailed analysis of the upcoming e-cigarette and vaping market trends and challenges and how they will influence market growth, designed to help companies create effective strategies to make the most of the global market.

Companies leading the global e-cigarette and vaping market include:

• Altria Group Inc.
• British American Tobacco Plc
• DashVapes
• Eleaf Group
• ENVI
• Imperial Brands Plc
• Japan Tobacco Inc.
• JUUL Labs Inc.
• NicQuid LLC
• Philip Morris International Inc.
• Shenzhen FreeMax Technology Co. Ltd.
• SVC Labs Ltd.
• Turning Point Brands Inc.

Market Dynamics

In order to make informed business decisions and strategies on the e-cigarette and vaping market, it’s important to be informed of the many factors impacting the market. What is driving growth in the market and how does that influence new product releases? What challenges are increasing risk for a specific course of action or in a specific market? What will the key trends be over the next several years and what is the best way to take advantage of them? The answers to these questions help companies to evaluate business approaches and develop growth strategies for the e-cigarette and vaping market.

Manufacturers are continually innovating to meet consumer demands, offering customization options such as temperature control and varying nicotine dosages. E-cigarette technologies have evolved, with pod systems and squonk mods gaining popularity for their convenience and performance. The market offers a wide array of e-cigarettes and vaping equipment, catering to diverse consumer preferences.

Flavors play a crucial role in the appeal of vaping products, with options ranging from menthol and tobacco to fruits, nuts, chocolate, and fragrances. This variety contributes to customer acceptance and satisfaction. Cost-effectiveness is also a driving factor for many users, as vaping can be more economical than traditional smoking in the long run.

Despite the perceived benefits of e-cigarettes, negative perceptions and regulatory challenges persist. Bans and restrictions on flavors and advertising pose threats to the industry, while concerns over health-related problems and nicotine dependence remain prevalent. However, the market continues to grow, fueled by technological advancements and sleek, stylish designs that appeal to consumers.

Young adults and adolescents are a key demographic for the vaping industry, prompting efforts towards responsible marketing and online age verification. Rechargeable electronic cigarettes are preferred over single-use counterparts for their sustainability and cost-effectiveness. The market concentration varies across regions, with Asian nations emerging as significant players in the industry. Technological innovations such as Bluetooth connectivity and touchscreens enhance user experiences but also attract regulatory scrutiny.

FAQ

What are the key components of E-Cigarettes and Vaping Devices?

Key components include a battery, heating element (atomizer or coil), e-liquid reservoir (cartridge, tank, or pod), and sometimes adjustable settings for airflow and wattage. Some devices also have disposable or refillable pods.

How is the E-Cigarette and Vaping Market regulated?

Regulation varies by country, but typically includes restrictions on sales to minors, advertising regulations, labeling requirements, product safety standards, and taxation. Some regions also regulate flavorings and nicotine concentrations.

What are the different types of E-Liquids available?

E-Liquids come in a variety of flavors (fruit, dessert, menthol, etc.) and nicotine strengths (ranging from 0 mg/mL to high concentrations). Some e-liquids also contain CBD or THC for cannabis vaping.

What are the trends driving the E-Cigarette and Vaping Market?

Trends include the popularity of pod-based systems for convenience, advancements in vape technology (like temperature control and mesh coils), growth in nicotine salt e-liquids, and increased scrutiny on vaping's health impacts.

Table of Contents

1 Executive Summary

• 1.1 Market overview
  • Exhibit 01: Executive Summary – Chart on Market Overview
  • Exhibit 02: Executive Summary – Data Table on Market Overview
  • Exhibit 03: Executive Summary – Chart on Country Market Characteristics
  • Exhibit 04: Executive Summary – Chart on Market by Geography
  • Exhibit 05: Executive Summary – Chart on Market Segmentation by Distribution Channel
  • Exhibit 06: Executive Summary – Chart on Market Segmentation by Product
  • Exhibit 07: Executive Summary – Chart on Incremental Growth
  • Exhibit 08: Executive Summary – Data Table on Incremental Growth
  • Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
  • Exhibit 10: Parent market
  • Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition
  • Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis
  • Exhibit 13: Market segments

• 3.3 Market size 2023

• 3.4 Market outlook: Forecast for 2023-2028
  • Exhibit 14: Chart on North America - Market size and forecast 2023-2028 ($ billion)
  • Exhibit 15: Data Table on Regional - Market size and forecast 2023-2028 ($ billion)
  • Exhibit 16: Chart on North America: Year-over-year growth 2023-2028 (%)
  • Exhibit 17: Data Table on Regional - Market size and forecast 2023-2028 ($ billion)

4 Historic Market Size

• 4.1 Dietary supplements market in North America 2018 - 2022
  • Exhibit 18: Historic Market Size – Data Table on dietary supplements market in north America 2018 - 2022 ($ billion)

• 4.2 Distribution Channel Segment Analysis 2018 - 2022
  • Exhibit 19: Historic Market Size – Distribution Channel Segment 2018 - 2022 ($ billion)

• 4.3 Product Segment Analysis 2018 - 2022
  • Exhibit 20: Historic Market Size – Product Segment 2018 - 2022 ($ billion)

• 4.4 Geography Segment Analysis 2018 - 2022
  • Exhibit 21: Historic Market Size – Geography Segment 2018 - 2022 ($ billion)

5 Five Forces Analysis

• 5.1 Five forces summary
  • Exhibit 22: Five forces analysis - Comparison between 2023 and 2028

• 5.2 Bargaining power of buyers
  • Exhibit 23: Chart on Bargaining power of buyers – Impact of key factors 2023 and 2028

• 5.3 Bargaining power of suppliers
  • Exhibit 24: Bargaining power of suppliers – Impact of key factors in 2023 and 2028

• 5.4 Threat of new entrants
  • Exhibit 25: Threat of new entrants – Impact of key factors in 2023 and 2028

• 5.5 Threat of substitutes
  • Exhibit 26: Threat of substitutes – Impact of key factors in 2023 and 2028

• 5.6 Threat of rivalry
  • Exhibit 27: Threat of rivalry – Impact of key factors in 2023 and 2028

• 5.7 Market condition
  • Exhibit 28: Chart on Market condition - Five forces 2023 and 2028

6 Market Segmentation by Distribution Channel

• 6.1 Market segments
  • Exhibit 29: Chart on Distribution Channel - Market share 2023-2028 (%)
  • Exhibit 30: Data Table on Distribution Channel - Market share 2023-2028 (%)

• 6.2 Comparison by Distribution Channel
  • Exhibit 31: Chart on Comparison by Distribution Channel
  • Exhibit 32: Data Table on Comparison by Distribution Channel

• 6.3 Offline - Market size and forecast 2023-2028
  • Exhibit 33: Chart on Offline - Market size and forecast 2023-2028 ($ billion)
  • Exhibit 34: Data Table on Offline - Market size and forecast 2023-2028 ($ billion)
  • Exhibit 35: Chart on Offline - Year-over-year growth 2023-2028 (%)
  • Exhibit 36: Data Table on Offline - Year-over-year growth 2023-2028 (%)

• 6.4 Online - Market size and forecast 2023-2028
  • Exhibit 37: Chart on Online - Market size and forecast 2023-2028 ($ billion)
  • Exhibit 38: Data Table on Online - Market size and forecast 2023-2028 ($ billion)
  • Exhibit 39: Chart on Online - Year-over-year growth 2023-2028 (%)
  • Exhibit 40: Data Table on Online - Year-over-year growth 2023-2028 (%)

• 6.5 Market opportunity by Distribution Channel
  • Exhibit 41: Market opportunity by Distribution Channel ($ billion)
  • Exhibit 42: Data Table on Market opportunity by Distribution Channel ($ billion)

7 Market Segmentation by Product

• 7.1 Market segments
  • Exhibit 43: Chart on Product - Market share 2023-2028 (%)
  • Exhibit 44: Data Table on Product - Market share 2023-2028 (%)

• 7.2 Comparison by Product
  • Exhibit 45: Chart on Comparison by Product
  • Exhibit 46: Data Table on Comparison by Product

• 7.7 Others - Market size and forecast 2023-2028
  • Exhibit 63: Chart on Others - Market size and forecast 2023-2028 ($ billion)
  • Exhibit 64: Data Table on Others - Market size and forecast 2023-2028 ($ billion)
  • Exhibit 65: Chart on Others - Year-over-year growth 2023-2028 (%)
  • Exhibit 66: Data Table on Others - Year-over-year growth 2023-2028 (%)

• 7.8 Market opportunity by Product
  • Exhibit 67: Market opportunity by Product ($ billion)
  • Exhibit 68: Data Table on Market opportunity by Product ($ billion)

8 Customer Landscape

• 8.1 Customer landscape overview
  • Exhibit 69: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation
  • Exhibit 70: Chart on Market share by geography - 2023-2028 (%)
  • Exhibit 71: Data Table on Market share by geography - 2023-2028 (%)

• 9.2 Geographic comparison
  • Exhibit 72: Chart on Geographic comparison
  • Exhibit 73: Data Table on Geographic comparison

• 9.6 Market opportunity by geography
  • Exhibit 74: Market opportunity by geography ($ billion)
  • Exhibit 75: Data Table on Market opportunity by geography ($ billion)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges
  • Exhibit 76: Impact of drivers and challenges in 2023 and 2028

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape
  • Exhibit 77: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption
  • Exhibit 78: Overview on factors of disruption

• 11.4 Industry risks
  • Exhibit 79: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered
  • Exhibit 80: Vendors covered

• 12.2 Market positioning of vendors
  • Exhibit 81: Matrix on vendor position and classification

• 13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist
  • Exhibit 82: Inclusions checklist
  • Exhibit 83: Exclusions checklist

• 13.3 Currency conversion rates for US$
  • Exhibit 84: Currency conversion rates for US$

• 13.4 Research methodology
  • Exhibit 85: Research methodology
  • Exhibit 86: Validation techniques employed for market sizing
  • Exhibit 87: Information sources

• 13.5 List of abbreviations
  • Exhibit 88: List of abbreviations