Full Answer
Which is the largest product category in the global vape market?
E-liquids were the largest revenue-generating product category of the global vape market based on products in 2019. The major reason behind high market share can be attributed to the increased proliferation of VTMs. North America is expected to hold the largest share during the forecast period.
What is driving the growth of the vape shop segment?
These shops assisted customers in selecting from a wide range of devices and e-liquids. Furthermore, vape shops allowing customers to try out and test these devices before making a purchase decision is expected to drive the retail store segment growth over the forecast period. To learn more about this report, request a free sample copy
Why is the European vape industry on the rise?
One of the major influencing factors propelling growth is the increasing availability of products in vape shops and over the internet. North America is also home to prominent players of the industry. Europe captures more than a 33% share of the revenues.
Who are the leading players in the vape market?
Altria Group, British American Tobacco (BAT), Imperial Brands, Japan Tobacco International (JTI), and Philip Morris International (PMI) are the leading market players. What is the size of the global vape market?
Is the vaping industry growing?
The global e-cigarette and vape market size was valued at USD 18.13 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 30.0% from 2022 to 2030.
What is the largest vaping company?
Vaping market share in the United States in 2020, by brand Juul accounted for 63 percent of all U.S. nicotine vaping sales in 2020, making it the largest nicotine vaping brand in the United States by far.
How large is the vaping industry?
Verified Market Research estimates the worldwide vaping market will grow from $10 billion in 2020 to nearly $74 billion by 2028. Mordor Intelligence says the global e-cigarette industry generated nearly $19 billion of revenue last year with about 17% annual growth expected through 2026.
Where is vaping most popular in the world?
Vaping is increasing in the majority of high-income countries. E-cigarette use in the US and Europe is higher than in other countries, except for China which has the greatest number of e-cigarette users.
What is the number 1 vape?
With such a huge diversity of products, SMOK is everywhere in the vaping community and widely regarded as the top brand in vaping. Their research and development team have had great success in the past, being one of the first to release the variable wattage vape devices, along with the vape mod design.
What's the most popular vape brand?
The 10 Best Vape Brands & Manufacturers are:Voopoo.Geekvape.JUUL.SMOK.Innokin.Vaporesso.Aspire.Uwell.
What is the future of vaping?
In 2019, the global vape and e-cig market size were estimated to be USD 12.41 billion, but it's projected to grow at a compounded annual growth rate of 23.8 percent in the future. From 2020 to 2027, the industry will attain traction over the forecast period.
How profitable is the vaping industry?
This has caused industry revenue to rise, growing an annualized 7.3% to $6.3 billion over the five years to 2021, including an increase of 1.6% in 2021 alone.
Do big tobacco companies own vaping?
Every Big Tobacco Company Owns at Least One E-cig/Vape Company.
What are the statistics of vaping?
Teens and young adults. Gallup says that 20% of people age 18 to 29 vape, compared to 9% of people age 30 to 49, 7% of people age 50 to 64, and less than 0.5% of people older than 65. And, according to the Truth Initiative, 15- to 17-year-olds are 16 times more likely to vape than 25- to 34-year-olds.
How much is the vaping industry worth 2021?
The U.S. e-cigarette & vape market size was estimated at USD 6.1 billion in 2020 and is expected to reach USD 7.4 billion in 2021.
What state sells the most Vapes?
In 2018 the CDC found that 3.6 million middle school and high school students reported e-cigarette use....Millions of Young Vapers.StateCrude Prevalence (%)1. Oklahoma7.12. Kentucky6.13. Indiana6.04. Tennessee5.946 more rows•Jun 6, 2019
How big is the e-cigarette and vape market?
The global e-cigarette & vape market size was estimated at USD 18.13 billion in 2021 and is expected to reach USD 22.45 billion in 2022. Read More
What is the e-cigarette and vape market growth?
The e-cigarette & vape market is expected to witness a compound annual growth rate of 30.0% from 2022 to 2030 to reach USD 182.84 billion by 2030....
Which device type led the e-cigarette and vape market?
The rechargeable segment in the e-cigarette & vape market accounted for the highest market share of over 40% in 2021. Read More
Which distribution channel dominated the e-cigarette and vape market?
The retail store segment accounted for the highest e-cigarette & vape market share of over 80% in 2021. Read More
Which region accounted for the largest e-cigarette and vape market share?
North America dominated the global e-cigarette & vape market with a share of over 40% in 2021. Read More
Who are the key companies/players in the e-cigarette and vape market?
Key players in the e-cigarette & vape market include Altria Group, Inc.; British American Tobacco; Imperial Brands; International Vapor Group; Japa...
What is the size of the global vape market?
The global vape market size to reach revenues of around $61 billion, growing at a CAGR of over 14% during 2019-2025.
What are the market opportunities and industry trends?
Innovation and new product development propel the growth of the industry. E-liquids with flavors of fruits, beverages, and sweets have been gaining...
Which segment holds the maximum market share of the vaping market?
E-liquids were the largest revenue-generating product category of the global vape market based on products in 2019.
What are the key growth strategies of vape market players?
The key market players are set to develop efficient vapor products to sustain the competitive landscape. The competitive landscape is highly fragme...
What is the vape device market size in North America and Europe regions?
The US vapor market is consistently increasing after the authorization of the sale of HnB products by the FDA in the country. Europe captures more...
Which region will provide more business opportunities to the e-cigarette market in future?
The APAC region enjoys a larger share because of the large smoking population and continuous shift toward smoking innovative products.
What is the largest revenue generating product category of the global vape market?
E-liquids were the largest revenue-generating product category of the global vape market based on products in 2019. The major reason behind high market share can be attributed to the increased proliferation of VTMs. North America is expected to hold the largest share during the forecast period.
Why are vapors so popular?
Another important reason for the popularity of vapor products is the availability of different flavors in the industry. Innovation and new product development propel the growth of the industry. E-liquids with flavors of fruits, beverages, and sweets have been gaining large share over traditional tobacco flavor.
Where are VTMs most prevalent?
However, VTMs are more prevalent in European countries such as Italy, France, Spain, Germany, and the UK , where the penetration has crossed 50% mark. The existing demand in the US, Italy, and the UK, along with growing demand from Poland, China, and Russia, will propel the growth during the forecast period.
Which region is the largest market for HNB?
APAC is the largest market for HnB products. The APAC region enjoys a larger share because of the large smoking population and continuous shift toward smoking innovative products. Besides, South Korea, Italy, Russia, and the Czech Republic are the robust industry for heat-not-burn products.
Is closed tank smoking more popular?
Closed tanks systems are likely to decline in the e-vapor industry. In recent times, it has been observed that open tank systems are becoming more popular among the people who want to quit smoking and interested in consuming safe smokeless product. This has reduced the sale of closed tank systems worldwide.
Is the vape market growing?
The global vape market is growing at a tremendous rate. The US vapor market is consistently increasing after the authorization of the sale of HnB products by the FDA in the country. This is expected to help North America to control a large share as smokers in the US are becoming health conscious.
What is the global vape market?
Global E-Cigarette And Vape market was valued at USD 14.2 Billion in 2019, and is expected to grow at CAGR of 22.5% over forecast period 2020-2026. Availability of a variety of e-cigarette options, increasing product demand from millennials and cost-effectiveness of disposable models of e-cigarettes are the factors anticipated to drive the market.
Where is the vape market?
In terms of region, the global e-cigarette and vape market has been divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in North America accounts for a substantial share of the market in 2019 and is projected to grow at a considerable pace during the forecast period rate owing to the presence of key market participants in the region. The youth in the region are adopting vapes at a rapid pace as an alternative to tobacco. This is fueling the growth of the market in the region and creating new growth opportunities.
What is the report on the e-cigarette market?
The report on the e-cigarette and vape market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
Industry Insights
The global vape cartridge market size was valued at USD 571.1 million in 2018. Rising concerns over cardiovascular disorders, along with increased occurrences of cancer deaths at the global level, is expected to play a key role in increasing the use of vape cartridge as a conventional tobacco alternative.
Product Insights
Plastic emerged as the largest segment in 2018 with a revenue of USD 312.4 million. The product is budget-friendly and easily available in convenience stores and hypermarkets. Buyers prefer to purchase this product as it is convenient and lightweight. The most common capacity of plastic vape cartridges ranges from 0.5ml to 1ml.
Distribution Channel Insights
The offline channel was the largest segment with a revenue of USD 447.9 million in 2018. Vape shops provide consumers to test the e-liquid and device before making the purchase decision. As a result, consumers can experience the advantages and disadvantages of a range of vape cartridges with respect to their brands.
Regional Insights
North America dominated the vape cartridge market, accounting for 43.7% share of the overall revenue in 2018. A large number of the younger audience prefers to consume vape cartridge and e-cigarette over conventional tobacco products. It has been observed that North Americans prefer to vape due to its less harming features and as a style statement.
Vape Cartridge Market Share Insights
Major players operating in this market include HONEY; The Bloom Brand; BRITE LABS; Arbor Pacific Inc.; Airo Vapor; Cura CS; Evolab; Orchid Essentials; Loudpack; and Eel River Family Farm. Companies are adopting strategies including mergers and acquisitions to increase their revenue as well as market share. For instance, in May 2019, U.S.
Segments Covered in the Report
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, Grand View Research has segmented the global vape cartridge market report on the basis of product, distribution channel, and region:
Industry Insights
The global vape cartridge market size was accounted for USD 571.1 million, in 2018. It is projected to grow at a significant CAGR from 2019 to 2025. Growing incidences of deaths due to cancer and cardiovascular diseases are projected to propel the demand for vape cartridges.
Product Insights
Depending on the product type the vape cartridge market is bifurcated into plastic, glass, and metal. The plastic segment accounted for the largest revenue of USD 312.4 million in 2018. The plastic-based cartridge is available in all hypermarkets and convenience stores. Plastic cartridges capacity ranges between 0.5 ml to 1ml.
Distribution Channel Insights
The offline channel segment attributed to revenue of USD 447.9 million in 2018. The shops or sellers provide testing of devices and e-liquid before purchasing them. Due to this, consumers get to know the authenticity of the product and get to choose from various brands.
Regional Insights
In 2018, North America held the largest market share of over 43.7% in the overall market. Youngsters prefer e-cigarettes and vape cartridges over tobacco products. Furthermore, it is found that, one in every five smokers in the U.S. smoke vape cartridges and pens along with tobacco.
Vape Cartridge Market Share Insights
Leading players in the market include HONEY; BRITE LABS; The Bloom Brand; Arbor Pacific Inc.; Evolab; Airo Vapor; Orchid Essentials; Cura CS; Eel River Family Farm; and Loudpack. Top players in the market are focusing on strategies such as mergers and acquisitions to expand their product portfolio and to gain traction among consumers.
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2015 to 2025. For this study, Million Insights has segmented the global vape cartridge market report based on product, distribution channel, and region:
Industry Insights
The global e-cigarette and vape market size was accounted for USD 12.41 billion, in 2019. It is estimated to grow at a CAGR of 23.8% during the forecast period, 2020 to 2027. Rising popularity and demand for the product among the millennial population are expected to propel market growth from 2020 to 2027.
Product Insights
In 2019, the segment of rechargeable devices held the largest market share across the global e-cigarette & vape market. These are affordable devices with replaceable cartridges that contain e-liquid. Consumers can use this device for a longer period by replacing the used cartridge with a new one.
Distribution Channel Insights
By distribution channel, the market is further divided into retail stores and online segments. Earlier, retail stores like vape shops and gas stations used to sell e-cigarettes. Availability of a wide range of products and e-liquid helped the consumers choose their desired flavor. In addition, consumers can test the equipment before buying it.
Component Insights
The segment of vape mod held the largest market share and is anticipated to maintain its dominance from 2020 to 2027. Vape mods are available in several innovative designs such as box mods and regulated mods. This has proliferated the demand for e-cigarettes. Moreover, vaping competitions are organized across different regions.
Regional Insights
In 2019, North America held the largest market share across the global e-cigarettes market owing to the presence of prominent players including R.J. Reynolds Vapor Company; Phillip Morris International Inc.; and JUUL Labs, Inc.
E-cigarette and Vape Market Share Insights
Leading players operating in this industry include British American Tobacco; Imperial Brands; Altria Group, Inc.; International Vapor Group; NicQuid; Japan Tobacco, International; JUUL Labs, Inc.; R.J. Reynolds Vapor Company; Philip Morris International Inc.; Shenzhen KangerTech Technology Co., Ltd. and Shenzhen IVPS Technology Co., Ltd.
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Million Insights has segmented the global e-cigarette and vape market report based on product, component, distribution channel, and region:
Which country has the largest market for e-cigarettes?
Europe to Hold A Significant Market Share. Europe is the largest market for e-cigarettes in the world, led by countries, like the United Kingdom, Germany, France, and Russia.
What is the market for electronic cigarettes?
Electronic cigarette (e-cigarette) market is segmented based on product type, battery mode, and by geography. On the basis of product type, e-cigarette market is segmented as completely disposable model, rechargeable but disposable cartomizer, and personalized vaporizer, whereas on the basis of battery mode, the market is segmented in to automatic e-cigarette and manual e-cigarette.
What is the most popular flavor in e-liquid?
Evolving consumer taste is driving diversity in e-liquid flavors across the world, with tobacco, botanical, and fruit flavors being the most popular. These products can be used discreetly, have high nicotine content, and come in flavors that are highly appealing to the youth.
What are some flavors that are made by mixing different varieties?
Flavors range from simplistic menthol and cinnamon, and sweet varieties, such as chocolate and vanilla, to complex flavors that are formed by mixing different varieties in fixed compositions. Customization in flavors is also a recently evolving trend, in many markets.
How many e-cigarette shops are there in France?
According to the French Office for Smoking Prevention, the number of e-cigarette shops in France is estimated to reach over 500 by the end of 2020 (141 shops in 2013). Also, e-cigarettes may be brought to market either as medicines or as consumer products.
Is the e-cigarette market fragmented?
The e-cigarette market is moving toward a fragmented market scenario, as the intensity of competitive rivalry has been on the rise over the past few years, owing to the multiple number of large and established organizations that have entered the market. Increasing firm concentration ratio and advertising expenses by companies are also heightening the competition. Key players are Philip Morris International, Healthier Choices Management Corp. (Ruthless Vapor Corp.), MCIG Inc., etc. Recent developments in the market are - March 2019: Philip Morris International (PMI) presented the results from a new study on e-cigarettes at the 58th Annual Society of Toxicology Meeting in Baltimore. The study demonstrates that after 6 months, e-cigarette vapors with and without nicotine-induced significantly lower biological responses associated with cardiovascular and pulmonary diseases than cigarette smoke. The study, conducted in collaboration with Altria Group, Inc., assessed the biological response of mice exposed to e-cigarette vapors compared to exposure to cigarette smoke.
Is a disposable cigarette cheaper than a cartridge?
Cost-effectiveness of disposable models of e-cigarettes, as well as cartridge models, which are rechargeable and contain pre-filled cartridges, are reasonably affordable and are considered to be beneficial in the long-term compared to traditional cigarette smoking. This remains a key driver for the e-cigarette market.