E-Cigarette and Vape Market Report 2025

The e-cigarette and vape market size has grown rapidly in recent years. It will grow from $27.75 billion in 2024 to $33.16 billion in 2025 at a compound annual growth rate (CAGR) of 19.5%. The growth observed in the historical period can be credited to the increasing use of e-cigarettes, heightened health concerns, broader social acceptance, and a growing preference for e-cigars and vape products.

The e-cigarette and vape market size is expected to see rapid growth in the next few years. It will grow to $67.11 billion in 2029 at a compound annual growth rate (CAGR) of 19.3%. The growth during the forecast period is driven by factors such as urbanization, the expansion of online retailers, rising demand for high-quality batteries, higher disposable incomes, and the growing popularity of e-cigarettes among younger people. Key trends expected during this period include a shift toward alternative nicotine delivery systems, innovations in vaping devices, advancements in e-cigarette technology, and new product formulations.

The growing adoption of safer alternatives to smoking is anticipated to drive the expansion of the e-cigarette and vape market in the future. These alternatives, such as e-cigarettes and nicotine replacement therapies, offer a less harmful way to consume nicotine without the dangerous effects associated with traditional smoking. The demand for these alternatives has risen as health awareness increases and regulations on conventional tobacco products become stricter. E-cigarettes and vapes are considered safer options as they eliminate the combustion process, thereby reducing exposure to harmful tar and toxic chemicals typically found in cigarettes. For example, in October 2024, the Truth Initiative, a non-profit organization in the U.S. focused on tobacco prevention, reported that the usage of e-cigarettes among adults increased from 4.5% in 2021 to 6% in 2022. As a result, the growing preference for safer smoking alternatives is fueling the e-cigarette and vape market's growth.

Key companies in the e-cigarette and vape market are introducing innovative products, including reusable vape devices. These devices are designed for extended use, featuring rechargeable batteries and refillable e-liquid tanks, enabling users to replace or refill pods for multiple uses. For example, in August 2024, Lost Mary, a UK-based manufacturer of vape products, introduced the BM6000 in the UK market. The BM6000 is a rechargeable and reusable vape device with a battery display and an e-liquid level window. It offers up to 6,000 puffs, catering to the growing demand from adult smokers and former smokers for vapes with higher puff capacities. Unlike disposable vapes, the BM6000 uses a closed system with prefilled pods, including a 2 ml pod and a 10 ml e-liquid container for automatic refills, enabling it to last up to ten times longer than traditional single-use vapes.

In June 2023, Altria Group Inc., a U.S.-based tobacco company, acquired NJOY Holdings Inc. for $2.75 billion. This acquisition strengthens Altria’s position in the e-cigarette market, allowing the company to expand its portfolio with a leading smoke-free brand to meet the growing demand for reduced-risk alternatives to traditional tobacco use. Additionally, the acquisition aims to improve services for adult tobacco consumers across the U.S. NJOY LLC, based in the U.S., specializes in the manufacturing of electronic cigarettes and vaping products.

Major players in the e-cigarette and vape market are Imperial Brands PLC, Philip Morris International, British American Tobacco, Altria Group Inc., Juul Labs Inc., Sigelei, Innokin Technology, Wismec, Pax Labs, Hangsen, Suorin, Vaporesso, VaporTech LLC, Aspire, Sourcemore, Eleaf, SmokTech, GeekVape, Joyetech, Vapeonly, KangerTech, Yihi, Linx Vapor, and CigGo.

North America was the largest region in the e-cigarette and vape market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in e-cigarettes and vapes report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the e-cigarettes and vape market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

E-cigarettes and vapes are electronic gadgets that enable users to inhale vaporized liquid, often referred to as e-liquid or vape juice. This liquid typically contains nicotine, flavorings, and other chemicals. These devices operate by heating the liquid into an aerosol form that can be inhaled, providing a substitute for traditional smoking. E-cigarettes and vapes are often promoted as a less harmful alternative for individuals looking to quit smoking, as they do not involve burning tobacco.

The primary types of e-cigarette and vape products include disposable, rechargeable, and modular devices. Disposable e-cigarettes and vapes are designed for one-time use, pre-filled with e-liquid, and are meant to be discarded after consumption. These products come in open and closed systems, offering a wide range of flavors such as tobacco, fruit, drinks, sweets, and more. They are available for purchase both online and in physical stores.

The e-cigarette and vape market research report is one of a series of new reports that provides e-cigarette and vape market statistics, including the e-cigarette and vape industry's global market size, regional shares, competitors with a e-cigarette and vape market share, detailed e-cigarette and vape market segments, market trends and opportunities, and any further data you may need to thrive in the e-cigarette and vape industry. This e-cigarette and vape market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The e-cigarettes and vape market consists of sales of e-cigarette devices, vape pens, disposable vapes, and e-liquids. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values and are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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