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The key highlights of the report include:
Market Overview (2015-2025)
• Historical Market Size (2020): USD 12.8 Billion
• Forecast CAGR (2021-2026): 25%
• Forecast Market Size (2026): USD 48.9 Billion
The rapid expansion of vape shops in the United States has resulted in an increase in the market for e-cigarettes and vapes. Additionally, the growing popularity of e-cigarettes among the youth population is further propelling the market. A growing number of tobacco-related cancer cases in the US have prompted the patients to look out for alternatives for substituting cigarette smoking, which is also catalyzing the market. A considerable percentage of the US population uses e-cigarettes and vapes to help them quit smoking, which is responsible for an escalating CAGR in the forecast period.
Industry Definition and Major Segments
An electronic cigarette (e-cigarette) is a battery-powered device that simulates the act of smoking tobacco. It comprises an atomizer, a power source (typically a battery), and a container (typically a cartridge or tank). The user inhales vapor rather than smoke. These products are available in both non-nicotine and nicotine forms, which has resulted in a large section of the population considering these devices to be a superior alternative.
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The market can be divided into the following segments by type:
• Modular Devices
On the basis of component, the market is divided into:
• Vape Mod
• E- Liquid
The industry can be broadly categorized based on composition into:
According to the battery mode, the market is bifurcated into:
Basis distribution channel, the market is segmented into:
The leading regional markets for the US e-cigarette and vapes are:
• New York
Increasing consumption of e-cigarettes and vape mods by the consumers is considered as a substitute for traditional cigarettes. The market is expected to expand significantly as a result of growing health concerns regarding the use of conventional tobacco cigarettes. By type, the rechargeable segment is anticipated to lead the market owing to its low costs along with its refillable and reusable properties. However, over the forecast period, the modular devices segment is expected to experience the fastest owing to their larger batteries and increased capacity for e-liquid. By component, the vape mod segment is leading the market, attributing to its flexible properties like controls of temperature, power, and vapor production. The popularity of retail stores in the US has resulted in a high share of the offline distribution channel of e-cigarettes and vapes in the region. Personalized vaporizers are still the most recent development in the market, formulated by major e-cigarette manufacturers. These advanced models deliver the optimal vaping experience and are designed to meet the demands of the most active and regular vapers. However, strict regulations on the usage of e-cigarettes and vapes in many countries have hampered the expansion of the market. Numerous countries have prohibited the manufacture and sale of vapor products, resulting in lower prices.
Key Market Players
The major players in the market are Reynolds American Inc. (NYSE: RAI), Imperial Brands Plc , JUUL Labs, Inc., Altria Group, Inc., Philip Morris International Inc. , International Vapor Group , British American Tobacco, Shenzhen IVPS Technology Co., Ltd., among others The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of the key market players.
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