E-Cigarette Market Report Scope & Overview:

The E-Cigarette Market size was valued at USD 24.8 billion in 2023 and is expected to grow to USD 32.5 billion by 2031 and grow at a CAGR of 3.42 % over the forecast period of 2024-2031.

In 2023, the rechargeable product group had the biggest share—more than 43.35%. Due to their accessibility and capacity to do away with the need for recurring supply purchases like cartridges, rechargeable gadgets are expected to gain in popularity. Customers who create their own e-liquid can also avoid purchasing pre-filled cartridges. In many significant countries, rechargeable cigarettes are also growing more and more popular among young people because they less smoke and can even be powered via a USB link. In 2023, the retail store distribution channel segment led the market and was responsible for the biggest percentage of revenue more than 83.30%. In the past, e-cigarettes could be purchased in stores like vape shops and petrol stations. These shops assisted customers in selecting from a variety of tools and liquids. The expansion of the retail store segment is being aided by vape shops' policy of letting customers test out and use these products before making a purchase.

E-Cigarette Market Revenue Analysis

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  • E-cigarettes are becoming increasingly preferred to regular cigarettes

The idea that e-cigarettes are a less dangerous option to regular cigarettes has contributed to the move toward them. More people are switching as this view spreads, which increases demand for e-cigarette goods. Additionally, e-cigarettes emit aerosol (vapor) as opposed to smoke. Typically, this aerosol is less hazardous than smoke produced by burning tobacco in conventional cigarettes. Those looking for a less damaging solution are drawn to the decreased presence of dangerous compounds. E-cigarettes also give users the option to select nicotine strengths that range from low to high, allowing them to progressively cut back on their nicotine intake or better manage it.

  • Increased product accessibility via a variety of distribution channels


  • Health Risk Associated

Since e-cigarettes begun to circumvent many of the health problems connected to tobacco use, they have provided a better option for nicotine consumption than traditional cigarettes. However, health groups around the world are becoming increasingly concerned about the risk of children and teenagers being hooked to this product. Consequently, governments have taken steps to prohibit youth access, regulate marketing, and launch instructional programs specifically for youths and the teenagers.


  • Introduction of a variety of flavor options

A wider range of consumers are drawn to the variety of Flavors offered by foods and beverages such fruits, sweets, candies, and beverages. E-cigarette use is made more enjoyable and interesting by Flavors that imitate popular and satisfying tastes. In addition, Flavors draw non-smokers, notably young people, who are drawn to their novelty. Additionally, Flavors contribute to efforts to stop smoking. Flavoured e-cigarettes are more enticing and rewarding to smokers trying to quit traditional cigarettes, which facilitates the transition and speeds up product acceptance. In addition, Flavors can be customized to certain locations or cultural preferences by adjusting their amounts of sweetness and complexity. This adaption improves market penetration and consumer engagement.


  • Risk of children and teenagers being hooked to this product


By government decree in November 2021, the Russian Federation developed a strategy to combat tobacco use and the use of any other nicotine-containing goods with the goal of bringing down adult smoking rates to 21% by 2035. Beginning in 2020, the Russian Federation has begun enforcing a policy that regulates all nicotine-containing goods, including e-cigarettes, equally without taking into account the degree of health hazards posed by their use (WHO FCTC 2020). The Russian Federation announced a strategy for the implementation of normative acts in April 2021, which the authors believe will reduce not only cigarette use but also the usage of tobacco products. (The Russian Government 2021) of any nicotine-containing products.


In the USA, current e-cigarette uses among young adults increased from 2.4% to 7.6% while the prevalence of e-cigarette use among all adults remained stable and was 3.4% in 2021. E-cigarettes are becoming more and more popular as an alternative to traditional cigarettes and other tobacco products. The safety of e-cigarettes has been questioned, and the US Surgeon General's report, which examined the public health risks of vaping among youth and young adults, came to the conclusion that e-cigarettes could expose users to various chemicals known to have harmful health effects and posed health risks for respiratory, cardiovascular, and oral health as well as cancer.

Additionally, earlier research has sparked concerns that using an e-cigarette may also cause accidental injuries and burns. No studies have looked at the implications of e-cigarette usage on healthcare use and spending, despite the fact that there is a lot of research on the effects of cigarettes and other tobacco products on healthcare costs. The National Health Interview Survey (NHIS), a household interview survey of the civilian, non-institutionalized population in the USA, was conducted from 2018 to 2021 and contains questions about socio-demographic characteristics, tobacco product use, health status, health insurance coverage, healthcare access and use, and other health-related topics. As a result, a team of researchers from the University of California San Francisco in the USA set out to investigate this by analysing data on 118,859 adults from this survey.


By Product

  • Disposable

  • Rechargeable

  • Modular Devices

By Distribution

  • Online

  • Retail

    • Convenience Store

    • Drug Store

    • Newsstand

    • Tobacconist Store

    • Specialty E-cigarette Store


In 2023, North America dominated the industry globally, accounting for the largest revenue share of more than 44.10%. Sales of vaping products and the presence of influential business people like R.J. However, it is anticipated that current limitations in the United States on a number of e-cigarette varieties, most notably fruit and mint flavors, may limit market expansion in the area.

A thorough study of each of the key regional markets, including those in Asia Pacific, Europe, North America, the Middle East and Africa, and Latin America, has also been provided in the market research report. North America has the greatest market share, according to the survey. One of the first regions to use e-cigarettes and other vaping equipment was North America. This area significantly contributed to the invention and development of e-cigarette technology and goods, laying a solid foundation for market expansion. Furthermore, e-cigarette products may now be sold and distributed legally thanks to a rather well-balanced regulatory environment that has been formed in North America. This regulatory stability has created a climate that is favorable for market expansion.

E-Cigarette Market By Region

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North America

  • US

  • Canada

  • Mexico


  • Eastern Europe

    • Poland

    • Romania

    • Hungary

    • Turkey

    • Rest of Eastern Europe

  • Western Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Netherlands

    • Switzerland

    • Austria

    • Rest of Western Europe

Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Vietnam

  • Singapore

  • Australia

  • Rest of Asia Pacific

Middle East & Africa

  • Middle East

    • UAE

    • Egypt

    • Saudi Arabia

    • Qatar

    • Rest of Middle East

  • Africa

    • Nigeria

    • South Africa

    • Rest of Africa

Latin America

  • Brazil

  • Argentina

  • Colombia

  • Rest of Latin America


Some of key players of E-Cigarette Market are Altria Group, Inc., British American Tobacco, Imperial Brands, International Vapor Group, Japan Tobacco Inc., NicQuid, JUUL Labs, Inc., Philip Morris International Inc., R.J. Reynolds Vapor Company, ‘Shenzhen IVPS Technology Co., Ltd., Shenzhen KangerTech Technology Co., Ltd. and other players are listed in a final report.

Altria Group Inc-Company Financial Analysis

Company Landscape Analysis


  • Altria announced in March 2023 that it would use a binding contract to buy NJOY Holdings, Inc. By utilizing Altria's market position and resources to achieve growth, the strategic move intends to hasten the universal acceptance and adoption of NJOY ACE among adult smokers and competing adult vapers in the United States things NJOY was unable to achieve on its own

  • To expand its heated tobacco line, Altria disclosed a strategic partnership with JT Group in October 2022. The collaboration's main goal is to accelerate harm reduction initiatives for adult smokers globally by combining resources and knowledge to create cutting-edge smoke-free products and promote their global adoption commercialization.

  • JUN 2022: In a deal for GBP 14.75 million, Supreme agreed to buy vape company Liberty Flights Holdings. In connection with the acquisition, GBP 7.75 million in upfront payment, GBP 2 million in delayed payment, and Earn-out rewards based on performance of up to GBP 5 million.

  • Philip Morris International Inc. announced the introduction of IQOS ILUMA in Japan in August 2021. The new IQOS ILUMA introduced induction-heating technology, which uses no blade and doesn't call for any electricity, making it the brand's first tobacco heating system cleaning.

  • In July 2021, Japan Tobacco Inc. released Ploom X, a new heated tobacco product. Makes Ploom X available including a few tobacco retail outlets and convenience stores in Japan.

    E-Cigarette Market Report Scope:
    Report Attributes Details

    Market Size in 2023

     US$ 24.8 billion  

    Market Size by 2031

     US$ 32.5 billion 


     CAGR of 3.42% From 2024 to 2031

    Base Year


    Forecast Period


    Historical Data


    Report Scope & Coverage

    Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook

    Key Segments

    By Product (Disposable, Rechargeable, Modular Devices), By Distribution (Online, Retail)

    Regional Analysis/Coverage

    North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America)

    Company Profiles

    Altria Group, Inc., British American Tobacco, Imperial Brands, International Vapor Group, Japan Tobacco Inc., NicQuid, JUUL Labs, Inc., Philip Morris International Inc., R.J. Reynolds Vapor Company, ‘Shenzhen IVPS Technology Co., Ltd., Shenzhen KangerTech Technology Co., Ltd. 

    Market Opportunities

    •Introduction of a variety of flavor options

    Market Challenges

    •Risk of children and teenagers being hooked to this product



Frequently Asked Questions

 Health Risk Associated.

E-cigarettes are becoming increasingly preferred to regular cigarettes and Increased product accessibility via a variety of distribution channels

North America is dominating the E-Cigarette Market.

E-Cigarette Market size was valued at USD 24.8 billion in 2023. 

 E-Cigarette Market is anticipated to expand by 3.42% from 2024 to 2031.


1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions

2. Research Methodology

3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges

4. Impact Analysis
4.1 Impact of the Russia-Ukraine War
4.2 Impact of Ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies US Canada Germany France United Kingdom China Japan South Korea Rest of the World

5. Value Chain Analysis

6. Porter’s 5 forces model

7. PEST Analysis

8. E-Cigarette Market Segmentation, By Product 
8.1    Disposable
8.2    Rechargeable
8.3    Modular Devices

9. E-Cigarette Market Segmentation, By Distribution 
9.1 Online
9.2    Retail
9.2.1 Convenience Store
9.2.2 Drug Store
9.2.3 Newsstand
9.2.4 Tobacconist Store
9.2.5 Specialty E-cigarette Store

10. Regional Analysis
10.1 Introduction
10.2 North America
10.2.1 North America E-Cigarette Market by Country
10.2.2North America E-Cigarette Market by Product
10.2.3 North America E-Cigarette Market by Distribution
10.2.4 USA USA E-Cigarette Market by Product USA E-Cigarette Market by Distribution
10.2.5 Canada Canada E-Cigarette Market by Product Canada E-Cigarette Market by Distribution
10.2.6 Mexico Mexico E-Cigarette Market by Product Mexico E-Cigarette Market by Distribution
10.3 Europe
10.3.1 Eastern Europe Eastern Europe E-Cigarette Market by Country Eastern Europe E-Cigarette Market by Product Eastern Europe E-Cigarette Market by Distribution Poland Poland E-Cigarette Market by Product Poland E-Cigarette Market by Distribution Romania Romania E-Cigarette Market by Product Romania E-Cigarette Market by Distribution Hungary Hungary E-Cigarette Market by Product Hungary E-Cigarette Market by Distribution Turkey Turkey E-Cigarette Market by Product Turkey E-Cigarette Market by Distribution Rest of Eastern Europe Rest of Eastern Europe E-Cigarette Market by Product Rest of Eastern Europe E-Cigarette Market by Distribution
10.3.2 Western Europe Western Europe E-Cigarette Market by Country Western Europe E-Cigarette Market by Product Western Europe E-Cigarette Market by Distribution Germany Germany E-Cigarette Market by Product Germany E-Cigarette Market by Distribution France France E-Cigarette Market by Product France E-Cigarette Market by Distribution UK UK E-Cigarette Market by Product UK E-Cigarette Market by Distribution Italy Italy E-Cigarette Market by Product Italy E-Cigarette Market by Distribution Spain Spain E-Cigarette Market by Product Spain E-Cigarette Market by Distribution Netherlands Netherlands E-Cigarette Market by Product Netherlands E-Cigarette Market by Distribution Switzerland Switzerland E-Cigarette Market by Product Switzerland E-Cigarette Market by Distribution Austria Austria E-Cigarette Market by Product Austria E-Cigarette Market by Distribution Rest of Western Europe Rest of Western Europe E-Cigarette Market by Product Rest of Western Europe E-Cigarette Market by Distribution
10.4 Asia-Pacific
10.4.1 Asia Pacific E-Cigarette Market by Country
10.4.2 Asia Pacific E-Cigarette Market by Product
10.4.3 Asia Pacific E-Cigarette Market by Distribution
10.4.4 China China E-Cigarette Market by Product China E-Cigarette Market by Distribution
10.4.5 India India E-Cigarette Market by Product India E-Cigarette Market by Distribution
10.4.6 Japan Japan E-Cigarette Market by Product Japan E-Cigarette Market by Distribution
10.4.7 South Korea South Korea E-Cigarette Market by Product South Korea E-Cigarette Market by Distribution
10.4.8 Vietnam Vietnam E-Cigarette Market by Product Vietnam E-Cigarette Market by Distribution
10.4.9 Singapore Singapore E-Cigarette Market by Product Singapore E-Cigarette Market by Distribution
10.4.10 Australia Australia E-Cigarette Market by Product Australia E-Cigarette Market by Distribution
10.4.11 Rest of Asia-Pacific Rest of Asia-Pacific E-Cigarette Market by Product Rest of Asia-Pacific APAC E-Cigarette Market by Distribution
10.5 Middle East & Africa
10.5.1 Middle East Middle East E-Cigarette Market by Country Middle East E-Cigarette Market by Product Middle East E-Cigarette Market by Distribution UAE UAE E-Cigarette Market by Product UAE E-Cigarette Market by Distribution Egypt Egypt E-Cigarette Market by Product Egypt E-Cigarette Market by Distribution Saudi Arabia Saudi Arabia E-Cigarette Market by Product Saudi Arabia E-Cigarette Market by Distribution Qatar Qatar E-Cigarette Market by Product Qatar E-Cigarette Market by Distribution Rest of Middle East Rest of Middle East E-Cigarette Market by Product Rest of Middle East E-Cigarette Market by Distribution
10.5.2 Africa Africa E-Cigarette Market by Country Africa E-Cigarette Market by Product Africa E-Cigarette Market by Distribution Nigeria Nigeria E-Cigarette Market by Product Nigeria E-Cigarette Market by Distribution South Africa South Africa E-Cigarette Market by Product South Africa E-Cigarette Market by Distribution Rest of Africa Rest of Africa E-Cigarette Market by Product Rest of Africa E-Cigarette Market by Distribution
10.6 Latin America
10.6.1 Latin America E-Cigarette Market by Country
10.6.2 Latin America E-Cigarette Market by Product
10.6.3 Latin America E-Cigarette Market by Distribution
10.6.4 Brazil Brazil E-Cigarette Market by Product Brazil Africa E-Cigarette Market by Distribution
10.6.5 Argentina Argentina E-Cigarette Market by Product Argentina E-Cigarette Market by Distribution
10.6.6 Colombia Colombia E-Cigarette Market by Product Colombia E-Cigarette Market by Distribution
10.6.7 Rest of Latin America Rest of Latin America E-Cigarette Market by Product Rest of Latin America E-Cigarette Market by Distribution

11 Company Profile
11.1 Altria Group, Inc.
11.1.1 Company Overview
11.1.2 Financials
11.1.3 Product/Services Offered
11.1.4 SWOT Analysis
11.1.5 The SNS View
11.2 British American Tobacco
11.2.1 Company Overview
11.2.2 Financials
11.2.3 Product/Services Offered
11.2.4 SWOT Analysis
11.2.5 The SNS View
11.3 Imperial Brands
11.3.1 Company Overview
11.3.2 Financials
11.3.3 Product/Services Offered
11.3.4 SWOT Analysis
11.3.5 The SNS View
11.4 International Vapor Group
11.4 Company Overview
11.4.2 Financials
11.4.3 Product/Services Offered
11.4.4 SWOT Analysis
11.4.5 The SNS View
11.5 Japan Tobacco Inc.
11.5.1 Company Overview
11.5.2 Financials
11.5.3 Product/Services Offered
11.5.4 SWOT Analysis
11.5.5 The SNS View
11.6 NicQuid
11.6.1 Company Overview
11.6.2 Financials
11.6.3 Product/Services Offered
11.6.4 SWOT Analysis
11.6.5 The SNS View
11.7 JUUL Labs, Inc.
11.7.1 Company Overview
11.7.2 Financials
11.7.3 Product/Services Offered
11.7.4 SWOT Analysis
11.7.5 The SNS View
11.8 Philip Morris International Inc.
11.8.1 Company Overview
11.8.2 Financials
11.8.3 Product/Services Offered
11.8.4 SWOT Analysis
11.8.5 The SNS View
11.9 R.J. Reynolds Vapor Company
11.9.1 Company Overview
11.9.2 Financials
11.9.3 Product/ Services Offered
11.9.4 SWOT Analysis
11.9.5 The SNS View
11.10 Shenzhen IVPS Technology Co., Ltd.
11.10.1 Company Overview
11.10.2 Financials
11.10.3 Product/Services Offered
11.10.4 SWOT Analysis
11.10.5 The SNS View
11.11 Shenzhen KangerTech Technology Co., Ltd.
11.11.1 Company Overview
11.11.2 Financials
11.11.3 Product/Services Offered
11.11.4 SWOT Analysis
11.11.5 The SNS View

12. Competitive Landscape
12.1 Competitive Bench marking
12.2 Market Share Analysis
12.3 Recent Developments
12.3.1 Industry News
12.3.2 Company News
12.3.3 Mergers & Acquisitions

13. USE Cases and Best Practices

14. Conclusion

An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.

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The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.

Secondary Research

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This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.

Primary Research

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Data Bank Validation

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