U.S. E-cigarette & Vape Market

U.S. E-cigarette & Vape Market Outlook

The U.S. E-cigarette & Vape Market size was valued at USD 9.69 Billion in 2022 and is expected to surpass USD 83.88 Billion by 2031, expanding at a CAGR of 27.1% during the forecast period, 2023 – 2031. The growth of the market is due to the rising awareness regarding safer alternatives for tobacco currently present in the market.

E-cigarettes also known as electronic cigarettes are sophisticated and modern mechanical devices used as a replacement for traditional tobacco cigarettes. These cigarettes are achieving a huge demand as they provide high nicotine same as the traditional cigarettes without producing any harmful smoke.

These electronic cigarettes or vaporizers provide the best results by providing effective cater to the most regular and active smokers in terms of vaping.

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The usage of e-cigarettes & vapes has been increased due to an increase in the number of smokers in the U.S. and this issue is treated on high priority by various organizations. The usage of these devices is rising rapidly as they do not consist any tobacco and are used as a getaway in order to quit smoking.

As an alternative to smoking these e-cigarettes & vapes are used by the smoking population base. These products are considered to be a better alternative as they are available in both nicotine and non-nicotine forms.

Several studies based on e-cigarette & vape conclude that these products are safer as compared to traditional cigarettes. Moreover, the U.S. Food and Drug Administration and the U.S. Centers for Disease Control and Prevention are continuously working to investigate the cause of severe breathing illness by the usage of vaping products.

The COVID-19 pandemic had an adverse effect on various industries and shattered the global economy. The pandemic had negatively impacted the U.S. e-cigarette & vape market as the assembly plants were temporarily closed due to emergency lockdown. Restricting the trade across the boundaries caused a high disruption of the overall demand for e-cigarette & vape products.

U.S. E-cigarette & Vape Market Trends, Drivers, Restraints, and Opportunities

• Growing concerns regarding health among the smoking population base is anticipated to boost the market growth during the forecast period.

• Introduction of new innovations, advanced models, and development of new products by vendors in the market are expected to propel the market growth in the coming years.

• Increasing number of consumers willing to use personalized vapers along with the growing usage of flavored e-cigarettes is estimated to fuel the market expansion.

• Stringent industry standards and regulations imposed by the government is a key challenge that can restrain the market growth.

• Rising initiatives by the U.S. government and various organizations and investments by several large organizations are projected to create key opportunities for the market growth.

Scope of U.S E-Cigarette & Vape Market Report

The report on the U.S e-cigarette & vape market includes an assessment of the market, trends, and segments. Overview and dynamics have also been included in the report.

U.S E-Cigarette & Vape Market Segment Insights

On the basis of products, the U.S. e-cigarette & vape market is segmented into modular devices, rechargeable devices, and disposable devices. The rechargeable devices segment dominated the market in 2020 owing to the low cost of these devices.

Rechargeable devices are battery-based devices that can be refilled and reused. These devices also consist of interchangeable cartridges enabling the user to try a variety of flavors.

On the other hand, the modular devices segment is anticipated to grow at a high rate as they hold more e-liquid and have better batteries along with other various features that include temperature control, wattage control, and voltage control.

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Based on components, the market is divided into vape mod, e-liquid, atomizer, and cartomizer. The vape mod segment led the market in 2020 due to its increasing demand in the market as they enable the user to control vapor production, power, and temperature.

However, the e-liquid segment is anticipated to expand at a high CAGR attributed to the availability of e-liquid in various flavors including tobacco, methanol, fruits & nuts, chocolate, and others. These products have low toxicant levels and are affordable which contributes to the further market growth.

On the basis of distribution channels, the U.S. e-cigarette & vape market is bifurcated into retail store and online. The retail store segment is further segmented into news stands, convenience stores, tobacconist, drug stores, and specialty e-cigarettes stores.

The retail store segment dominated the market in 2020 as they allow the consumer to try various vaporizers and flavors available for e-liquids.

On the other hand, the online segment is estimated to exhibit a fast growth over the forecast period attributed to the selection of online channels as distribution channels over the retail stores as the sale and distribution of e-cigarettes have stringent regulations.

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Segments

Products

• Modular Devices
• Rechargeable Devices
• Disposable Devices

Components

• Vape Mod
• E-liquid
• Atomizer
• Cartomizer

Distribution Channels

• Retail Stores
  • News Stands
  • Convenience Stores
  • Tobacconist
  • Drug Stores
  • Specialty E-cigarettes Stores
• Online

Country

• U.S.

Key Players

• Shenzhen KangerTech Technology Co., Ltd.
• Imperial Brands
• Japan Tobacco Inc.
• Altria Group, Inc.
• Philip Morris International
• British American Tobacco
• International Vapor Group
• NicQuid
• Reynolds American Inc.
• Shenzhen IVPS Technology Co., Ltd.

Competitive Landscape

Key players competing in the U.S. e-cigarette & vape market are Shenzhen KangerTech Technology Co., Ltd.; Imperial Brands; Japan Tobacco Inc.; Altria Group, Inc.;  Philip Morris International; British American Tobacco; International Vapor Group; NicQuid; Reynolds American Inc.; and Shenzhen IVPS Technology Co., Ltd.

Many of these players have adopted business strategies such as innovation in products, partnerships, acquisitions, alliances, and mergers in order to increase their operation expansion, consumer base, and market position globally.