U.S. E-cigarette & Vape Market Size & Trend Report, 2022-2030
The U.S. E-cigarette & Vape market size was valued at US$ 7.09 billion in 2021 and is expected to hit US$ 42.15 billion by 2030, growing at a compound annual growth rate (CAGR) of 30.2% from 2022 to 2030.
Growth Factors:
The market growth can be attributed to the increasing awareness of safer tobacco alternatives. Electronic cigarettes and vape mods, which are an alternative to tobacco products, have been gaining popularity. These sophisticated mechanical devices are designed to deliver the same addictive nicotine, which is in tobacco cigarettes, without the harmful effects of tobacco smoke. Users are focusing on adopting personalized vaporizers. These vaporizers provide the best user experience in vaping and effectively cater to the needs of the regular and most active vapers. Health concerns related to smoking have considerably increased in the past few years as individual organizations and governments are treating this issue with high priority. Increasing awareness about health concerns is anticipated to propel the market growth over the forecast period.
E-cigarettes and vape mods usage are rapidly increasing because these devices don’t include any tobacco. Most of the U.S. population is considering these devices as a gateway for quitting smoking. Some of the population is shifting to an e-cigarette and vape mod as an alternative to smoking. Furthermore, these products are being offered in non-nicotine as well as nicotine forms, due to which many of the population is considering these devices to be a better alternative.
Numerous studies conducted by medical association states that e-cigarettes and vape mods are safer than traditional cigarettes. Also, the market growth is being characterized by the increasing awareness among the young population. Moreover, vendors' focus on customizing options as well as continuous development in the new products is expected to fuel the market growth over the forecast period. Furthermore, the cost-efficiency of these devices has also increased customer acceptance.
Stringent government regulations in the U.S. are expected to hamper the market growth. Both the U.S. Centers for Disease Control and Prevention and the U.S. Food and Drug Administration are working continuously to investigate the distressing incidents of severe breathing illness associated with the usage of vaping products. Moreover, the outbreak of COVID-19 is anticipated to hinder the growth. Vendors in the market are temporarily stopping production due to the COVID-19 lockdown, and logistics providers are no longer transporting goods within and across the borders.
Report Scope of the U.S. E-cigarette & Vape Market
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Report Coverage |
Details |
|
Market Size in 2021 |
USD 7.09 Billion |
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Revenue Projection By 2030 |
USD 42.15 Billion |
|
Growth Rate |
CAGR of 30.2% from 2022 to 2030 |
|
Base Year |
2021 |
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Historical data |
2017 - 2020 |
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Forecast Period |
2022 to 2030 |
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Segments Covered |
Product, component, distribution channel |
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Companies Mentioned |
Reynolds American Inc.; Imperial Brands; Altria Group, Inc.; Japan Tobacco Inc.; Philip Morris International; International Vapor Group; British American Tobacco; NicQuid; Shenzhen IVPS Technology Co., Ltd.; and Shenzhen KangerTech Technology Co., Ltd. |
Product Insights
The rechargeable segment led the market and accounted for more than 46.0% share of the global revenue in 2021. The lower costs of rechargeable cigarettes are expected to drive the adoption of these devices among users. A rechargeable cigarette is a battery-powered vaping device, which can be reused and refilled. These devices also have interchangeable cartridges, due to which users can try a wider variety of flavors.
The modular devices segment is anticipated to register the highest growth over the forecast period. These devices are widely adopted by users as these devices have larger batteries and hold more e-liquid. These devices’ features include voltage control, wattage control, and temperature control, among others. Furthermore, this device also includes a battery monitoring feature, which gives users a better view of the remaining battery power.
Component Insights
The vape mod segment dominated the market and accounted for more than a 52.0% share of the global revenue in 2021. Increasing demand for customized mods is expected to propel the segment growth over the forecast period. With these mods, customers can automatically control temperature levels. With this flexibility, users can control things, such as temperature, power, as well as vapor production.
The e-liquid segment is anticipated to register the highest growth over the forecast period. The e-liquids are easily available in numerous flavors such as menthol, chocolate, fruit and nuts, and tobacco, which is expected to encourage the usage of e-liquids. Moreover, the availability of e-liquids with a low level of toxicants is further expected to propel the segment growth. E-liquids offer a price benefit over tobacco products and are available in several price ranges, thereby improving the affordability of these e-liquids.
Distribution Channel Insights
The retail store segment led the market and accounted for more than 85.0% share of the global revenue in 2021. Retail stores allow customers to try out numerous e-liquid flavors and check the various kinds of vaporizers available in the market. Users choose to visit these retail stores to make these purchases. This, as a result, the popularity of retail stores is increasing across several states of the U.S.
The online segment is anticipated to register the fastest over the forecast period. Numerous vendors in the U.S. are opting for online channels as their preferred distribution channel over the retail stores due to stringent regulations about the sale and distribution of e-cigarettes. Numerous social media platforms are being used to sell and advertise such electronic smoking devices. However, owing to changing degrees of lockdowns amidst the pandemic, numerous online retailers have also temporarily suspended taking online orders.
Key Companies & Market Share Insights
Prominent players in the market are adopting various strategies, such as product innovation, strategic joint ventures, partnerships, mergers and acquisitions, geographical expansion, research and development initiatives, to strengthen their foothold in the market. Moreover, players are focusing on offering their products through retail stores as well as online platforms. Players are also focusing on customizing their products, considering various factors into consideration, such as design and battery power. Also, e-liquid manufacturers are focusing on producing a variety of flavors of e-liquid and in different strengths.
Players are focusing on using the lithium-ion rechargeable battery in electronic smoking devices. Moreover, vendors are focusing on launching a new product. For instance, in October 2018, Philip Morris International launched the next generation of IQOS-heated tobacco products. Through this initiative, the company aims at encouraging a large number of smokers to switch to e-cigarettes. Some of the prominent players in the U.S. e-cigarette & vape market include:
Segments Covered in the Report
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at U.S. for the period of 2017 to 2030
Key Points Covered in U.S. E-cigarette & Vape Market Study:
Cross-segment Market Size and Analysis for Mentioned Segments
Additional Company Profiles
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Additional Countries (Apart
From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers