Product Code: CMI7671
The Global E-cigarette and Vape Market is estimated to be valued at USD 37.96 Bn in 2025. The market is expected to reach USD 199.08 Bn by 2032, exhibiting a compound annual growth rate (CAGR) of 26.7% from 2025 to 2032.
Report Coverage |
Report Details |
Base Year: |
2024 |
Market Size in 2025: |
USD 37.96 Bn |
Historical Data for: |
2020 To 2024 |
Forecast Period: |
2025 To 2032 |
Forecast Period 2025 to 2032 CAGR: |
26.70% |
2032 Value Projection: |
USD 199.08 Bn |
Figure. E-cigarette and Vape Market Share (%), By Region 2025

The global e-cigarette and vape market have been witnessing significant growth in the past few years owing to the rising awareness about the health risks associated with conventional smoking. E-cigarettes provide a less harmful alternative to tobacco cigarettes while also satisfying the nicotine cravings. Moreover, innovative product designs and various flavored e-liquids have made vaping more popular among the younger demographic globally. However, the long-term health impacts of e-cigarette use are still being researched which remain a concern. With growing health consciousness, the market is expected to expand further during the forecast period.
Market Dynamics
The key drivers fueling the growth of the global e-cigarette and vape market include rising number of conventional smokers looking for less harmful alternatives and aggressive marketing campaigns by manufacturers emphasizing on their harm reduction potential compared to traditional cigarettes. Moreover, unknown long term health effects and increasing taxes also restrain the market growth. On the positive side, product diversification in terms of vapor output, designs, and new flavors present lucrative opportunities for market expansion.
Key Features of the Study
This report provides in-depth analysis of the global e-cigarette and vape market, and provides market size (USD Bn) and compound annual growth rate (CAGR%) for the forecast period (2025-2032), considering 2024 as the base year
It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends, regional outlook, and competitive strategies adopted by key players
It profiles key players in the global e-cigarette and vape market based on the following parameters - company highlights, products portfolio, key highlights, financial performance, and strategies
Key companies covered as a part of this study include Juul Labs, Inc., British American Tobacco plc, Imperial Brands PLC, Philip Morris International Inc., Altria Group, Inc., Vuse (Reynolds American Inc.), NJOY, Inc., VaporFi, Inc., Innokin Technology, Vaporesso (Smoore Technology Ltd.), GeekVape, Aspire, SMOK (Shenzhen IVPS Technology Co., Ltd.), KangerTech, and Joyetech
Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
The global e-cigarette and vape market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global e-cigarette and vape market
Market Segmentation
- Product Insights (Revenue, USD Bn, 2020 - 2032)
- Disposable
- Rechargeable
- Modular Devices
- Others
- Category Insights (Revenue, USD Bn, 2020 - 2032)
- Distribution Channel Insights (Revenue, USD Bn, 2020 - 2032)
- Regional Insights (Revenue, USD Bn, 2020 - 2032)
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- Middle East
- GCC Countries
- Israel
- Rest of Middle East
- Africa
- South Africa
- North Africa
- Central Africa
- Key Players Insights
- Juul Labs, Inc.
- British American Tobacco plc
- Imperial Brands PLC
- Philip Morris International Inc.
- Altria Group, Inc.
- Vuse (Reynolds American Inc.)
- NJOY, Inc.
- VaporFi, Inc.
- Innokin Technology
- Vaporesso (Smoore Technology Ltd.)
- GeekVape
- Aspire
- SMOK (Shenzhen IVPS Technology Co., Ltd.)
- KangerTech
- Joyetech
Table of Contents
1. Research Objectives and Assumptions
- Research Objectives
- Assumptions
- Abbreviations
2. Market Purview
- Report Description
- Market Definition and Scope
- Executive Summary
- Global E-cigarette And Vape Market, By Product
- Global E-cigarette And Vape Market, By Category
- Global E-cigarette And Vape Market, By Distribution Channel
- Global E-cigarette And Vape Market, By Region
3. Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Impact Analysis
- Key Highlights
- Regulatory Scenario
- Product Launches/Approvals
- PEST Analysis
- PORTER's Analysis
- Market Opportunities
- Regulatory Scenario
- Key Developments
- Industry Trend
4. Global E-cigarette and Vape Market, By Product, 2020-2032, (USD Bn)
- Introduction
- Market Share Analysis, 2025 and 2032 (%)
- Y-o-Y Growth Analysis, 2021 - 2032
- Segment Trends
- Disposable
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
- Rechargeable
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
- Modular Devices
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
- Others
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
5. Global E-cigarette and Vape Market, By Category, 2020-2032, (USD Bn)
- Introduction
- Market Share Analysis, 2025 and 2032 (%)
- Y-o-Y Growth Analysis, 2021 - 2032
- Segment Trends
- Open
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
- Closed
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
6. Global E-cigarette and Vape Market, By Distribution Channel, 2020-2032, (USD Bn)
- Introduction
- Market Share Analysis, 2025 and 2032 (%)
- Y-o-Y Growth Analysis, 2021 - 2032
- Segment Trends
- Offline
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
- Online
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
7. Global E-cigarette and Vape Market, By Region, 2020 - 2032, Value (USD Bn)
- Introduction
- Market Share (%) Analysis, 2025, 2028 & 2032, Value (USD Bn)
- Market Y-o-Y Growth Analysis (%), 2021 - 2032, Value (USD Bn)
- Regional Trends
- North America
- Introduction
- Market Size and Forecast, By Product, 2020 - 2032, Value (USD Bn)
- Market Size and Forecast, By Category, 2020 - 2032, Value (USD Bn)
- Market Size and Forecast, By Distribution Channel, 2020 - 2032, Value (USD Bn)
- Market Size and Forecast, By Country, 2020 - 2032, Value (USD Bn)
- U.S.
- Canada
- Latin America
- Introduction
- Market Size and Forecast, By Product, 2020 - 2032, Value (USD Bn)
- Market Size and Forecast, By Category, 2020 - 2032, Value (USD Bn)
- Market Size and Forecast, By Distribution Channel, 2020 - 2032, Value (USD Bn)
- Market Size and Forecast, By Country, 2020 - 2032, Value (USD Bn)
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Europe
- Introduction
- Market Size and Forecast, By Product, 2020 - 2032, Value (USD Bn)
- Market Size and Forecast, By Category, 2020 - 2032, Value (USD Bn)
- Market Size and Forecast, By Distribution Channel, 2020 - 2032, Value (USD Bn)
- Market Size and Forecast, By Country, 2020 - 2032, Value (USD Bn)
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- Introduction
- Market Size and Forecast, By Product, 2020 - 2032, Value (USD Bn)
- Market Size and Forecast, By Category, 2020 - 2032, Value (USD Bn)
- Market Size and Forecast, By Distribution Channel, 2020 - 2032, Value (USD Bn)
- Market Size and Forecast, By Country, 2020 - 2032, Value (USD Bn)
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- Middle East
- Introduction
- Market Size and Forecast, By Product, 2020 - 2032, Value (USD Bn)
- Market Size and Forecast, By Category, 2020 - 2032, Value (USD Bn)
- Market Size and Forecast, By Distribution Channel, 2020 - 2032, Value (USD Bn)
- Market Size and Forecast, By Country, 2020 - 2032, Value (USD Bn)
- GCC Countries
- Israel
- Rest of Middle East
- Africa
- Introduction
- Market Size and Forecast, By Product, 2020 - 2032, Value (USD Bn)
- Market Size and Forecast, By Category, 2020 - 2032, Value (USD Bn)
- Market Size and Forecast, By Distribution Channel, 2020 - 2032, Value (USD Bn)
- Market Size and Forecast, By Country/Region, 2020 - 2032, Value (USD Bn)
- South Africa
- North Africa
- Central Africa
8. Competitive Landscape
- Juul Labs, Inc.
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- British American Tobacco plc
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- Imperial Brands PLC
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- Philip Morris International Inc.
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- Altria Group, Inc.
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- Vuse (Reynolds American Inc.)
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- NJOY, Inc.
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- VaporFi, Inc.
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- Innokin Technology
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- Vaporesso (Smoore Technology Ltd.)
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- GeekVape
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- Aspire
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- SMOK (Shenzhen IVPS Technology Co., Ltd.)
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- KangerTech
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- Joyetech
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
9. Analyst Recommendations
- Wheel of Fortune
- Analyst View
- Coherent Opportunity Map
10. References and Research Methodology
- References
- Research Methodology
- About us