E-cigarette Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Global E-cigarette Market is Segmented by Product type (Completely Disposable Model, Rechargeable but Disposable Cartomizer, Personalized Vaporizer), Battery Mode (Automatic E-cigarette, Manual E-cigarette), and by Geography.

Market Snapshot

E-cigarette Market
Study Period: 2016 - 2026
Base Year: 2020
Fastest Growing Market: Africa
Largest Market: Europe
CAGR: 8.28 %

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Market Overview

Global e-cigarette is projected to grow at a CAGR of 8.28% over the forecast period (2020-2025).

  • With the increasing trend toward e-commerce, online retailing is also emerging as a strong distribution channel in recent times and is expected to grow further, thereby increasing the value of distribution channels. Many ex-smokers need a high level of nicotine concentration, it is likely that the pods will typically come with the more potent nicotine salt (nic-salt) e-liquids, which may increase the peak concentration of nicotine in the blood and allow users to achieve more satisfaction and would become a popular alternative to the standard e-liquid.
  • Cost-effectiveness of disposable models of e-cigarettes, as well as cartridge models, which are rechargeable and contain pre-filled cartridges, are reasonably affordable and are considered to be beneficial in the long-term compared to traditional cigarette smoking. This remains a key driver for the e-cigarette market.

Scope of the Report

Electronic cigarette (e-cigarette) market is segmented based on product type, battery mode, and by geography. On the basis of product type, e-cigarette market is segmented as completely disposable model, rechargeable but disposable cartomizer, and personalized vaporizer, whereas on the basis of battery mode, the market is segmented in to automatic e-cigarette and manual e-cigarette. 

By Product
Completely Disposable Model
Rechargeable but Disposable Cartomizer
Personalized Vaporizer
By Battery Mode
Automatic E-cigarette
Manual E-cigarette
North America
Rest of the World

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Key Market Trends

Rise in Demand For Flavored E-Cigarattes

The rise in e-cigarette use is likely because of the recent popularity of e-cigarettes offerings in a wide variety of flavors and in different shapes like a USB flash drive, such as JUUL. Evolving consumer taste is driving diversity in e-liquid flavors across the world, with tobacco, botanical, and fruit flavors being the most popular. These products can be used discreetly, have high nicotine content, and come in flavors that are highly appealing to the youth. Compared to adults, a larger proportion of adolescents prefer fruit, alcohol, and other-flavored e-liquids. In addition to the vast selection available online, thousands of vape shops have now opened that allow consumers to sample and purchase refill liquids, including a combination of flavors chosen by the user and in varying levels of nicotine. Flavors range from simplistic menthol and cinnamon, and sweet varieties, such as chocolate and vanilla, to complex flavors that are formed by mixing different varieties in fixed compositions. Customization in flavors is also a recently evolving trend, in many markets. Vaping company, Kwit Stick, introduced a new micro USB-recharging vaporizing pen, that comes with a starter kit containing the pen device, charging cable with all four flavor pods, and a syringe bottle to aid with refills. High street selling flavors, such as tiramisu and champagne, are also helping the market to grow significantly

E-cigarette Market 1

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Europe to Hold A Significant Market Share

Europe is the largest market for e-cigarettes in the world, led by countries, like the United Kingdom, Germany, France, and Russia. The penetration of these products is particularly high in the United Kingdom and France, due to a high demand from users in the age group of 30-44 years. Vaping is taking center stage and providing the same level of satisfaction, causing e-cigarettes to provide intense rivalry. Tobacco companies, such as UK British American Tobacco PLC (BAT) and Imperial PLC, are investing billions of dollars into research, development, and marketing cigarette alternatives, owing to the decline in the popularity of traditional smoking methods. France is estimated to be the world’s largest electronic cigarette market. According to the French Office for Smoking Prevention, the number of e-cigarette shops in France is estimated to reach over 500 by the end of 2020 (141 shops in 2013). Also, e-cigarettes may be brought to market either as medicines or as consumer products. Those seeking medicines approval (either because they make cessation/health claims, or contain nicotine above the threshold of 20 mg/mL) must obtain marketing authorization under the standard drug licensing process. With such positive prospects budding all over the region, Europe is estimated to be, both, the largest and also the fastest-growing region for the e-cigarettes market, globally.

E-cigarette Market 2

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Competitive Landscape

The e-cigarette market is moving toward a fragmented market scenario, as the intensity of competitive rivalry has been on the rise over the past few years, owing to the multiple number of large and established organizations that have entered the market. Increasing firm concentration ratio and advertising expenses by companies are also heightening the competition. Key players are Philip Morris International, Healthier Choices Management Corp. (Ruthless Vapor Corp.), MCIG Inc., etc. Recent developments in the market are - March 2019: Philip Morris International (PMI) presented the results from a new study on e-cigarettes at the 58th Annual Society of Toxicology Meeting in Baltimore. The study demonstrates that after 6 months, e-cigarette vapors with and without nicotine-induced significantly lower biological responses associated with cardiovascular and pulmonary diseases than cigarette smoke. The study, conducted in collaboration with Altria Group, Inc., assessed the biological response of mice exposed to e-cigarette vapors compared to exposure to cigarette smoke.

Table of Contents


    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study




    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry



    1. 6.1 By Product

      1. 6.1.1 Completely Disposable Model

      2. 6.1.2 Rechargeable but Disposable Cartomizer

      3. 6.1.3 Personalized Vaporizer

    2. 6.2 By Battery Mode

      1. 6.2.1 Automatic E-cigarette

      2. 6.2.2 Manual E-cigarette

    3. 6.3 Geography

      1. 6.3.1 North America

      2. 6.3.2 Europe

      3. 6.3.3 Asia-Pacific

      4. 6.3.4 Rest of the World


    1. 7.1 Company Profiles

      1. 7.1.1 Philip Morris International

      2. 7.1.2 Healthier Choices Management Corp (Ruthless Vapor Corp)

      3. 7.1.3 MCIG Inc.

      4. 7.1.4 Altria Group Inc.

      5. 7.1.5 British American Tobacco plc

      6. 7.1.6 Japan Tobacco, Inc.

      7. 7.1.7 J WELL France

      8. 7.1.8 Imperial Tobacco Group


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Frequently Asked Questions

The E-cigarette Market market is studied from 2016 - 2026.

The E-cigarette Market is growing at a CAGR of 8.28% over the next 5 years.

Africa is growing at the highest CAGR over 2021- 2026.

Europe holds highest share in 2020.

Philip Morris International, Healthier Choices Management Corp (Ruthless Vapor Corp), MCIG Inc., Altria Group Inc. are the major companies operating in E-cigarette Market.

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