The U.S. electronic cigarette market was valued at $6,698.9 million in 2020, and is projected to reach $34,137.3 million by 2031, registering a CAGR of 16.1% from 2022 to 2031. An electronic cigarette is a battery-operated device that emanates dosages of vaporized nicotine or non-nicotine solutions for the user. It aims to provide a similar sensation to inhaling tobacco smoke, without the harm of tobacco. Electronic cigarettes are marketed as e-cigarettes, e-cigs, electronic nicotine delivery systems (ENDS), vaporizer cigarettes, and vape pens. Various smokers opt for electronic cigarettes as a way to stop or cut down on smoking. E-cigarettes do not contain tobacco, but many of them contain nicotine, which comes from tobacco. Because of this, the Food and Drug Administration (FDA) classifies them as "tobacco products”. E-cigarettes produce an aerosol by heating a liquid that usually contains nicotine—the addictive drug in regular cigarettes, cigars, and other tobacco products—flavorings, and other chemicals that help to make the aerosol. Users inhale this aerosol into their lungs. Bystanders can also breathe in this aerosol when the user exhales into the air. Electronic cigarette provides consumers with smoke and ashless vaping, thereby making it socially acceptable.
The electronic cigarette is less harmful than a regular cigarette, which causes reduced health issues as compared to tobacco smoking thereby driving the market growth. Change in lifestyle and preferences, and increased affluence of people in emerging economies are further anticipated to drive the growth of the market. According to the Public Health England (PHE), electronic cigarettes are about 95% less harmful than tobacco cigarettes and can be dispensed as a licensed medicine as an alternative to anti-smoking products such as patches.
Electronic cigarette device is being recognized as a substitute for conventional cigarettes, as it offers benefits such as zero smoke, no pollution, reduces health-related problems, and can be smoked in public places. Thus, an increase in awareness about the harmful effects of tobacco cigarettes and reduced tar & carbon monoxide inhalation through electronic cigarettes are expected to drive the market growth. According to the report of the U.S. Food & Drug Administration, more than a quarter (27.6%) of current youth e-cigarette users use an e-cigarette product every day. More than 4 out of 10 youth e-cigarette users reported that they are using e-cigarettes for at least 20 of the last 30 days. Such huge usage of electronic cigarettes by the population of the country is expected to boost the growth of the electronic cigarette market in the country. Current users reported their usual brands as: Puff Bar (14.5%), Vuse (12.5%), Hyde (5.5%) and SMOK (4%). COVID-19 has also had substantial impacts on e-cigarette retail and consumers. For example, many retailers adapted to the pandemic by conducting business online, and many consumers now purchase goods online and use delivery services.
According to the report of the National Library of Medicine, U.S., many state governors issued executive orders requiring the temporary closure of tobacco specialty shops during shelter-in-place periods, compliance with the mandated closures was low among some vape shops, with considerable variations across states and localities and by neighborhood demographics. Although retailers perceived federal policies and COVID-19- related orders to be somewhat easy to understand and implement, they voiced concerns regarding the negative implications of regulation on business, industry, and consumers. Notably, CBD products and online marketing have been and will continue to be important aspects of the vape retail environment. There has been a huge adoption of e-cigarettes among consumers as a substitute to stop smoking, since it is less harmful as compared to cigarettes and fulfills the requirement of the nicotine of the consumer. According to an article by the Australian Tobacco Harm Reduction Association, the long-term risk from vaping is at least 95% less than from smoking. According to an article by the National Library of Medicine, the U.S. e-cigarettes were more effective for smoking cessation than nicotine-replacement therapy, when both products were accompanied by behavioral support. Thus, an increase in awareness about the harmful effects of tobacco cigarettes and reduced tar & carbon monoxide inhalation through electronic cigarettes are expected to drive the market growth. There has been a surge in the usage of e-cigarettes among youth in the U.S. in the previous few years owing to its various flavors and convenience to buy as compared to other tobacco products.
A report from the National Youth Tobacco Survey in the U.S.on tobacco product in 2019 indicated that use of flavors by current ENDS users was most prevalent among non-Hispanic white adolescents (77%) and similar among males (71%) and females (69%). All these factors coupled with the belief that e-cigarettes are less harmful than other tobacco products are expected to propel the growth of the market in the U.S.
Due to its many flavours and ease of purchase compared to conventional tobacco products, e-cigarette use among youngsters in the U.S. has increased over the past few years. For instance, the U.S. Food and Drug Administration reported that around 1 in 10 or more than 2.5 million American children used e-cigarettes in 2022. (past 30-days). According to a report by the Centers for Disease Control and Prevention, e-cigarettes are the tobacco product that young people in the United States use the most frequently. All of these elements, together with the notion that e-cigarettes are less dangerous than regular tobacco products, are anticipated to fuel market expansion in the U.S.
While switching from tobacco smoking to vaping, consumers frequently switch from disposable electronic cigarettes to high-quality two- or three-piece electronic cigarette devices. It has many benefits over disposable electronic cigarette devices, including a longer battery life, more vapour generation, and more flavour options. Because to its resemblance to a writing pen, it is frequently referred to as a vape pen. Due to cost and the removal of the need to constantly buy supplies like cartridges, the rechargeable market is predicted to expand.
Because of the enhanced customer reach provided by the online sales channel, many businesses now rely heavily on it as a source of income. With the development of technology and the expansion of internet services, consumers are becoming more aware of the various societal buying habits. The technology is likely to affect how people buy items and is attractive to millennials and generation Z. The U.S. Census Bureau reported that the Census Bureau of the Department of Commerce estimated that U.S. retail e-commerce sales for the second quarter of 2022 were $257.3 billion, an increase of 2.7% (0.7%) from the first quarter of 2022, after being adjusted for seasonal variation but excluding price changes.
The taste and negative effects of tobacco products are improved by tobacco-flavored e-liquid, making them more palatable and simpler for novices. Users of electronic cigarettes can mimic some of the tastes they associate with smoking tobacco by using tobacco-flavored liquids. R.J. Reynolds (RJR) Vapor Corporation received marketing authorizations from the FDA for its Vuse Solo closed ENDS device and related tobacco-flavored e-liquid pods. 40% of older persons (aged 61 or older) favoured conventional tobacco-related flavours, according to a National Library of Medicine survey. The government's approval to advertise the product, along with the enormous demand from older folks, is anticipated to fuel the segment's expansion.
The incidence of fires and succeeding injuries related to electronic cigarettes have been recorded via media, international fire services, and to some extent through both local & national governments. Unlike mobile phones, lithium-ion batteries within electronic cigarettes don’t offer any protection against coil overheating. Therefore, an increase in fire incidents and a rise in risks associated with electronic cigarettes are expected to limit the market growth during the forecast period. According to the report of the Centers for Disease Control and Prevention, most e-cigarettes contain nicotine, which is addictive and toxic to developing fetuses. Nicotine exposure can also harm adolescent and young adult brain development, which continues into the early to mid-20s. E-cigarette aerosol can contain chemicals that are harmful to the lungs. Such harm to the e-cigarette can hamper the growth of the e-cigarette market in the U.S. There has been a surge in the adoption of smoking products that come with flavors. Along with youth, adults are also adopting e-cigarettes at a significant rate, since they offer nicotine along with various flavors such as tobacco, botanical, fruit, sweet, and others. For instance, according to the report of the Centers for Disease Control and Prevention in 2020, 3.7% of the U.S. adults used e-cigarettes.
By Product
The Modular segment would witness the fastest growth, registering a CAGR of 16.7% during the forecast period.
Moreover, tobacco manufacturers are focusing on a new technology development, which has created significant importance for electronic cigarettes. Electronic cigarette manufacturers invest more in technology to sustain themselves in the competitive space to make their products stand ahead of their competitors. Thus, a rise in the development and innovations of e-cigarette and vapor technology is expected to propel the market growth during the forecast period. However, stringent government rules & regulations on the manufacturing of e-cigarettes and a rise in the number of reported adverse events restrain the market growth.
Segmental Overview
The U.S electronic cigarette market is segmented on the basis of product type, flavor, and distribution channel. By product type, the market is divided into disposable, rechargeable, and modular. Flavor in electronic cigarette includes tobacco, botanical, fruit, sweet, beverage, and others. By distribution channel, the market is categorized into specialist e-cig shops, online, supermarkets, tobacconists, and others. On the basis of product type, the modular segment is expected to dominate the market during the forecast period owing to customization offered by it coupled with greater vapor volume, enabling the coil to draw more energy, allowing users to achieve even greater vapor volume. By flavor, the tobacco segment dominated the market during the forecast period since liquid improves the taste and reduces the side effects of tobacco products, making them more appealing and easier for beginners. Tobacco-flavored electronic cigarette liquids allow users to replicate some of the tastes they associate with tobacco cigarette smoking.
By Flavor
The Tobacco segment would witness the fastest growth, registering a CAGR of 17.5% during the forecast period.
By Distribution Channel
On the basis of distribution channel, the specialist e-cig shops dominated the market during the forecast period since they have exclusive collection of electronic cigarette devices and other accessories. Rise in middle-class population and surge in disposable income have led to increased annual spending on electronic cigarette devices through specialist e-cig shops.
By Distribution Channel
Online segment would witness the fastest growth, registering a CAGR of 17.3% during the forecast period.
Competitive Analysis
The key players profiled in the study included are Altria Inc., British American Tobacco P.L.C., Geekvape, Imperial Brands PLC, Japan Tobacco Inc., Njoy, Inc., Shenzhen Eigate Technology Co., Ltd., Shenzhen IVPS Technology Co. Limited, Swisher, and White Cloud Electronic Cigarettes. The players in the market have been actively engaged in the adoption of various strategies such as acquisition, product launch, agreement, partnership, and business expansion to remain competitive and gain an advantage over the competitors in the market. Some Examples of Product Launch in the U.S. Electronic Cigarette Market
- In January 2021, British American Tobacco launched its first CBD vaping product, VUSE CBD Zone. This latest innovation will be allowed for the first time to offer adult consumers a range of high-quality CBD vaping products from trusted, global brand, VUSE. This new range is available in three e-liquid flavors, mint, mango, and berry; and two strengths, 50mg and 100mg
- In November 2021, Geekvape launched the new Geekvape Aegis One that offers an enhanced battery life to facilitate 2 day use between charges.
- In November 2021, Geekvape launched the new Geekvape Aegis One that offers an enhanced charging system that charges the device to 100% in 15 minutes.
- In November 2021, Digiflavor, a young vape company under Geekvape, launched the new XP77W kit that offers rugged design and a unique look to attract customers.
- In November 2021, Digiflavor, a young vape company under Geekvape, launched the new EA40W Pod kit that offers an easy to fill system and advanced leak protection..
Some Examples of Expansion in the U.S. Electronic Cigarette Market
In March 2021, Swisher, a category leader in adult consumer lifestyle brands, expanded its partnership with E-Alternative Solutions (EAS) to support the marketing, sales, and distribution of EAS’s Leap and Leap Go vapor brands. Both companies will remain separate entities with EAS benefitting from the additional support and strength of Swisher’s world-class sales and marketing organization.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of current trends, estimations, and dynamics of the U.S. Electronic Cigarette market from 2021 to 2031 to identify the prevailing market opportunities.
- The Porter’s five forces analysis highlights the potency of the buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
- In-depth analysis of the market segmentation assists to determine the prevailing market oppor.tunities.
- Major countries in each region are mapped according to their revenue contribution to the global industry.
- The market player positioning segment facilitates benchmarking while providing a clear understanding of the present position of the key market players.
- The report includes analyses of the regional as well as global market, key players, market segments, application areas, and growth strategies.
U.S. electronic cigarette Market Report Highlights
| Aspects | Details |
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Analyst Review
CHAPTER 1:INTRODUCTION
1.1.Report description
1.2.Key market segments
1.3.Key benefits for stakeholders
1.4.Research methodology
1.4.1.Secondary research
1.4.2.Primary research
1.4.3.Analyst tools and models
CHAPTER 2:EXECUTIVE SUMMARY
2.1.Key findings of the study
2.2.CXO perspective
CHAPTER 3:MARKET OVERVIEW
3.1.Market definition and scope
3.2.Key findings
3.2.1.Top investment pockets
3.2.2.Top Winning Strategies
3.3.Porter’s Five Forces analysis
3.4.Top Player Positioning
3.5.Market dynamics
3.5.1.Drivers
3.5.1.1.Increase in health concerns among the smoking population
3.5.1.2.Rise in preference for the product among youth
3.5.2.Restraint
3.5.2.1.Risks associated with the use of electronic cigarettes and reported incidents
3.5.3.Opportunities
3.5.3.1.Growth in interest in flavored and innovative tobaccoless products
3.5.3.2.Rapid growth of the online retail platform
3.6.COVID-19 impact analysis
3.7.Market Share Analysis
3.7.1.By Product Type
3.7.2.By Flavor
3.7.3.By Distribution Channe
3.8.Competitive Heatmap
3.9.Usage of Flavored Tobacco Product Among U.S. Youth
3.10.Tobacco Usage in U.S. (2015-2020)
3.11.Attractive Characteristics of E-cigarette
CHAPTER 4:U.S. ELECTRONIC CIGARETTE MARKET, BY PRODUCT TYPE
4.1.Overview
4.1.1.Market size and forecast
4.2.Disposable
4.2.1.Key market trends, growth factors, and opportunities
4.3.Rechargeable
4.3.1.Key market trends, growth factors, and opportunities
4.4.Modular
4.4.1.Key market trends, growth factors, and opportunities
CHAPTER 5:U.S. ELECTRONIC CIGARETTEMARKET, BY FLAVOR
5.1.Overview
5.1.1.Market size and forecast
5.2.Tobacco
5.2.1.Key market trends, growth factors, and opportunities
5.3.Botanical
5.3.1.Key market trends, growth factors, and opportunities
5.4.Fruit
5.4.1.Key market trends, growth factors, and opportunities
5.5.Sweet
5.5.1.Key market trends, growth factors, and opportunities
5.6.Beverage
5.6.1.Key market trends, growth factors, and opportunities
5.7.Others
5.7.1.Key market trends, growth factors, and opportunities
CHAPTER 6:U.S. ELECTRONIC CIGARETTEMARKET, BY DISTRIBUTION CHANNEL
6.1.Overview
6.1.1.Market size and forecast
6.2.Specialist E-Cig Shops
6.2.1.Key market trends, growth factors, and opportunities
6.3.Online
6.3.1.Key market trends, growth factors, and opportunities
6.4.Supermarkets
6.4.1.Key market trends, growth factors, and opportunities
6.5.Tobacconists
6.5.1.Key market trends, growth factors, and opportunities
6.6.Others
6.6.1.Key market trends, growth factors, and opportunities
CHAPTER 7:COMPANY PROFILES
7.1.ALTRIA GROUP, INC.
7.1.1.Company overview
7.1.2.Key Executives
7.1.3.Company snapshot
7.1.4.Operating business segments
7.1.5.Product portfolio
7.1.6.R&D Expenditure
7.1.7.Business performance
7.1.8.Key strategic moves and developments
7.2.BRITISH AMERICAN TOBACCO P.L.C.
7.2.1.Company overview
7.2.2.Key Executives
7.2.3.Company snapshot
7.2.4.Operating business segments
7.2.5.Product portfolio
7.2.6.R&D Expenditure
7.2.7.Business performance
7.2.8.Key strategic moves and developments
7.3.GEEKVAPE
7.3.1.Company overview
7.3.2.Key Executives
7.3.3.Company snapshot
7.3.4.Product portfolio
7.3.5.Key strategic moves and developments
7.4.IMPERIAL BRANDS PLC
7.4.1.Company overview
7.4.2.Key Executives
7.4.3.Company snapshot
7.4.4.Operating business segments
7.4.5.Product portfolio
7.4.6.Business performance
7.5.JAPAN TOBACCO INC.
7.5.1.Company overview
7.5.2.Key Executives
7.5.3.Company snapshot
7.5.4.Operating business segments
7.5.5.Product portfolio
7.5.6.R&D Expenditure
7.5.7.Business performance
7.6.NJOY, INC.1
7.6.1.Company overview
7.6.2.Key Executives
7.6.3.Company snapshot
7.6.4.Product portfolio
7.7.SHENZHEN EIGATE TECHNOLOGY CO., LTD.
7.7.1.Company overview
7.7.2.Key Executives
7.7.3.Company snapshot
7.7.4.Product portfolio
7.8.SHENZHEN IVPS TECHNOLOGY CO. LIMITED
7.8.1.Company overview
7.8.2.Key Executives
7.8.3.Company snapshot
7.8.4.Product portfolio
7.9.SWISHER
7.9.1.Company overview
7.9.2.Key Executives
7.9.3.Company snapshot
7.9.4.Product portfolio
7.9.5.Key strategic moves and developments
7.10.WHITE CLOUD ELECTRONIC CIGARETTES
7.10.1.Company overview
7.10.2.Key Executive
7.10.3.Company snapshot
7.10.4.Product portfolio
LIST OF TABLES
TABLE 01.U.S. ELECTRONIC CIGARETTEMARKET REVENUE, BY PRODUCT TYPE, 2020-2031 ($MILLION)
TABLE 02.U.S. ELECTRONIC CIGARETTEMARKET REVENUE, BY PRODUCT TYPE, 2020-2031 ($MILLION)
TABLE 01.U.S. ELECTRONIC CIGARETTE MARKET REVENUE, BY DISTRIBUTION CHANNEL, 2020-2031 ($MILLION)
TABLE 02.ALTRIA GROUP, INC.: KEY EXECUTIVES
TABLE 03.ALTRIA GROUP, INC.: COMPANY SNAPSHOT
TABLE 04.ALTRIA GROUP, INC.: OPERATING SEGMENTS
TABLE 05.ALTRIA GROUP, INC.: PRODUCT PORTFOLIO
TABLE 06.ALTRIA GROUP, INC.: R&D EXPENDITURE, 2019–2021 ($MILLION)
TABLE 07.ALTRIA GROUP, INC.: NET SALES, 2019–2021 ($MILLION)
TABLE 08.BRITISH AMERICAN TOBACCO P.L.C.: KEY EXECUTIVES
TABLE 09.BRITISH AMERICAN TOBACCO P.L.C.: COMPANY SNAPSHOT
TABLE 10.BRITISH AMERICAN TOBACCO P.L.C.: OPERATING SEGMENTS
TABLE 11.BRITISH AMERICAN TOBACCO P.L.C.: PRODUCT PORTFOLIO
TABLE 12.BRITISH AMERICAN TOBACCO P.L.C.: R&D EXPENDITURE, 2019–2021 ($MILLION)
TABLE 13.BRITISH AMERICAN TOBACCO P.L.C.: NET SALES, 2019–2021 ($MILLION)
TABLE 14.GEEKVAPE: KEY EXECUTIVES
TABLE 15.GEEKVAPE: COMPANY SNAPSHOT
TABLE 16.GEEKVAPE: PRODUCT PORTFOLIO
TABLE 17.IMPERIAL BRANDS PLC: KEY EXECUTIVES
TABLE 18.IMPERIAL BRANDS PLC: COMPANY SNAPSHOT
TABLE 19.IMPERIAL BRANDS PLC: OPERATING SEGMENTS
TABLE 20.IMPERIAL BRANDS PLC: PRODUCT PORTFOLIO
TABLE 21.IMPERIAL BRANDS PLC: NET SALES, 2019–2021 ($MILLION)
TABLE 22.JAPAN TOBACCO INC.: KEY EXECUTIVES
TABLE 23.JAPAN TOBACCO INC.: COMPANY SNAPSHOT
TABLE 24.JAPAN TOBACCO INC.: OPERATING SEGMENTS
TABLE 25.JAPAN TOBACCO INC.: PRODUCT PORTFOLIO
TABLE 26.JAPAN TOBACCO INC.: R&D EXPENDITURE, 2019–2021 ($MILLION)
TABLE 27.JAPAN TOBACCO INC.: NET SALES, 2019–2021 ($MILLION)
TABLE 28.NJOY, INC.: KEY EXECUTIVES
TABLE 29.NJOY, INC.: COMPANY SNAPSHOT
TABLE 30.NJOY, INC.: PRODUCT PORTFOLIO
TABLE 31.SHENZHEN EIGATE TECHNOLOGY CO., LTD.: KEY EXECUTIVES
TABLE 32.SHENZHEN EIGATE TECHNOLOGY CO., LTD.: COMPANY SNAPSHOT
TABLE 33.SHENZHEN EIGATE TECHNOLOGY CO., LTD.: PRODUCT PORTFOLIO
TABLE 34.SHENZHEN IVPS TECHNOLOGY CO. LIMITED: KEY EXECUTIVES
TABLE 35.SHENZHEN IVPS TECHNOLOGY CO. LIMITED: COMPANY SNAPSHOT
TABLE 36.SHENZHEN IVPS TECHNOLOGY CO. LIMITED: PRODUCT PORTFOLIO
TABLE 37.SWISHER: KEY EXECUTIVES
TABLE 38.SWISHER: COMPANY SNAPSHOT
TABLE 39.SWISHER: PRODUCT PORTFOLIO
TABLE 40.WHITE CLOUD ELECTRONIC CIGARETTES: KEY EXECUTIVE
TABLE 41.WHITE CLOUD ELECTRONIC CIGARETTES: COMPANY SNAPSHOT
TABLE 42.WHITE CLOUD ELECTRONIC CIGARETTES: PRODUCT PORTFOLIO
LIST OF FIGURES
FIGURE 01.U.S. ELECTRONIC CIGARETTE MARKET SNAPSHOT
FIGURE 02.U.S. ELECTRONIC CIGARETTE MARKET: SEGMENTATION
FIGURE 03.TOP INVESTMENT POCKETS
FIGURE 04.TOP WINNING STRATEGIES, BY COMPANY, 2019-2022
FIGURE 05.TOP WINNING STRATEGIES, 2019-2022
FIGURE 06.TOP WINNING STRATEGIES, BY YEAR, 2019-2022
FIGURE 07.LOW BARGAINING POWER OF SUPPLIERS
FIGURE 08.MODERATE BARGAINING POWER OF BUYER
FIGURE 09.LOW THREAT OF SUBSTITUTION
FIGURE 10.MODERATE THREAT OF NEW ENTRANTS
FIGURE 11.HIGH INTENSITY OF COMPETITIVE RIVALRY
FIGURE 12.TOP PLAYER POSITIONING
FIGURE 13.U.S. ELECTRONIC CIGARETTE MARKET: DRIVERS, RESTRAINTS, AND OPPORTUNITIES
FIGURE 14.MARKET SHARE ANALYSIS BY PRODUCT TYPE, 2020 & 2031
FIGURE 15.MARKET SHARE ANALYSIS BY FLAVOR, 2020 & 2031
FIGURE 16.MARKET SHARE ANALYSIS BY DISTRIBUTION CHANNEL, 2020 & 2031
FIGURE 17.COMPETITIVE HEATMAP
FIGURE 18.FLAVORED TOBACCO PRODUCT USE AMONG YOUTH, U.S., 2021
FIGURE 19.TOBACCO USAGE BY MALES, (%), IN THE U.S. (2015-2020)
FIGURE 20.TOBACCO USAGE BY FEMALES, (%), IN THE U.S. (2015-2020)
FIGURE 21.ATTRACTIVE CHARACTERISTICS OF E-CIGARETTE, (%), 2021
FIGURE 22.U.S. ELECTRONIC CIGARETTE MARKET, BY PRODUCT TYPE, 2020 (%)
FIGURE 23.U.S. ELECTRONIC CIGARETTEMARKET, BY FLAVOR, 2020 (%)
FIGURE 24.U.S. ELECTRONIC CIGARETTE MARKET, BY DISTRIBUTION CHANNEL, 2020 (%)
FIGURE 25.ALTRIA GROUP, INC.: R&D EXPENDITURE, 2019–2021 ($MILLION)
FIGURE 26.ALTRIA GROUP, INC.: NET SALES, 2019–2021 ($MILLION)
FIGURE 27.ALTRIA GROUP, INC.: REVENUE SHARE BY SEGMENT, 2021 (%)
FIGURE 28.BRITISH AMERICAN TOBACCO P.L.C.: R&D EXPENDITURE, 2019–2021 ($MILLION)
FIGURE 29.BRITISH AMERICAN TOBACCO P.L.C.: NET SALES, 2019–2021 ($MILLION)
FIGURE 30.BRITISH AMERICAN TOBACCO P.L.C.: REVENUE SHARE BY SEGMENT, 2021 (%)
FIGURE 31.IMPERIAL BRANDS PLC: NET SALES, 2019–2021 ($MILLION)
FIGURE 32.IMPERIAL BRANDS PLC: REVENUE SHARE BY SEGMENT, 2021 (%)
FIGURE 33.IMPERIAL BRANDS PLC: REVENUE SHARE BY REGION, 2021 (%)
FIGURE 34.JAPAN TOBACCO INC.: R&D EXPENDITURE, 2019–2021 ($MILLION)
FIGURE 35.JAPAN TOBACCO INC.: NET SALES, 2019–2021 ($MILLION)
FIGURE 36.JAPAN TOBACCO INC.: REVENUE SHARE BY SEGMENT, 2021 (%)
The U.S. electronic cigarette market was valued at $6,698.9 million in 2020 and is projected to reach $34,137.3 million by 2031, registering a CAGR of 16.1% from 2022 to 2031.
The forecast period in the market report would be 2022-2031.
The U.S. electronic cigarette market registered a CAGR of 16.1% from 2022 to 2031.
Raise the query and paste the link of the specific report and our sales executive will revert with the sample.
Trends such as an increase in health concerns among the smoking population and a rise in preference for the product among youth are anticipated to drive the growth of the market.
According to the report of the National Library of Medicine, U.S., many state governors issued executive orders requiring the temporary closure of tobacco specialty shops during shelter-in-place periods, compliance with the mandated closures was low among some vape shops, with considerable variations across states and localities and by neighborhood demographics. Thus, an increase in online sales, improvements in logistics services, ease in payment options, and the facility to enter new international markets for major brands are anticipated to fuel the demand for the U.S. electronic cigarette market during the forecast period.
The key players profiled in the study included are Altria Inc., British American Tobacco P.L.C., Geekvape, Imperial Brands PLC, Japan Tobacco Inc., Njoy, Inc., Shenzhen Eigate Technology Co., Ltd., Shenzhen IVPS Technology Co. Limited, Swisher, and White Cloud Electronic Cigarettes. The players in the market have been actively engaged in the adoption of various strategies such as acquisition, product launch, agreement, partnership, and business expansion to remain competitive and gain an advantage over the competitors in the market.
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