Allied Market Research

2024

Vape Market

Vape Market Size, Share, Competitive Landscape and Trend Analysis Report by Product Type, by Component, by Flavors, by End User and by Distribution Channel : Global Opportunity Analysis and Industry Forecast, 2023-2032

CG : Consumer Electronics

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Author's: | Roshan Deshmukh
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A vaping machine is a battery-operated device that emits a vaporized solution for inhalation. The growing concerns over health conditions among the different age groups have boosted the demand for less toxic vape products. Vaping is considered an effective method to quit conventional smoking; consumers are shifting toward vaping products as less harmful as it releases vapors instead of smoke. Vape product comes with options of different flavors such as chocolate, fruits, tobacco and others that attract the consumers of different age groups. With the advent of the COVID-19 pandemic, the demands for vaping products have increased due to an increase in indoor smoking in consumers.

To encash the opportunity of rising demand, the manufacturing companies are adapting to new marketing strategies and offering services through e-commerce platforms. It is witnessed that the use of vape products has brought down the risk of cardiovascular and pulmonary diseases in consumers. This benefit from vaping is encouraging consumers to buy vape products.

COVID-19 Impact Analysis

  • The advent of the global pandemic, COVID-19, has positively affected the hairdryer market. A vaping machine is a product that is used by consumers daily, it is their necessity. Hence, the demand for vaping products has increased as consumers were forced to stay indoors due to the ongoing lockdown.
  • As the COVID-19 pandemic has forced countries to enforce lockdown, the supply and distribution chain had been disrupted. Hypermarkets/supermarkets and specialty tobacco stores were closed, creating a gap in demand and supply.
  • The production process for new batches of vaping products had become a challenge for companies due to the limited availability of labour, inadequate raw material supplies, and logistic issues. 

Top Impacting Factors

  • The growing middle-class population, the increase of high disposable income, rapid urbanization, and increasing awareness about conventional smoking are the major driving factor in the growth of the vaping market. Consumer inclination towards flavors and developing a habit of quitting conventional smoking will also boost the demand for vaping products.
  • Countries banning e-cigarette and vaping products are acting as a restraint of growth for the vaping market. The manufacturing countries have to work on their products and develop in such a way that will meet the countries guidelines.
  • The introduction of e-commerce is an opportunity for consumers to explore the desired products and buy according to their preferences. The vaping product companies should introduce new designs for products. That gives an option to be reviewed by the consumers that help direct the companies in identifying the exact market need.

Market Trends

The Demand for Flavored E-cigarettes is growing in the Vape Market

The rise in demand for E-cigarette in the market is because of the popularity of flavors offered in e-cigarettes. Consumers are driving towards the diversity of flavors such as tobacco, chocolate, fruit, and others. The youths are attracted to intense flavors such as chocolate, alcohol and fruit, while the adults are more concentrated to use tobacco flavor. Companies are opening up specialty tobacco stores and shops to provide services to consumers. Refillable liquid models are out in the market for consumer's convenience. The stores allow consumers to try the sample of flavors and purchase according to their choice.

Omni-channel Strategy Usage is encouraging the Sales of E-cigarettes During the COVID-19 Pandemic

 E-cigarettes and vaping products are sold in brick and mortar stores. Currently, companies are adapting to brick and click services for their consumers. The life of the consumers is getting entangled due to the work pressure, resulting in the reduction of time to carry out other essential works. Consumers search for an option to purchase products that are convenient and time-saving. The introduction of digital business and e-commerce sites have impacted consumers buying behaviour as consumers are shifting from traditional method of purchase to online shopping. Consumers have an option to explore more products according to their criteria. The company is expected to identify the want of the consumers and update accordingly. It will be a win-win situation for the companies as well as for the consumers. With the introduction of self-refillable models of vape products, the requirement for professionals for refilling the vape products won't arise.

Key Benefits of the Report

  • This study presents the analytical depiction of the vape industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the vape market share.
  • The current market is quantitatively analyzed to highlight the growth scenario of the vape market.
  • Porter’s five forces analysis illustrates the potency of buyers and suppliers in the market. 
  • The report provides a detailed vape market  analysis on the basis of competitive intensity and how the competition will take shape in coming years

Questions Answered in the Market Research Report

  • Which are the leading players active in the vape market?
  • What are the current trends that will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities of the market?
  • What future projections would help in taking further strategic steps?

Vape Market Report Highlights

Aspects Details
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By Product Type
  • Disposable
  • Rechargeable
  • Modular
  • Others
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By Component
  • Atomizer
  • Vape Mod
  • Cartomizer
  • E-Liquid
  • Others
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By Flavors
  • Tobacco
  • Botanical
  • Fruit
  • Sweet
  • Beverage
  • Others
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By End User
  • Men
  • Women
  • Others
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By Distribution Channel
  • Specialist E-Cigarette Shop
  • Online Retail
  • Supermarkets
  • Tobacconist
  • Convenience Stores
  • Others
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By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, France, UK, Spain, Italy, Rest of Europe)
  • Asia-Pacific  (China, India, Japan, Australia, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
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Key Market Players

Joyetech, Smok, Innokin, Vaporesso, Kangertech, Aspire, Mig Vapor, JUUL, GeekVape, Volcano

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Vape Market

Global Opportunity Analysis and Industry Forecast, 2023-2032