Global E-Cigarette and Vape Market to Reach $67 Billion by 2029

US E-Cigarette Market Growth Trends

The global e-cigarette and vape market is projected to experience rapid growth, surging from an estimated $27.75 billion in 2024 to $67.11 billion by 2029, at a compound annual growth rate (CAGR) of 19.3%. This expansion is largely driven by a growing consumer preference for safer alternatives to traditional smoking, increased health awareness, and continuous innovation in vaping technology.

A key factor fueling this growth is the increasing adoption of e-cigarettes as a less harmful way to consume nicotine. As regulations on conventional tobacco products tighten and public health consciousness rises, many consumers are turning to vaping products, which eliminate the combustion process and thereby reduce exposure to harmful tar and many of the toxic chemicals found in cigarette smoke. For example, the Truth Initiative reported that e-cigarette usage among U.S. adults increased from 4.5% in 2021 to 6% in 2022, underscoring this trend.

In response to market demands and evolving regulations (such as bans on disposable vapes in some regions), major companies are introducing innovative products like reusable vape devices. These systems, featuring rechargeable batteries and refillable or replaceable e-liquid pods, offer a more sustainable and cost-effective alternative to single-use vapes. A notable example is the BM6000 launched by Lost Mary in the UK in August 2024. This rechargeable and reusable device offers up to 6,000 puffs by using a closed system with a 2ml pod and a 10ml e-liquid container for automatic refills, lasting up to ten times longer than traditional disposables.

The competitive landscape is also being shaped by major strategic moves. In June 2023, tobacco giant Altria Group Inc. acquired NJOY Holdings Inc. for $2.75 billion. This acquisition significantly strengthens Altria’s position in the e-cigarette market, allowing it to expand its portfolio of smoke-free brands to meet the growing demand for reduced-risk alternatives to traditional tobacco.

Key trends expected to shape the market in the coming years include a continued shift toward alternative nicotine delivery systems, advancements in device technology (such as high-quality batteries), new product formulations, and the expansion of online retail channels. Major players in this dynamic market include Imperial Brands PLC, Philip Morris International, British American Tobacco, Altria Group Inc., and Juul Labs Inc., alongside a host of innovative hardware manufacturers like GeekVape, Vaporesso, and SmokTech.

Matthew Ma
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