APO RESEARCH · REPORT
E-cigarette
An electronic cigarette or e-cigarette is a handheld electronic device which vaporizes a flavored liquid. The user inhales the vapor. Using e-cigarettes is sometimes called vaping. The liquid in the e-cigarette, called e-liquid, is usually made of nicotine, propylene glycol, glycerine, and flavorings. Not all e-liquids contain nicotine.
Product & engineering
Understand the product.
An electronic cigarette or e-cigarette is a handheld electronic device which vaporizes a flavored liquid. The user inhales the vapor. Using e-cigarettes is sometimes called vaping. The liquid in the e-cigarette, called e-liquid, is usually made of nicotine, propylene glycol, glycerine, and flavorings. Not all e-liquids contain nicotine.
Selected research
Industry Research
E-cigarette Industry Research Report 2026
Market perspective
An electronic cigarette or e-cigarette is a handheld electronic device which vaporizes a flavored liquid. The user inhales the vapor. Using e-cigarettes is sometimes called vaping. The liquid in the e-cigarette, called e-liquid, is usually made of nicotine, propylene glycol, glycerine, and flavorings. Not all e-liquids contain nicotine.
Imperial Tobacco, Reynolds American, Japan Tobacco, Altria and Buddy Group are the leading producers of e-cigarettes. Imperial Tobacco is the world's largest, accounting for about 10% of the total market. The top five accounted for about 30%.
North America is the leading market, accounting for about 35% of the total, followed by Europe at about 25%.
Read the full market overview
Report Scope
This report quantifies the global E-cigarette market in terms of revenue (US$ million) and, where applicable, sales volume (K Units), using 2025 as the base year and providing annual historical and forecast data for 2021–2032.
It standardizes definitions of Types and Applications, harmonizes vendor attribution, and presents comparable time series by company, Type, Application, and region/country, including indicative price bands (US$/K Units) and concentration ratios (CR5/CR10).
The outputs are intended to support strategy development, budgeting, and performance benchmarking for brand owners, manufacturers, retailers, channel partners, and investors; data are structured with consistent units and fields to facilitate integration into internal FP&A and BI systems.
Key Companies & Market Share Insights
This section profiles leading manufacturers, combining 2021–2025 results with a 2026–2032 outlook. It reports revenue, market share, price bands, product and application mix, regional and channel mix, and key developments (M&A, capacity additions, certifications). It also provides global revenue, average price, and—where applicable—sales volume by manufacturer, and calculates CR5/CR10 and rank changes to support comparative benchmarking.
E-cigarette Market by Company
Imperial Tobacco
Reynolds American
Japan Tobacco
Altria
VMR Product
Njoy
21st Century
Vaporcorp
Truvape
FirstUnion
Hangsen
Buddy Group
Kimree
Innokin
SHENZHEN SMOORE
SMOK
E-cigarette Segment by Type
With Screen
Without Screen
E-cigarette Segment by Application
Online
Offline
E-cigarette Segment by Region
North America
United States
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Russia
Spain
Netherlands
Switzerland
Sweden
Poland
Asia-Pacific
China
Japan
South Korea
India
Australia
Taiwan
Southeast Asia
South America
Brazil
Argentina
Chile
Middle East & Africa
Egypt
South Africa
Israel
Türkiye
GCC Countries
Key Drivers & Barriers
High-impact rendering factors and drivers have been studied in this report to aid the readers to understand the general development. Moreover, the report includes restraints and challenges that may act as stumbling blocks on the way of the players. This will assist the users to be attentive and make informed decisions related to business. Specialists have also laid their focus on the upcoming business prospects.
Reasons to Buy This Report
1. This report will help the readers to understand the competition within the industries and strategies for the competitive environment to enhance the potential profit. The report also focuses on the competitive landscape of the global E-cigarette market, and introduces in detail the market share, industry ranking, competitor ecosystem, market performance, new product development, operation situation, expansion, and acquisition. etc. of the main players, which helps the readers to identify the main competitors and deeply understand the competition pattern of the market.
2. This report will help stakeholders to understand the global industry status and trends of E-cigarette and provides them with information on key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders to understand competitors better and gain more insights to strengthen their position in their businesses. The competitive landscape section includes the market share and rank (in volume and value), competitor ecosystem, new product development, expansion, and acquisition.
4. This report stays updated with novel technology integration, features, and the latest developments in the market
5. This report helps stakeholders to gain insights into which regions to target globally
6. This report helps stakeholders to gain insights into the end-user perception concerning the adoption of E-cigarette.
7. This report helps stakeholders to identify some of the key players in the market and understand their valuable contribution.
Chapter Outline
Chapter 1: Research objectives, research methods, data sources, data cross-validation;
Chapter 2: Introduces the report scope of the report, executive summary of different market segments (by region, product type, application, etc.), including the market size of each market segment, future development potential, and so on. It offers a high-level view of the current state of the market and its likely evolution in the short to mid-term, and long term.
Chapter 3: Detailed analysis of E-cigarette manufacturers competitive landscape, price, production and value market share, latest development plan, merger, and acquisition information, etc.
Chapter 4: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product production/output, value, price, gross margin, product introduction, recent development, etc.
Chapter 5: Production/output, value of E-cigarette by region/country. It provides a quantitative analysis of the market size and development potential of each region in the next six years.
Chapter 6: Consumption of E-cigarette in regional level and country level. It provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space, and production of each country in the world.
Chapter 7: Provides the analysis of various market segments by type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 8: Provides the analysis of various market segments by application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 9: Analysis of industrial chain, including the upstream and downstream of the industry.
Chapter 10: Introduces the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.
Chapter 11: The main points and conclusions of the report.
More report detail
Tables and figures
Scope & coverage.
Types
- With Screen
- Without Screen
Applications
- Online
- Offline
Companies covered
- Imperial Tobacco
- Reynolds American
- Japan Tobacco
- Altria
- VMR Product
- Njoy
- 21st Century
- Vaporcorp
- Truvape
- FirstUnion
- Hangsen
- Buddy Group
- Kimree
- Innokin
- SHENZHEN SMOORE
- SMOK
Inside the report.
1 Preface
- 1.1 Scope of Report
- 1.2 Reasons for Doing This Study
- 1.3 Research Methodology
- 1.4 Research Process
- 1.5 Data Source
- 1.5.1 Secondary Sources
- 1.5.2 Primary Sources
2 Market Overview
- 2.1 Product Definition
- 2.2 Global Market Growth Prospects
- 2.2.1 Global E-cigarette Market Size (2021-2032)
- 2.2.2 Global E-cigarette Sales (2021-2032)
- 2.2.3 Global E-cigarette Market Average Price (2021-2032)
- 2.3 E-cigarette by Type
- 2.3.1 Market Value Comparison by Type (2021 VS 2025 VS 2032) & (US$ Million)
- 2.3.2 With Screen
- 2.3.3 Without Screen
- 2.4 E-cigarette by Application
- 2.4.1 Market Value Comparison by Application (2021 VS 2025 VS 2032)
- 2.4.2 Online
- 2.4.3 Offline
3 Market Competitive Landscape by Manufacturers
- 3.1 Global E-cigarette Market Competitive Situation by Manufacturers (2021 Versus 2025)
- 3.2 Global E-cigarette Sales (K Units) of Manufacturers (2021-2026)
- 3.3 Global E-cigarette Revenue of Manufacturers (2021-2026)
- 3.4 Global E-cigarette Average Price by Manufacturers (2021-2026)
- 3.5 Global E-cigarette Industry Ranking, 2024 VS 2025 VS 2026
- 3.6 Global Manufacturers of E-cigarette, Manufacturing Sites & Headquarters
- 3.7 Global Manufacturers of E-cigarette, Product Type & Application
- 3.8 Global Manufacturers of E-cigarette, Established Date
- 3.9 Global E-cigarette Market CR5 and HHI
- 3.10 Global Manufacturers Mergers & Acquisition
4 Manufacturers Profiled
- 4.1 Imperial Tobacco
- 4.1.1 Imperial Tobacco Company Information
- 4.1.2 Imperial Tobacco Business Overview
- 4.1.3 Imperial Tobacco E-cigarette Sales, Revenue and Gross Margin (2021-2026)
- 4.1.4 Imperial Tobacco E-cigarette Product Portfolio
- 4.1.5 Imperial Tobacco Recent Developments
- 4.2 Reynolds American
- 4.2.1 Reynolds American Company Information
- 4.2.2 Reynolds American Business Overview
- 4.2.3 Reynolds American E-cigarette Sales, Revenue and Gross Margin (2021-2026)
- 4.2.4 Reynolds American E-cigarette Product Portfolio
- 4.2.5 Reynolds American Recent Developments
- 4.3 Japan Tobacco
- 4.3.1 Japan Tobacco Company Information
- 4.3.2 Japan Tobacco Business Overview
- 4.3.3 Japan Tobacco E-cigarette Sales, Revenue and Gross Margin (2021-2026)
- 4.3.4 Japan Tobacco E-cigarette Product Portfolio
- 4.3.5 Japan Tobacco Recent Developments
- 4.4 Altria
- 4.4.1 Altria Company Information
- 4.4.2 Altria Business Overview
- 4.4.3 Altria E-cigarette Sales, Revenue and Gross Margin (2021-2026)
- 4.4.4 Altria E-cigarette Product Portfolio
- 4.4.5 Altria Recent Developments
- 4.5 VMR Product
- 4.5.1 VMR Product Company Information
- 4.5.2 VMR Product Business Overview
- 4.5.3 VMR Product E-cigarette Sales, Revenue and Gross Margin (2021-2026)
- 4.5.4 VMR Product E-cigarette Product Portfolio
- 4.5.5 VMR Product Recent Developments
- 4.6 Njoy
- 4.6.1 Njoy Company Information
- 4.6.2 Njoy Business Overview
- 4.6.3 Njoy E-cigarette Sales, Revenue and Gross Margin (2021-2026)
- 4.6.4 Njoy E-cigarette Product Portfolio
- 4.6.5 Njoy Recent Developments
- 4.7 21st Century
- 4.7.1 21st Century Company Information
- 4.7.2 21st Century Business Overview
- 4.7.3 21st Century E-cigarette Sales, Revenue and Gross Margin (2021-2026)
- 4.7.4 21st Century E-cigarette Product Portfolio
- 4.7.5 21st Century Recent Developments
- 4.8 Vaporcorp
- 4.8.1 Vaporcorp Company Information
- 4.8.2 Vaporcorp Business Overview
- 4.8.3 Vaporcorp E-cigarette Sales, Revenue and Gross Margin (2021-2026)
- 4.8.4 Vaporcorp E-cigarette Product Portfolio
- 4.8.5 Vaporcorp Recent Developments
- 4.9 Truvape
- 4.9.1 Truvape Company Information
- 4.9.2 Truvape Business Overview
- 4.9.3 Truvape E-cigarette Sales, Revenue and Gross Margin (2021-2026)
- 4.9.4 Truvape E-cigarette Product Portfolio
- 4.9.5 Truvape Recent Developments
- 4.10 FirstUnion
- 4.10.1 FirstUnion Company Information
- 4.10.2 FirstUnion Business Overview
- 4.10.3 FirstUnion E-cigarette Sales, Revenue and Gross Margin (2021-2026)
- 4.10.4 FirstUnion E-cigarette Product Portfolio
- 4.10.5 FirstUnion Recent Developments
- 4.11 Hangsen
- 4.11.1 Hangsen Company Information
- 4.11.2 Hangsen Business Overview
- 4.11.3 Hangsen E-cigarette Sales, Revenue and Gross Margin (2021-2026)
- 4.11.4 Hangsen E-cigarette Product Portfolio
- 4.11.5 Hangsen Recent Developments
- 4.12 Buddy Group
- 4.12.1 Buddy Group Company Information
- 4.12.2 Buddy Group Business Overview
- 4.12.3 Buddy Group E-cigarette Sales, Revenue and Gross Margin (2021-2026)
- 4.12.4 Buddy Group E-cigarette Product Portfolio
- 4.12.5 Buddy Group Recent Developments
- 4.13 Kimree
- 4.13.1 Kimree Company Information
- 4.13.2 Kimree Business Overview
- 4.13.3 Kimree E-cigarette Sales, Revenue and Gross Margin (2021-2026)
- 4.13.4 Kimree E-cigarette Product Portfolio
- 4.13.5 Kimree Recent Developments
- 4.14 Innokin
- 4.14.1 Innokin Company Information
- 4.14.2 Innokin Business Overview
- 4.14.3 Innokin E-cigarette Sales, Revenue and Gross Margin (2021-2026)
- 4.14.4 Innokin E-cigarette Product Portfolio
- 4.14.5 Innokin Recent Developments
- 4.15 SHENZHEN SMOORE
- 4.15.1 SHENZHEN SMOORE Company Information
- 4.15.2 SHENZHEN SMOORE Business Overview
- 4.15.3 SHENZHEN SMOORE E-cigarette Sales, Revenue and Gross Margin (2021-2026)
- 4.15.4 SHENZHEN SMOORE E-cigarette Product Portfolio
- 4.15.5 SHENZHEN SMOORE Recent Developments
- 4.16 SMOK
- 4.16.1 SMOK Company Information
- 4.16.2 SMOK Business Overview
- 4.16.3 SMOK E-cigarette Sales, Revenue and Gross Margin (2021-2026)
- 4.16.4 SMOK E-cigarette Product Portfolio
- 4.16.5 SMOK Recent Developments
5 Global E-cigarette Market Scenario by Region
- 5.1 Global E-cigarette Market Size by Region: 2021 VS 2025 VS 2032
- 5.2 Global E-cigarette Sales by Region: 2021-2032
- 5.2.1 Global E-cigarette Sales by Region: 2021-2026
- 5.2.2 Global E-cigarette Sales by Region: 2027-2032
- 5.3 Global E-cigarette Revenue by Region: 2021-2032
- 5.3.1 Global E-cigarette Revenue by Region: 2021-2026
- 5.3.2 Global E-cigarette Revenue by Region: 2027-2032
- 5.4 North America E-cigarette Market Facts & Figures by Country
- 5.4.1 North America E-cigarette Market Size by Country: 2021 VS 2025 VS 2032
- 5.4.2 North America E-cigarette Sales by Country (2021-2032)
- 5.4.3 North America E-cigarette Revenue by Country (2021-2032)
- 5.4.4 United States
- 5.4.5 Canada
- 5.4.6 Mexico
- 5.5 Europe E-cigarette Market Facts & Figures by Country
- 5.5.1 Europe E-cigarette Market Size by Country: 2021 VS 2025 VS 2032
- 5.5.2 Europe E-cigarette Sales by Country (2021-2032)
- 5.5.3 Europe E-cigarette Revenue by Country (2021-2032)
- 5.5.4 Germany
- 5.5.5 France
- 5.5.6 U.K.
- 5.5.7 Italy
- 5.5.8 Russia
- 5.5.9 Spain
- 5.5.10 Netherlands
- 5.5.11 Switzerland
- 5.5.12 Sweden
- 5.5.13 Poland
- 5.6 Asia Pacific E-cigarette Market Facts & Figures by Country
- 5.6.1 Asia Pacific E-cigarette Market Size by Country: 2021 VS 2025 VS 2032
- 5.6.2 Asia Pacific E-cigarette Sales by Country (2021-2032)
- 5.6.3 Asia Pacific E-cigarette Revenue by Country (2021-2032)
- 5.6.4 China
- 5.6.5 Japan
- 5.6.6 South Korea
- 5.6.7 India
- 5.6.8 Australia
- 5.6.9 Taiwan
- 5.6.10 Southeast Asia
- 5.7 South America E-cigarette Market Facts & Figures by Country
- 5.7.1 South America E-cigarette Market Size by Country: 2021 VS 2025 VS 2032
- 5.7.2 South America E-cigarette Sales by Country (2021-2032)
- 5.7.3 South America E-cigarette Revenue by Country (2021-2032)
- 5.7.4 Brazil
- 5.7.5 Argentina
- 5.7.6 Chile
- 5.8 Middle East and Africa E-cigarette Market Facts & Figures by Country
- 5.8.1 Middle East and Africa E-cigarette Market Size by Country: 2021 VS 2025 VS 2032
- 5.8.2 Middle East and Africa E-cigarette Sales by Country (2021-2032)
- 5.8.3 Middle East and Africa E-cigarette Revenue by Country (2021-2032)
- 5.8.4 Egypt
- 5.8.5 South Africa
- 5.8.6 Israel
- 5.8.7 Türkiye
- 5.8.8 GCC Countries
6 Segment by Type
- 6.1 Global E-cigarette Sales by Type (2021-2032)
- 6.1.1 Global E-cigarette Sales by Type (2021-2032) & (K Units)
- 6.1.2 Global E-cigarette Sales Market Share by Type (2021-2032)
- 6.2 Global E-cigarette Revenue by Type (2021-2032)
- 6.2.1 Global E-cigarette Sales by Type (2021-2032) & (US$ Million)
- 6.2.2 Global E-cigarette Revenue Market Share by Type (2021-2032)
- 6.3 Global E-cigarette Price by Type (2021-2032)
7 Segment by Application
- 7.1 Global E-cigarette Sales by Application (2021-2032)
- 7.1.1 Global E-cigarette Sales by Application (2021-2032) & (K Units)
- 7.1.2 Global E-cigarette Sales Market Share by Application (2021-2032)
- 7.2 Global E-cigarette Revenue by Application (2021-2032)
- 7.2.1 Global E-cigarette Sales by Application (2021-2032) & (US$ Million)
- 7.2.2 Global E-cigarette Revenue Market Share by Application (2021-2032)
- 7.3 Global E-cigarette Price by Application (2021-2032)
8 Value Chain and Sales Channels Analysis of the Market
- 8.1 E-cigarette Value Chain Analysis
- 8.1.1 E-cigarette Key Raw Materials
- 8.1.2 Raw Materials Key Suppliers
- 8.1.3 E-cigarette Production Mode & Process
- 8.2 E-cigarette Sales Channels Analysis
- 8.2.1 Direct Comparison with Distribution Share
- 8.2.2 E-cigarette Distributors
- 8.2.3 E-cigarette Customers
9 Global E-cigarette Analyzing Market Dynamics
- 9.1 E-cigarette Industry Trends
- 9.2 E-cigarette Industry Drivers
- 9.3 E-cigarette Industry Opportunities and Challenges
- 9.4 E-cigarette Industry Restraints
10 Report Conclusion
11 Disclaimer
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