Global e-cigarette market is forecasted to attain a value of $70 billion by 2023, The growth in the market will be led by factors such as increasing demand for smokeless and ashless vaping and surge in the number of vape shops and designated stores.

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The e-cigarette market can be broadly categorized into cig-a-like, vaporizer, vape mods and t-vapor product types. The market for t-vapor is projected to witness the fastest growth, of around 45%, during the forecast period. T-vapor is comparatively a new category that uses real tobacco. T-vapor products are sold in two versions: heat-not-burn and infused. Cig-a-like can further be categorized into disposable and rechargeable types, while vaporizer can be segmented into open tank and closed system types.

The major channels of distribution are vape shops, supermarkets, online, and tobacconists. Among these channels, vape shops are estimated to generate the highest revenue for the e-cigarette market in 2017.

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Asia-Pacific is the region offering ample growth opportunities for the vendors. Large population coupled with increasing urbanization has been propelling the demand in the region. China has been the forerunner in the regional e-cigarette industry, with an estimated 40.3% share in 2017. After the U.S. and the U.K., China is estimated to be the third largest e-cigarette market globally in 2017, which is further expected to grow during the forecast period.

On the basis of a survey conducted by the Chinese Center for Disease Control and Prevention in 2014, 45% of students aged 13–15 years had heard of e-cigarettes and 1.2% had used them in the preceding 30 days. It has been observed that for every 1% consumer shift from combustible cigarettes to its less harmful counterpart, the market for latter in the country increases by almost $5 billion. Advertisement campaigns have been educating the consumers about the benefits of switching from combustible cigarettes to its less harmful alternative, consequently driving the e-cigarette market in the country.

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The e-cigarette market is fragmented, and the top three players are estimated to account for over 60% of the total market share in 2017. British American Tobacco is the market leader, followed by Imperial Brands and NJOY. All the players in this industry do not offer all types of e-cigarettes; for instance, Philip Morris International offers t-vapor products but not cig-a-likes. Similarly, Imperial Brands offers cig-a-likes and vaporizers but not t-vapors. However, with the existing product differentiation, a state of uncertainty prevails among the players in the market, as a shift in consumer taste can alter their share in the market.