Vaping Industry

An electronic cigarette, or vape, is a device that simulates tobacco smoking by heating an e-liquid, typically composed mostly of propylene glycol and glycerin with flavorings, nicotine and other additives, into an inhaled vapor rather than smoke, using an atomizer, a battery and a cartridge or tank. The vaping industry grew rapidly from about 7 billion dollars in worldwide sales across at least 466 brands in 2014 to roughly 19.3 billion dollars by 2019 and about 20.4 billion dollars in 2021, with established tobacco companies such as Reynolds American, Altria and British American Tobacco competing alongside independent manufacturers like Juul Labs that captured significant market share. By 2018 about 95 percent of e-cigarette devices were manufactured in China, and in the United States alone the tracked retail market reached 6.8 billion dollars in 2024, excluding online and specialty retail sales.