Top Companies in E-Cigarette Market

Top Companies in E-Cigarette Market

The global E-cigarette market size reached US$ 23.3 Billion in 2023. E-cigarette refers to a sleek, handheld battery-operated electronic device designed to stimulate tobacco smoking through an inhaler without smoke combustion. It includes cartridges fully loaded with e-liquid or e-juice consisting of propylene glycol, flavorings, other chemicals, and nicotine mainly extracted from tobacco. E-cigarettes usually comprise batteries, atomizers, and coils that are heated and transformed into vapor or aerosol. This substance, identified as less harmful than traditional cigarettes, can be inhaled, further offering the sensation of tobacco smoke. Apart from this, an E-cigarette is cost-effective, nicotine-free, and helps manage smoking cravings. Currently, it is available in disposable and rechargeable types.

As per the analysis by IMARC Group, the top companies in the global E-cigarette industry are introducing cost-effective e-liquids and -cigarettes with various customization properties, including temperature control and nicotine concentrations, as a suitable alternative to traditional smoking products. Additionally, the widespread adoption of rechargeable e-cigarette variants has encouraged manufacturers to provide maneuverable universal serial bus (USB) portals with the item for charging purposes, which is favoring the market growth. Moreover, the key players are further offering do-it-yourself (DIY) e-liquids to eliminate the need to purchase pre-filled cartridges, which is acting as another significant growth-inducing factor. In line with this, the advent of e-cigarettes with hit and control features to manage nicotine delivery and their availability in diverse flavors, such as blueberry, apple, dessert, candy, alcohol, and other artificial flavorings, to meet changing consumer preferences is propelling the market growth. Furthermore, the shifting inclination of manufacturers toward online distribution and retail channels, such as e-commerce platforms, over conventional platforms, especially during the COVID-19 pandemic, is contributing to the market growth. Apart from this, extensive celebrity endorsements on social media, execution of marketing tactics, and continuous product diversification in distinct sizes and designs through major mergers and acquisitions (M&A) are creating a positive outlook for the market growth. Looking forward, IMARC Group expects the market value to reach US$ 38.8 Billion by 2032, growing at a CAGR of 5.7% during the forecast period (2024-2032).

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List of Top E-cigarette Companies in the world:

Philip Morris International Inc.

Establishment: 1847
Headquarters: New York, United States

Philip Morris International Inc. is a prominent, US-based multinational tobacco company that manufactures and supplies various smoke-free and nicotine-containing electronic gadgets and vapor accessories. The organization offers IQOS heated tobacco, VEEV, and nicotine pouches as standard, sophisticated vapes that release flavors without burning. These smoke-free product variants undergo extensive reduced risk products (RRPs) assessments during the various product development phase and scientific research. Currently, the company goods are mainly distributed and are available for sale in 70 countries globally.

Altria Group Inc.

Establishment: 1985
Headquarters: Richmond, Virginia, United States

Altria Group Inc., formerly Philip Morris Companies, Inc., is the owner of several major US-based companies with interests in tobacco products and wine. At present, the organization includes US smokeless tobacco company LLC (USSTC), John Middleton Co., Helix Innovations LLC, and Marlboro HeatSticks as profitable subsidiaries. Some of the product offerings include oral tobacco-nicotine pouches or smokeless tobacco, e-vapor, and heated tobacco products with the exclusive rights to commercialize IQOS and Marlboro HeatStick variants in the US.

British American Tobacco PLC

Establishment: 1902
Headquarters: London, United Kingdom

British American Tobacco (BAT) PLC is a foremost financial times stock exchange group (FTSE) organization that deals with extensive tobacco manufacturing. They specialize in supply chain management, agricultural operations, research and development (R&D) activities, fast-moving consumer goods (FMCG), and corporate and regulatory affairs operations. The franchise recently launched consumer-centric BAT’s Vuse ePen 3 and Vuse ePod vaping products with the support of biometric technology to replicate the aroma profiles of items.

Japan Tobacco, Inc.

Establishment: 1985
Headquarters: Tokyo, Japan

Japan tobacco, Inc. is one of the leading vaping and tobacco companies that is focused on cigarette manufacturing, innovations and sustainability activities. The brands’ domestic segment deals with the production and sale of various pharmaceutical, processed food, and tobacco-based products. Currently, they offer heated tobacco and e-cigarettes as main vaping product types. Amongst these categories, heated tobacco products encompass directly and indirectly heated vapor items, whereas, e-cigarettes offer cig-a-likes, and closed and open tank systems as standard variants. Apart from this, in 2018, JTI launched nicotine containing e-cigarette in Switzerland.

Imperial Tobacco Group

Establishment: 1901
Headquarters:  England, United Kingdom

Imperial tobacco group is one of the world’s largest multinational consumer-focused tobacco company that manufactures and markets cigars and fine-cut tobacco on a large scale. They offer cigarettes, vapor, heated tobacco, oral nicotine, and other tobacco-based goods and accessories. Under these, Gauloises, Winston, Davidoff, John Player special, and L&B are various well-renowned international brands that offer the above-mentioned product categories. Apart from this, the company possesses 13 manufacturing sites across the globe and also produces and distributes beer, prepared foods, and packaging.

International Vapor Group

Establishment: 2012
Headquarters: Florida, United States

International Vapor Group (IVG) is an industry-leading company that emphasizes on manufacturing, marketing, and distributing diverse consumer goods, including alternative smoking accessories and consumables with active components. They consist of Zig-Zag, Stoker, and New Gen Product segments. Amongst these segregations, Zig-Zag includes Stoker’s, Beech-nut, and Trophy vapes, whereas Strokers comprises Nu-XTM vaping items. Apart from this, Vapor Beast, VaporFi, and Direct Vapor are common distribution channels that are associated with NewGen product segments.

Nicotek LLC

Establishment: 2011
Headquarters: Colorado, United States

Nicotek LLC is an eminent electronic cigarette retailing company that specializes in electronic cigarettes, e-liquid, and vaporizer fabrications. Currently, the enterprise has been dissected into three sections, namely the photovoltaic, e-cigarette, and vape categories. In line with this, the company offers Metro 1.2 and e-hookah as some prominent product variants that are further commercially available in sheesha, martini, apricot, blueberry, and mountain mint flavors.


Establishment: 2006
Headquarters: Arizona, United States

NJOY Inc. is a leading independent electronic nicotine device (ENDS) company that manufactures and supplies several vaping gadgets, e-cigarette kits, and salt PODs as a counterpart of combustible cigarettes. The company specializes in diverse technologies, e-liquids, and various other consumer items. At present, NJOY sells vape e-cigs, rechargeable e-cigarettes, dailies, disposable electronic cigarettes, and pre-filled tanks in diverse flavor profiles with compliant food and drug administration (FDA) standards.

Reynolds American Inc.

Establishment: 2004
Headquarters: North Carolina, United States

Reynolds American Inc. is a wholly owned affiliation of the BAT Group and the US parent company of R. J. Reynolds Tobacco Company (RJRT) that focuses on the manufacturing of several innovative tobacco-based products for adults. The brand currently encompasses Modoral Velo Nicotine, American Snuff, Santa Fe Tobacco, and RAI Innovations as some of the subsidiaries that conduct distinct diverse industrial operations. These branches offer lucky strike, pall mall, grizzly, camel blue or snus frost, the natural American spirit, Velo as e-cigarette, and other smoke-free product variants.

ITC Limited

Establishment: 1910
Headquarters: Kolkata, West Bengal, India

ITC is India’s leading private sector manufacturing company that maintains its diversified prominence in fast-moving consumer goods (FMCG), hotels, packaging, paperboards & specialty papers, and agri-business. Recently, ITC has launched automatic electronic-vaping devices under the name of Eon Brand. These products are manufactured in China and distributed across Hyderabad and Kolkata.

J WELL France

Establishment: 2012
Headquarters: Paris, France

J Well France is a well-renowned e-commerce or retail brand that sells electronic cigarettes, vapes, and accessories as a safer alternative to the conventional smoker. Their products are further commercially segregated into the e-cigarette, e-liquid, accessories, and nouveautes sections. These categories include pod, box, atomizer, and mod in different designs and flavors. Apart from this, the company provides a wide range of essential components that are used in e-cigarettes, such as coils, batteries, chargers, case protection, drip tips, and do-it-yourself tools for product assembly.

About IMARC Group: IMARC Group is a leading market research and consulting company that offers management strategy and market research worldwide. The company has done multiple projects on the global E-cigarette industry, which has enabled clients to set up and expand their businesses successfully.

Some of the company's offerings include:

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  • Innovation and Product Development

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