The answer depends entirely on what you count. Three major research firms publish US vape market size data, and their numbers vary by a factor of six because they use different product definitions:
| Source | 2026 Value | Scope | CAGR | Confidence |
|---|---|---|---|---|
| Morgan Reed Insights | $9.8B | E-cigarettes + vape devices (standard) | 6.7% | [SINGLE_SOURCE] |
| Mordor Intelligence | $4.74B | E-cigarettes only (narrow) | ~5% | [SINGLE_SOURCE] |
| Expert Market Research | $31.25B | All vape hardware + accessories (broad) | 25% | [SINGLE_SOURCE] |
Methodology note: We adopt Morgan Reed's $9.8 billion as our headline figure because it covers the core e-cigarette and vape device market without inflating numbers with peripheral accessories. The $4.74B Mordor figure is too narrow (excludes hardware), and the $31.25B Expert Market Research figure appears to include non-nicotine vapor products and accessories that most industry analysts would separate. None of these figures are cross-verified — each comes from a single source. [INFO_GAP: No government statistical agency (e.g., US Census) tracks vape market revenue directly.]
For context, the US combustible cigarette market is worth approximately $100 billion annually. Vaping now represents roughly 10% of the total nicotine product market by revenue — a figure that has doubled since 2020 despite intensifying regulatory pressure.
