The US vape market crossed $9.8 billion in 2026, but the story isn't growth — it's who's growing and who's getting pushed out. Elf Bar overtook every legacy brand in unit sales. JUUL's lead is shrinking. And the FDA just split the market in two: refillable systems got a regulatory tailwind, while disposables face a state-by-state ban wave. This report breaks down the numbers, the brands, and where the money is flowing next.