The global e-cigarette and vape market is expected to reach USD 47,111.2 million by 2025, registering a CAGR of 24.9% from 2019 to 2025, according to a new study by Grand View Research, Inc. The growing popularity of these products among the young generation is expected to drive the market growth over next six years.
The growing awareness of consuming safe, smokeless, and ashless tobacco is expected to propel the market growth. Furthermore, given that vaping is considered to be an effective method to quit smoking, as it is less toxic and creates vapor instead of smoke. The adoption of vaping devices is expected to increase, particularly among individuals willing to quit smoking or willing to smoke merely for recreation. Launch of new and innovative vaping devices is also anticipated to foster the adoption of these devices.
While the rising concerns over conventional cigarettes among various age groups has boosted the demand for e-cigarettes. Several E-liquid flavors have also been launched in the market to cater to the changing preferences of individuals, thereby stimulating the market growth all over the world. However, e-cigarettes are often compared to conventional cigarettes and hence tend to attract criticism, a factor that is expected to restrain the market growth.
Several agencies have been calling for setting standards for vaping devices in order to encourage people to opt for a safer alternative to smoking. Long-term studies undertaken by various medical associations have helped determine that e-cigarettes can be considered as a safer substitute to conventional cigarettes. However, several governments have banned the sale and distribution of e-cigarettes, which has hindered the adoption of these products.
The market space comprises major tobacco companies that control a large share of the global market. These players have forayed into the e-cigarette space with new and innovative products under their brand name. On the other hand, there also exist various smaller players in the industry that develop efficient vapor products. Moreover, market incumbents are also investing in new product development and introducing innovative products.
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Further key findings from the study suggest:
- Modular device is expected to emerge as the fastest-growing segment, growing at a CAGR of 26.0% over the next six years. The sub-segment would continue to grow as modular devices allow their users to adjust the vapor output according to their preference.
- E-liquid is expected to emerge as the fastest-growing sub-segment growing at a CAGR of 27.8% from 2019 to 2025. The growing popularity of DIY e-liquid is expected to propel the growth of this sub-segment.
- Online platforms are emerging as a popular medium for the sale of vapor products. Vendors are using social media applications such as Instagram, WhatsApp, and Facebook, among others, to promote their vaping devices.
- The North America region accounted for the largest market share in terms of revenue and is expected to maintain its dominance over the forecast period. North America is home to prominent players, such as Altria Group, Inc. and Philip Morris International Inc., which control a significant share of the market.
- Key players in the e-cigarette and vape market include Altria Group, Inc., British American Tobacco, Imperial Brands, International Vapor Group, Japan Tobacco, International, NicQuid, JUUL Labs, Inc., Philip Morris International Inc., R.J. Reynolds Vapor Company, Nicquid, Shenzhen IVPS Technology Co., Ltd., and Shenzhen KangerTech Technology Co., Ltd., among others.
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About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.