By 2030, the vape and e-cigarette market is forecasted to be worth 182.84 billion USD. A compound annual vaping growth rate, or CAGR, of 30 percent between 2022 and 2030 is being expected, based on a recent study by Grand View Research Inc. For the laymen, the growing popularity of vaping is seen clearly either personally or in social media.
What Influences The Growth Of the E-Cigarette And Vape Market
The advancement of technology is the main reason for the evolution of smoking. When tobacco products reached the point of monopoly despite the countless warnings from different health organizations and medical institutions, there seems to be a need to transition to a relatively safer alternative.
So far, many cigar smokers have quitted and transitioned to vaping. With the use of electricity, the user can ‘vaporize’ the e-liquid, or the source of nicotine or alternative chemicals, through a handheld device commonly known as e-cigarette. The device can be in many forms, even as small as a pen. Aside from portability, it is battery-powered, making it very convenient to use.
Highlights Of E-cigarette And Vape Market Report
The market report from the recent study of Grand View Research Inc. has highlighted many points that support the vape market’s valuation. Here are the following:
- The “modular device” segment is expected to be the fastest-emerging and growing segment within the forecast period. The modular device is an advanced vaping device that is used for professional vaping competitions. This has many features like temperature control, wattage regulation, and programmable functions.
- The “online platform” segment plays also a large role for registering a significant CAGR. With the majority of the economic functions back to being operational after the loosening of pandemic restrictions, online purchasing has become the norm even in rural places. Online vape shops can do as well as the physical stores, if not greater.
- With the expanding presences of major players like Philip Morris International Inc. and Altria Group, Inc., the vape market in North America has the highest market revenue share in 2021.
Segmentation Of the E-cigarette And Vape Market
Grand View Research Inc. has segmented the international vape and e-cigarette market based on the distribution channel, product, and region. The following are the outlooks for 2017 to 2030:
Product Outlook (Volume = Million Units; Revenue = USD Million)
- Modular Devices
Distribution Channel Outlook (Revenue = USD Million)
- Drug Store
- Convenience Store
- Tobacconist Store
- Specialty Store
Regional Outlook (Volume = Million Units; Revenue = USD Million)
- North America
- United States
- United Kingdom
- Asia Pacific
- South Korea
- Latin America
- Middle East and Africa
List Of Prominent Players In The Vape And E-Cigarette Market
- Shenzhen IVPS Technology
- Altria Group
- Imperial Brands
- International Vapor Group
- JUUL Labs, Inc.
- Philip Morris International
- Shenzhen KangerTech Technology
The height of the COVID-19 pandemic forces the majority of the population to stay indoors. Because of this, indoor smoking cases skyrocketed. Furthermore, the demand for e-liquids has soared because of the closure of businesses. But with this predicament, many manufacturers tend to be innovated and this has ushered more improvement of the vape market.