San Francisco, Nov 15 The
global e-cigarette
and vaping market size is projected to reach USD 47.11 billion by
2025, according to a new study by Grand View Research, Inc., expanding at a
CAGR of 23.8% during the forecast period. Burgeoning popularity of these
products among young generation is expected to drive the market over the
forecast period.
Vaping
is considered to be an effective method to quit smoking, as it is less toxic
and creates vapor instead of smoke. Rising awareness of consuming safe,
smokeless, and ash less tobacco is estimated to propel the market. Its adoption
is estimated 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.
Rising
concerns regarding conventional cigarettes among various age groups is boosting
the demand for e-cigarettes. Several E-liquid flavors are being launched in the
market to cater to changing preferences of individuals, thereby stimulating
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 growth of the market.
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, various governments have banned sales and distribution of
e-cigarettes, which is likely to limit the growth of the market.
The
global arena comprises major tobacco companies that control a large share of
the global market. These players are venturing into 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.
Browse full research report on E-cigarette and Vaping Market:
www.grandviewresearch.com/industry-analysis/e-cigarette-vaping-market
Further key
findings from the study suggest:
- Modular
device is expected to be the fastest growing segment, rising at a CAGR of
24.9% over the forecast period. Modular devices allow their users to
adjust vapor output according to their preference.
- E-liquid is
expected to exhibit the highest CAGR of 26.7%. Growing popularity of DIY
e-liquid is anticipated to contribute to the growth of the segment
- Online
platforms are emerging as a popular medium for sales of vapor products.
Vendors are using social media applications such as Instagram, WhatsApp,
and Facebookto promote their vaping devices
- North America
accounted for the largest share in the market in terms of revenue and is
estimated to reach USD 20.49 billion by 2025. North America is home to
prominent players, such as Altria Group, Inc. and Philip Morris
International Inc., which command a significant share of the market
- Key industry
participants include Altria Group, Inc.; British American Tobacco;
Imperial Brands; International Vapor Group; Japan Tobacco International;
NicQuid; Philip Morris International Inc.; R.J. Reynolds Vapor Company;
Shenzhen IVPS Technology Co., Ltd.; and Shenzhen KangerTech Technology
Co.; Ltd.
Browse more reports of this category
by Grand View Research: www.grandviewresearch.com/industry/emerging-and-next-generation-technologies
Grand View Research has
segmented the global e-cigarette and vaping market based on product, component,
distribution channel, and regions:
E-Cigarette and
Vaping Product Outlook (Revenue, USD Million, 2014 - 2025)
- Disposable
- Rechargeable
- Modular Devices
E-Cigarette and
Vaping Component Outlook (Revenue, USD Million, 2014 - 2025)
- Atomizer
- Method of Delivery (MOD)
- Cartomizer
- E-liquid
E-Cigarette and
Vaping Distribution Channel Outlook (Revenue, USD Million, 2014 - 2025)
- Online
- Retail
E-Cigarette and
Vaping Regional Outlook (Revenue, USD Million, 2014 - 2025)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- MEA
Browse press release of this report
by Grand View Research: www.grandviewresearch.com/press-release/global-e-cigarette-vaping-market
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.
For more information:
www.grandviewresearch.com
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