E-cigarette and Vaping Market To Reach USD 29.4 Billion By 2032 | DataHorizzon Research
The e-cigarette and vaping market was valued at USD 21.6 Billion in 2023 and is anticipated to grow CAGR at 3.5% to reach USD 29.4 Billion by 2032.
Fort Collins, Colorado, May 03, 2024 (GLOBE NEWSWIRE) --*The growing awareness for vaping and safer alternatives for tobacco consumption drives the industry growth.*
The increasing awareness of safer alternatives to tobacco consumption has spurred the global adoption of e-cigarettes. These devices are available in a wide range of price points, enhancing their affordability and accessibility. Technological advancements have facilitated the development of high-capacity e-cigarettes capable of producing substantial vapor and flavor, appealing to vaping enthusiasts. Many smokers have successfully transitioned to vaping, finding it to be an effective alternative to traditional smoking. Additionally, former smokers often report improved respiratory function after switching to e-cigarettes.
The e-cigarette market is witnessing steady growth, driven by the perception of vaping as a healthier option compared to smoking conventional cigarettes. The introduction of e-cigarette products such as pods and squonk mods has garnered popularity among users in recent years. Moreover, there is anticipation for regulatory frameworks to be reassessed and updated to govern e-cigarette consumption, thereby fostering market expansion. Several European countries have legalized the use of *vapes and e-cigarettes,* further fueling market growth. Additionally, establishing vape shops allows customers to explore and test various devices and e-liquid flavors before purchasing, enhancing consumer experience and driving market demand.
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*Segmentation Overview:*
*The e-cigarette and vaping market has been segmented into product, component, distribution channel, and region.*
*Disposable e-cigarattes accounted for a significant market share in 2023.*
· The e-cigarette and vaping market is segmented based on product as disposable, rechargeable, and modular devices. Disposable e-cigarettes hold a significant share of the product segment of the e-cigarette and vaping market. These e-cigarettes are designed for one-time use, thus giving the user the feel of a combustible cigarette.
*Retail or vape registered a significant market share in 2023.*
· The e-cigarette and vaping market is segmented by distribution channel into online and retail. Retail sales hold a major share of the distribution channel segment. Retail or vape shops allow users to test different varieties of e-liquid flavors and MODs.
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*E-cigarette and Vaping Market Report Highlights:*
· The e-cigarette and vaping market growth is anticipated at a* CAGR of 3.5% by 2032.*
· A rising demand for e-cigarettes has been observed, especially among younger generations, such as young adults and teenagers. The different flavors add to the demand for these products.
· North America holds a significant share of the e-cigarette and vaping market, with the United States dominating this region. According to the National Center for Health Statistics, in 2021, 4.5% of the adults in the U.S. smoked e-cigarettes, with of 2021, 4.5% of adults in the U.S. smoked e-cigarettes, with the majority of the people being in the age group of 18-24 years.
· Some prominent players in the e-cigarette and vaping market report include Reynolds American Inc., Imperial Brands, Altria Group Inc., Japan Tobacco International, Philip Morris International Inc., British American Tobacco Plc., KangerTech-Shenzhen Kanger Technology Co. Ltd., Juul Labs Inc., NicQuid, Innokin Technology.
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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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