Regular smoking is associated with countless health risks. There has been a growing awareness regarding the damage that smoking causes to the body over the last several years. This has prompted smokers to seek less risky alternatives in the e-cigarette and vaping industry.
Millions of people are now buying e-cigarettes with exotic sodas flavors and other vaping devices because they are a cost-effective solution to traditional smoking. While you pay more for e-cigarettes initially compared to just buying a cigarette, their rechargeable nature makes them an affordable option in the long term. In the sections below, we will dive into details about the size of the e-cigarette and vaping market and explore the emerging trends in this sector.
The size of the e-cigarette and vaping market
The e-cigarette and vaping market is currently valued at USD 23.6 billion. It is projected to grow to USD 182.84 billion by 2030. It is approximated that about 15 million people are vaping every day.
The e-cigarette market is divided by product type, distribution channel, battery mode and geographical areas.
Sustained e-cigarette adoption is promoted by the ease and convenience of obtaining them through online vendors. To fuel the growing popularity of e-cigarettes, vendors are offering more flavors and fragrances to lure more people into vaping.
Key trends in the e-cigarette and vaping market
More people are embracing e-cigarettes and vaping as a cost-effective alternative to traditional tobacco
The affordability of e-cigarettes is attracting thousands of people to vape every day. The reusability of e-cigarettes makes them economical to use. The price-based marketing approach used by vendors is also encouraging more people to buy e-cigarettes.
The e-cigarette and vaping market is highly competitive
The e-cigarette market is highly competitive with both local and international players trying to outshine each other. Fortunately, this intense rivalry is compelling the players to adopt product innovation and development in a bid to edge out the competition. Consumers, in turn, are being presented with better and more diverse e-cigarette options.
The largest market for e-cigarettes is the United States
The US is currently the biggest consumer of e-cigarettes in terms of market share. This is being fueled by the heavy uptake of e-cigarettes and vaping devices by the youths. At the moment, more than 3000 e-cigarette flavors are available in the US market and this number is growing by the day.
Online vending of e-cigarettes is on the rise
Online vape shops that encourage consumers to buy e-cigarettes online have emerged over the recent past. There is no requirement for age verification to purchase from these online platforms and people of all ages are ordering e-cigarettes through them. The small packaging of e-cigarettes means that the shipping fees are low and people are finding this very convenient. Online vending of e-cigarettes is expected to register significant growth in the next few years.
In conclusion, it is obvious that the e-cigarette and vaping market is growing fast. The association of vaping with fashion as well as the affordability and convenience of buying e-cigarettes are driving their demand. On the other hand, professional vaping competitions are necessitating the development of advanced vaping devices that come with programmable functions.