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.