The Vaporizers Market is likely to hold the global market at a moderate CAGR of ~28% during the forecast period. The global market holds a forecasted revenue of ~US$ 20 Billion in 2022 and is likely to cross ~US$ 236.12 Billion by the end of 2032.
The Vaporizers market is anticipated to show promising growth prospects during the forecast period, expanding the vaporizers market size.
| Attribute | Details |
|---|---|
| The Vaporizers Market Estimated Size (2021) | ~US$ 18.13 Billion |
| The Vaporizers Market Estimated Size (2022) | ~US$ 20 Billion |
| The Vaporizers Market Projected Size (2032) | ~US$ 236.12 Billion |
| The Vaporizers Market CAGR (2022 to 2032) | ~28% |
One of the common everyday habits of the average individual is smoking tobacco. Because of the harmful effects of tobacco use, governments have banned smoking in public areas, which has reduced the availability of tobacco goods like cigarettes. Growing health consciousness has also contributed to limiting cigarette sales. The sale of tobacco is undoubtedly restricted by regulations, but customers now have access to alternatives like e-cigarettes and vaporizers.
Plant material or extracts inserted are converted into active chemicals by vaporizers, which are electrical equipment. Concentrates or dry herbs are heated in vaporizers. As opposed to smoking, using a vaporizer is believed to be safer because no raw ingredients are burned and no potential carcinogens are consumed. Along with these facts, the extracts used in vaporizers are flavoured, giving users flavourful inhale, which is not as strong as tobacco.
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The main driver of the vaporizer market's expansion is the legalisation of marijuana use and sales. Marijuana use for recreational purposes became legal in Canada, Georgia, Malta, Mexico, South Africa, Thailand and Uruguay. Canada is the second country after Uruguay to legalise marijuana.
Although marijuana is permitted for medical use in the majority of nations, sales will mostly come from marijuana used for recreational purposes. After people become more aware of marijuana's therapeutic benefits, its use as medicine will rise globally.
Marijuana use for medical purposes is now allowed in several nations, considering the substances use illegal for any purpose. The global cannabis market is being propelled by consumers' increased acceptance and desire, which is driving vape sales.
However, the use of marijuana is constrained by severe rules and regulations. Numerous studies have also revealed that using vaporizers can put consumers at serious risk of sickness. Smoking or vaping can be bad for health as, it includes consumption of nicotine, a toxic substance increasing blood pressure and Adrenaline level. Such conditions can lead to heart attack.
Several studies have proved that e-cigarettes are as addictive as traditional ones. Also, some users may purchase extracts which are stronger and have high nicotine content. Increasing voltage of vapes can also give strong effects to users.
All these health concerns have led to ban of vaporizers and e-cigarettes in many countries, restraining the vaporizers market.
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Following a "substantial" increase in sales of innovative heated tobacco products, European Union parliamentarians are recommending a ban on vaping products as portable devices and flavoured liquid cartridges. They claimed this ban will be for protection of youth from addiction from such harmful substances.
As part of a significant anti-cancer campaign, the EU is planning to achieve a Tobacco Free Generation goal, and have no more than 5% of the population using tobacco and other similar products by year 2040. The advent of vaping, however, poses a clear obstacle to preventing young people from smoking with its selection of flavourings that appeal to them, including bubble-gum, crème brûlée, mint, and many more.
Before 2019, there were no laws covering use of e-cigarettes. The already established laws regulating use of tobacco were limited to tobacco products, hence, e-cigarettes were legal and there were no regulations on sell of e-cigarettes and related products. In 2019, vaping was banned in India through Prohibition of Electronic Cigarettes Act, regulating production, import and export, sale and distribution, storage and advertisement of these products.
Some key players in the vaporizers market are DaVinci, PAX Labs Inc., Ghost Vapes Inc., SLANG Worldwide Inc., Vapium Inc., STORZ & BICKEL GmbH, Boundless Technology and others. These players are operating in vaporizers market altogether, and introduce new and innovative products to consumers.
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| Attribute | Details |
|---|---|
| Growth Rate | CAGR of ~28% from 2022 to 2032 |
| Base year for estimation | 2021 |
| Historical Data Available for | 2017 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative units | Revenue in USD Billion, volume in Units, and CAGR from 2022 to 2032 |
| Report coverage | Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends, pricing analysis |
| Segments covered | Product Type, Heating Method, Price, Consumable Type, Heat Up Time, Sales Channel, Region |
| Country scope | USA, Canada, Mexico, Germany, UK, France, Italy, Spain, Russia, India, Thailand, China, India, Japan, Australia, Brazil, Argentina, Colombia, Saudi Arabia, UAE, South Africa |
| Key Companies Profiled | DaVinci; PAX Labs Inc.; Ghost Vapes Inc.; SLANG Worldwide Inc.; Vapium Inc.; STORZ & BICKEL GmbH; Boundless Technology; Others |
| Customization scope | Free report customization (equivalent to up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and purchase options | Avail customized purchase options to meet your exact research needs. |
The vaporizers market is expected to reach a valuation of ~US$ 20 Bn in 2022.
The main driver of the vaporizers market's growth is the legalisation of marijuana use and sales, followed by increased number of alternative seekers for cigarettes and users using vapes and e-cigarettes to follow trends.
Leading players in vaporizers market are DaVinci, PAX Labs Inc., Ghost Vapes Inc., SLANG Worldwide Inc., Vapium Inc., STORZ & BICKEL GmbH, Boundless Technology and among others.
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Vaporizers Market
