The global vapor products (e-vapor market and heat-not-burn (HnB) devices market ) is projected to grow from $18.17 billion in 2017 to $43.15 billion by 2023. The market is forecasted to grow at an impressive CAGR of 15.51%.
Arizton’s recent market research report on the “Global Vapor Products (e-vapor and heat-not-burn (HnB) devices) Market” segments the market by product (cig-a-likes, closed tanks systems, VTMs, e-liquid, and heat-not-burn (HnB) tobacco vapor systems), by distribution channels (retail and online), and by geography (APAC, North America, EMEA, and Latin America).
The global vapor products (e-vapor and heat-not-burn (HnB) devices) market is divided into three major segments – by product, by distribution channels, and by geography.
Vapor products market segmentation - by product
The e-vapor product segment dominated over 71% of the total vapor products market share and generated revenues of $13.06 billion in 2017.
The increasing proliferation of vape shops and well-established distributions channels is likely to ensure that the sale of e-vapor products such as VTMs and closed tanks systems gain a larger share in the vapor products market.Vape products are further segmented into e-liquid, VTMs, cig-a-likes, and close tanks systems. The e-liquid segment in the e-vapor market contributed over 38% of the market share. The introduction of new flavors and non-nicotine e-liquids is likely to boost the sale of this market segment. However, due to the launch on next generation HnB devices, the market is expected to gain a higher share during the forecast period.
Vapor products market segmentation - by distribution channels
The retail distribution channel segment accounted for more than 79% of the total vapor products market share in 2017.
The increasing availability of vapor products in retail channels such as convenience stores, vape shops, tobacco shops, grocery shops, drug stores, and other retail outlets is driving the growth of the market. Major tobacco companies prefer marketing and distributing their products through retail channels. Retail chains across the world offer personalized services that ensure maximum consumer satisfaction. The growing trend of selling vapor products through online stores such as Amazon, eBay, Alibaba, and AliExpress is likely to increase the availability of these products in the global market.
Vapor products market segmentation - by geography
North America contributed around 33% to the global vapor products market in 2017. Factors such as easy availability of vapor products in vape shops and online stores and popularity of vapor products in the US and Canada are fueling the market growth in this region. The tremendous popularity of VTMs and the availability of low-cost vaping devices in these regions will help North America to dominate the market during the forecast period. The increasing availability of vapor products in countries such as China, Japan, South Korea, and Malaysia is likely to make APAC gain a higher market share by 2023.
Altria Group, British American Tobacco, Imperial Brands, Japan Tobacco International, JUUL Labs and Philip Morris International are the leading vendors in the vapor products market.
The complete overview of the latest market research report on “global vapor products (e-vapor and heat-not-burn (HnB) devices) market” by Arizton is now available.
The report also offers a detailed study of major trends, drivers, challenges, and provides the market size and forecast for major geographical regions and key countries.
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