Vapes Market Increasing Awareness About The Harmful Effects of Smoking and The Desire To Quit Smoking

According to Precision Business Insights (PBI) latest report global vapes market was valued at USD 27,516.0 million in 2022, growing at 16% CAGR during the forecast period 2023 to 2029. The worldwide vapes market is heavily influenced by health awareness and harm reduction, as well as the smoking cessation aid component of using vapes. Moreover, Continuous advancements in vaping technology, such as temperature control, variable wattage, and longer battery life, enhance the overall vaping experience and attract more consumers. Furthermore, the growth of online sales channels provides an opportunity for manufacturers and retailers to reach a global audience. A well-designed online platform with seamless purchasing options can enhance customer reach and convenience, which is expected to further impact the growth of the global vapes market.

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The global vapes market is segmented based on product, distribution channel, composition, and geography.
Based on the Product, the market is segmented into the following:
• Modular Devices
• Disposable
• Rechargeable

Based on the Distribution Channel, the market is segmented into the following:
• Specialist e-cig shops
• Online Stores
• Supermarkets
• Others

Based on the Composition, the market is segmented into the following:
• Nicotine
• Nicotine Free

Based on Geography, the market is segmented into the following:
• North America
• Europe
• Asia Pacific
• Latin America
• MEA
Disposable Segment is expected to dominate the Global Vapes Market:
The global vapes market is segmented into modular devices, disposable, rechargeable based on product. Among these, the disposable segment is expected to hold a significant market share in the forecasting years. Disposable vapes, which are single-use devices pre-filled with e-liquid, have grown in popularity due to several prominent benefits, including ease of use, a wide range of flavour profiles, little maintenance, high nicotine concentration, discretion and portability, affordability, and others. On the other hand, rechargeable and modular vaping devices segements are also experiencing signifiant growth and is expected to grow further in the coming years owing to the changing consumer preferences and rapid developnment of vaping industries.

North America Leads Global Vapes Market
Global vapes market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The North America was one of the leading markets for vapes. Increased consumer interest coupled with increasing sales of vaping devices, particularly in countries like U.S., Canada, and Mexico has significantly driven the vapes market. The Asia-Pacific region showed promising growth in the vapes market, with countries like China, Japan, South Korea, and India being key players. China played a crucial role as a major manufacturing hub for vaping devices and e-liquids. However, regulatory restrictions in some Asian countries posed challenges for the market.

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Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global vapes market further reveals that the key players increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In December 2022, Nextleaf Solutions Ltd., Partnered for the Canadian launch of Cookies "C" branded vapes. In June 2023, IVG has launched a new TPD-compliant, 2,400 puffs disposable pod bar, with 26 flavours available in four combinations.

Key player's profiles in the global vapes market are JUUL Labs, Inc, Coast, NicQuid, Nextleaf Solutions Ltd., Philip Morris International Inc, R.J. Reynolds Vapor Company, IVG, Nicquid, Philip Morris, Shenzhen IVPS Technology Co. Ltd, Shenzhen KangerTech Technology Co., Ltd, Japan Tobacco, International Vapor Group, Imperial Brands.

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This release was published on openPR.