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The Rise of Vaporizers: Market Dynamics and Projections 2024
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According to The Business Research Company's, The vaporizers market size has grown rapidly in recent years. It will grow from $4.41 billion in 2023 to $5.05 billion in 2024 at a compound annual growth rate (CAGR) of 14.5%. The growth in the historic period can be attributed to the legalization of , increased awareness of the health risks associated with smoking, the growing acceptance and normalization of , and shifts in government policies and regulations favoring .
The vaporizers market size is expected to see rapid growth in the next few years. It will grow to $8.76 billion in 2028 at a compound annual growth rate (CAGR) of 14.7%. The growth in the forecast period can be attributed to growing awareness of the health risks associated with traditional smoking, the availability of customizable and high-quality vaporizer products, growing demand for alternative smoking methods, and growing acceptance of . Major trends in the forecast period include innovations in battery technology, the development of vaporizers that can handle both dry herbs and concentrates, the implementation of intuitive touchscreens and digital displays, and product innovation.
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Market Drivers and Trends:
The growth of e-commerce platforms is expected to propel the growth of the vaporizers market going forward. E-commerce platforms are online systems or software enabling businesses and individuals to buy, sell, and manage products and services online. These platforms facilitate digital transactions, allowing users to conduct business activities anywhere with an internet connection. The growth of the e-commerce platform is due to the growing availability of high-speed internet and mobile connectivity, changing consumer behavior, and the growth of online payment solutions. E-commerce platforms enable vaporizer retailers to reach a global audience, allowing consumers from various regions to access a broad selection of products that may not be available locally. For instance, in May 2024, according to the United States Census Bureau, a US-based government agency, US retail e-commerce sales in the first quarter of 2024 were $289.2 billion, a 2.1% (±0.7%) increase over the fourth quarter of 2023. Therefore, the growth of e-commerce platforms is driving the growth of the vaporizers market.
Major companies operating in the vaporizers market are focusing on developing innovative products, such as biodegradable vape pens, to address environmental concerns and cater to the growing demand for eco-friendly products. A biodegradable vape pen is a vaporizer made from environmentally friendly materials that decompose naturally, reducing waste and minimizing environmental impact. For instance, in December 2023, AVEO Vapor Device, a China-based vape hardware manufacturer, launched the , a biodegradable vape pen designed to tackle the environmental challenges of single-use vape products. This innovative pen is made from hemp-reinforced plastics that decompose significantly faster than traditional plastics in less than 1,100 days. It features a user-friendly design that allows for easy removal and recycling of the lithium battery, thereby minimizing battery waste. The pen also includes a wide filling channel for efficient automation, a patent-pending unlocking function for easier access during testing, and a capacity of 1.0 ML, which can accommodate smaller quantities like 0.5 ML or 0.3 ML.
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Major Key Players of the Market:
Greenlane Holdings Inc., Pax Labs Inc., Leafly LLC, Firefly Vapor LLC, Boundless Technology LLC, V2 Cigs LLC, Storz & Bickel GmbH & Co. KG, Arizer Technologies Inc., Shenzhen Smiss Technology Co. Ltd., Cloudious9 Inc., Dr. Dabber Inc., Grenco Science Inc., Haze Technologies LLC, KandyPens LLC, Sutra Vape Inc., Topgreen Technology Co. Ltd, Vaporbrothers Inc., Vuber Technologies LLC, E-Toke LLC, Pulsar Vaporizers LLC, Atmos Nation LLC, Bong Vaporizer Co. LLC, Herbalizer Inc., Nugget Vaporizer Co. Inc., ZenPen LLC
Vaporizers Market 2024 Key Insights:
• The vaporizers market size is expected to see rapid growth in the next few years. It will grow to $8.76 billion in 2028 at a compound annual growth rate (CAGR) of 14.7%.
• E-Commerce Growth Drives Expansion Of The Vaporizers Market
• Pioneering Product Innovation In The Vaporizers Market
• North America was the largest region in the vaporizers market in 2023
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