The U.S. e-cigarette and vape market size is projected to be USD 18.5 billion by 2025. The market is likely to register over 24% CAGR during the forecast years, as per a new study by Million Insights. E-cigarette and vape are known to protect against direct exposure to smoke and offer an alternative to conventional cigarettes. This benefit has led to a rise in the number of millennials in the U.S preferring this over conventional cigarettes.
E-cigarette and vapor are available in a different flavor, which further attract millennials. People, who are addicted to smoking but wish to quit, find e-cigarette useful. In addition, manufacturers claim that compared to conventional cigarettes, e-cigarettes and vapor are known to minimize the risk of cancer and related diseases.
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Product innovation and the introduction of new flavors have been among key strategic initiatives adopted by manufacturers. Further, a rise in online sales of products has encouraged manufactures to advertise their products through social networking sites. These online promotions are attracting more number of first-time smokers.
Key players operating the U.S. e-cigarette & vape market are Japan Tobacco International; Altria Group, Inc., NicQuid, Imperial Brands and International Vapor Group among others. These players are upping their production amid rising demand and competitive pricing.
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Further key findings from the report suggest:
• The rechargeable segment is anticipated to hold a 24.6% share in the market over the forecast duration owing to its cost-effectiveness.
• E-liquid is gaining popularity as it can be refilled by consumers themselves.
• Retail store accounted for the largest share in the market owing to their widespread network across the U.S.
• Online channels are estimated to witness the highest growth owing to increasing promotion of e-cigarette and vape products through social media.
Million Insights has segmented the U.S. e-cigarette and vape market on the basis of product, component and distribution channel:
U.S. E-cigarette and Vape Product Outlook (Revenue, USD Million, 2014 – 2025)
• Modular Devices
U.S. E-cigarette and Vape Component Outlook (Revenue, USD Million, 2014 – 2025)
• Vape Mod
U.S. E-cigarette and Vape Distribution Channel Outlook (Revenue, USD Million, 2014 – 2025)
• Retail Store
• Convenience Stores
• Drug Stores
• News Stands
• Specialty E-cigarette Stores
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