Vaping Industry’s boom
The vaping boom is more likely to be seen in teens. The largest group is from 10 to 12 graders. Vaping took boost in 2011, the number of vapors was about seven million and in the past 6 years rapidly increasing it rose to 35 million.
Increased Spend on E-cigarettes
As the number of vapors raises the buyers of e-cigarettes also rise. $22.6 billion is the estimated net worth of the global vapor products market which rose from $4.2 billion in the past five years.
The United States of America, Japan and UK are the largest markets of vaping. The vapers from these three countries spent about $16.3 billion on smokeless tobacco and other vaping products in 2016.
Countries from europe such as Sweden, Italy, Germany, Norway also comes under the top ten vaper users.
Open and closed tank e-cigarettes
The two main types of e-cigarettes are open and closed tank.
In an open system, the mouthpiece is removable and the vaporized liquid is able to be refilled by the user manually.
Whereas, closed tank e-cigarettes are ready to used refills, which directly screw on to the e-cigarette’s battery.
Since 2011, the spending on both is slowly expanding.
In 2018, it was estimated that vapors will spend about 8.9 billion US dollars on open e-cigarettes, also called vape pens – almost double the spending on closed tanks.
Highest purchase of e-cigarettes is in-store
According to the analytics and the report published by Ernst & Young, most of the e-cigarettes buyers buy their devices from specialist shops.
Back in 2015, almost 35% e-cigarette users were surveyed in the UK, Germany, France, Poland, Russia, Italy and South Korea which resulted in buying of devices from e-cigarette shops.
In 2015, 35% of e-cigarette users surveyed across the UK, France, Germany, Poland, Italy, Russia and South Korea bought their devices in e-cigarette shops.
From the 3,000 users surveyed by kantar for Ernst & young, 21% reported that they purchased devices online.
So overall it can be evaluated that consumers prefer buying their first e-cigarette in person to better know the product or which type might suit them the best. In Europe, the largest E-Cigarette market resides in The UK in which there are almost 2,000 vaping outlets.
The Popular Juul Labs
The insider reported that according to “The Information”, Juul Labs which are the makers of every 8th-grader’s favorite e-cigarette is almost worth more than $10B. The two major reasons of their boost is that first of all they burn nicotine and secondly being only 3-years old company, it has raised $111.5m in a single round of funding and managed to edge out Big Tobacco companies for more than 64% of e-cig market share.
The top vape manufacturers, say that they’re seeing annual growth rates of several hundred percent with every passing year. According to Pantelis Ataliotis “I think the reason you’re seeing more premium vaporizers on the market is because it’s getting more competitive. It’s getting tougher to stand out in the crowd … with a standard vaporizer.”
Furthermore, The CEO of a leading vape manufacturer PAX Labs Tyler Goldman said that there is always room for great innovation. He further said that “Like in any typical tech business, the top companies are likely to be the few who have better offerings. Consumers migrate quickly to the best products.”