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.
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