The popularity of e-cigarette and many other vaping products has increased a lot over time. The introduction of new technologies has brought many innovative vaping products. It has led to a massive boom in the growth of the e-cigarette and vape market.
According to the data revealed by Grand View Research, the e-cigarette and vape market is growing at a rapid pace. In 2019, the global e-cigarette and vape market size stood at USD 12.41 billion and it is going to witness a boom in its revenue in the coming years.
During the time period, 2020-27, this sector is going to witness a growth at a CAGR of 23.8%. A variety of innovative e-cigarette products are available in the market and it is leading to the rising popularity of vaping as well as e-cigarette products.
Ease of Availability of a Variety of Products
The primary reason responsible for the high growth of this sector in the coming years is the ease of availability of a variety of vaping products. Many firms are utilizing the power of technology to provide innovative products to the target audience.
A lot of new businesses have sprouted in this sector and it has led to the emergence of new brands. Rokin is one such brand that got introduced in 2016 to provide technology-driven vaping products to customers. All the different types of Rokin vapes are certified to the latest FCC, CE, and RoHS standards.
Efficient and Innovative Products
Due to the use of many different types of the latest technologies, it has become possible for vaping companies to bring efficient and innovative products. This has helped people to enjoy vaping in an effective manner. Rokin vapes are made using advanced technologies and they help people to provide innovative products with ease.
Rokin is a family-owned and operated business that has turned into a company due to the use of innovation. The company engineers and modifies its new as well as existing products by making use of the latest technologies.
Rising Awareness among the Young Population
Many medical studies have proved that e-cigarettes and other vaping products are a safer alternative to traditional cigarettes. This has led to increased awareness of various vaping products and e-cigarettes among young people. It is leading to a boom in the growth of this sector at a global level.
The young people are also getting to know about the harmful effects of traditional cigarettes. They are now switching to e-cigarettes to limit the consumption of nicotine for slowly giving up the habit of smoking.
More Spending in this Sector
The spending in the e-cigarette and vaping market has increased a lot over the last few years. Some of the bigger markets for e-cigarette and other vaping products are France, the United Kingdom, and the United States. In the year 2018, the total spending of over $10 Bn was made on smokeless tobacco and vaping products.
In a nutshell, we can conclude that the global e-cigarette and vape market is going to witness immense growth in the coming years. And technological innovation and the high investment in this sector are major factors that are giving this market a massive boom.