Vaping industry is young, but it is rapidly developing. 2016 is considered its boom year. The global market size was valued at $7.19 billion in 2016, which was four times higher than in 2015 – $1.8 billion. Though initial hype seems to have subsided, the industry keeps evolving and increasing revenue. Experts predict a further growth up to $50 billion by 2025. Here’s what you may need to know if you decided to become a part of the vaping community or capitalize on the boom.
A Brief History of Vaping
Vaping’s short history doesn’t have many important dates. The following years are the landmarks for electronic nicotine-delivery systems:
2003 – A Chinese pharmacist Hon Lik creates an electronic cigarette. He was strongly motivated for the invention of a healthier analog to tobacco cigarettes. His father died of lung cancer caused by smoking. Hon Lik was himself a struggling smoker. He told The Spectator in 2015 that he already knew his brainchild “would be a revolutionary product”.
2004 – Hon Lik’s company “Ruyan” (based in Beijing) starts selling the product. 2004 is often called the year of e-cig birth because customers saw it for the first time.
The models of that time were far more primitive than modern pod vapes we use now. Still, the products started gaining popularity in China and Asia. This led to the appearance of dozens of companies that produced new smoking devices.
2009 – European and American customers can already purchase an e-cigarette.
2010 – Vaping becomes more of a mainstream ordeal. The change from a simple e-cigarette to the more innovative pod mod is forced by an increasing interest in creating a more satisfying vaping experience.
The Current State of Things
In 2019, vape products are manufactured, sold, and used nearly everywhere. The following countries represent the industry’s top market sizes:
- The United States
- The United Kingdom
To these days, China remains the biggest importer of vaping products with more than 600 factories situated in Shenzhen. Supply chain centered here produces about 90% of the world’s e-cigarettes. Though there are several dozen top-class vaping manufacturers in Shenzhen, many of them produce fake, counterfeit e-cigs. They say the real numbers of fakes on the market can be even more than anyone can think.
The UK manufacturers are known for quality and innovation. Small independent businesses, which Britain has more than 1,100, prevail in the vaping industry. There are 3 million vapers here. The country exports to Asia, and even to China that is the motherland of an e-cigarette.
In the U.S., vaping market is also lucrative. There’re now around 15-21 million vapers here. Local Data Company reports that the number of high street vape shops has reached 1,783 (during 2010-16), which is a 445% rise. According to Quartz, there’re almost 4 vape shops for every comic book store and 2.7 for every bowling alley in the U.S.
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