Technavio analysts forecast the global vaping tank market to grow at a CAGR of close to 29% during the forecast period, according to their latest market research report.
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Technavio analysts forecast the global vaping tank market to grow at a CAGR of close to 29% by 2022. (Graphic: Business Wire)
The rising trend of mergers and acquisitions is one of the major trends being witnessed in the global vaping tank market 2018-2022. Since 2010, many large vendors in the tobacco market have been engaging in mergers and acquisitions (M&A) of several small pure-play vendors in the new-generation products and vaping tank industry to enter the emerging vapors, tanks, and modifiers market. These M&A help the players increase their market share and presence in the global market.
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According to Technavio analysts, one of the key factors contributing to the growth of the global vaping tank market is the rising number of vape shops and stores:
Global vaping tank market: Rising number of vape shops and stores
Various government agencies, such as Public Health England (PHE), have been constantly urging smokers to quit smoking conventional cigarettes and try the comparatively safe alternatives available in the market.
According to a senior analyst at Technavio, "Globally, the number of vapers has grown considerably since 2011. For instance, the number of vapers in the UK has increased considerably since 2012, now accounting for nearly 3 million in numbers. Besides, the rising number of vape shops and stores worldwide has also been instrumental in increasing the demand and popularity of vaping products and e-cigarette-based products."
Global vaping tank market: Segmentation analysis
The global vaping tank market research report provides market segmentation by product (OVT and OCT) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the two major products, OVT and OCT, the OVT segment held the largest market share in 2017, contributing to close to 69% of the market. This product segment is expected to continue to dominate the global market throughout the forecast period.
The Americas held the largest share of the market in 2017, accounting for more than 42% share, followed by EMEA and APAC respectively. The growth of the region can be due to the rise in the demand and popularity of OVT products, especially among millennials, and the increasing number of convenience stores, supermarkets, hypermarkets, vape shops, and drug stores offering vaping tanks in major e-cigarette-consuming markets.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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