The handheld vaporizer market is expected to reach $15.9 billion by 2031, Transparency Market Research (TMR) suggests in a new report. The shift would represent a compound annual growth rate (CAGR) of 13.4%.
The report credits the expected growth to the growing popularity of dry and conductive vaporizers as well as the introduction of new innovations involving wax and oil vape pens. Additionally, the market is expected to see significant funding for improving the vaporizers’ design and function, and these innovations will further help grow the devices’ popularity and use among consumers.
The researchers said in a press release that other factors contributing to the market’s expansion include the easy cleaning of handheld vaporizers, the ease with which one can use and carry the devices, and the fact that vaporizing is a more discreet option than the traditional methods of smoking cannabis, like a pipe or joint. The report also says the increased acceptance of medical cannabis by consumers and their governments around the world would be a driving force for growing the handheld vaporizer market.
Lastly, researchers suggested that while the North American vaporizer market is expected to uphold its position as the current global leader in terms of market size, the market is “expected to gain sizable avenues for growth in Europe during the forecast period [of 2022-2031] as marijuana is technically legal in several regional nations such as Italy.”
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