Handheld Marijuana Vaporizers Market is projected to reach a valuation of US$ 26 Bn in 2029 | Future Market Insights
Feb 18, 2020
The global handheld marijuana vaporizers market is projected to reach a valuation of US$ 26 Bn in 2029, with a strong double-digit CAGR during 2019-2029. As indicated by a new study by Future Market Insights (FMI), the market is receiving impetus from the legalization of marijuana, and the rapid transition from smoking weed to vaping marijuana.
“Demand for marijuana vaporizers would particularly witness the rise of concentrates. While sales of marijuana flowers could potentially drop in the near future, that of handheld marijuana vaporizers will observe an upward trend, as vape pens work even with non-psychoactive CBD, concentrates, vape oil, and dry herbs.”, opines the Future Market Insights study.
Key Research Findings of FMI’s Handheld Marijuana Vaporizers Market Study
Offline sales of handheld marijuana vaporizers continue to contribute a majority of revenues to the market.Online sales are set for a solid CAGR of over 16% through 2029.North America continues to lead the global market, with greater access to superior medical infrastructure and research facilities.Sales of conduction handheld marijuana vaporizers remain strong compared to their convection counterparts, owing to the compact size, portability, and affordability.Key Growth Drivers
Legalization of marijuana for medicinal and recreational applications is driving the growth of handheld marijuana vaporizers market.Discretion in consumption, portable characteristics, and convenience continue to be the key factors shaping the popularity of handheld marijuana vaporizers market.Handheld vaporizers allow the use of oil, flowers, and concentrates as raw materials, which broadens their scope of adoption.Key Impediments
Strict regulations related to the use of marijuana in different countries continue to be a major restraint for the growth of the handheld marijuana vaporizer market.The availability of affordable alternatives will remain a key impediment facing manufacturers of handheld marijuana vaporizers.
Competition Structure Analysis – Handheld Marijuana Vaporizers Market
Competition landscape of the global handheld marijuana vaporizers market will primarily remain influenced by investments in technological integrations in products. Some of the latest tech trends that are garnering R&D interests of companies include temperature control, waste reduction, and smartphone app compatibility. Smaller companies and venture capitalists will be seen targeting financial support for R&D to gain an edge over the competition. Entry and exit of multiple prominent players in the market mark a significant trend that would shape up the competition over the near future.
Some of the key participants in global handheld marijuana vaporizers market that are profiled in this Future Market Insights’ report, which include but are not limited to, DaVinci, Boundless Technology, PAX Labs Inc., STORZ & BICKEL GmbH, Ghost Vapes, Inc., Vapium Inc., and SLANG Worldwide Inc., among others.
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Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights and an aerial view of the competitive framework and future market trends.
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