As the vaping industry grows, we have seen a change in the quality of vaping devices and materials. Becoming more and more high-tech, the technology of vaporizers and mods have increased significantly in the last couple of years. This is due to a number of different reasons.
First, the switch to e-cigarettes and vaporizers to quit smoking traditional tobacco cigarettes has become more popular as a harm reduction tool. For those wishing to quit smoking toxic cigarettes and continue taking in nicotine or dwindling down the amount consumed, e-cigs, vape pens, and vape mods are the go-to.
Secondly, in areas where states have legalized medical marijuana for the sick and states that have legalized it for recreational use, vaping cannabis has become more popular over smoking marijuana from dry herb and papers.
As more states legalize both recreational and medical marijuana, this has increased the need for manufacturers to produce more reliable, high-quality, and cannabis-specific devices to meet the growing demand. As the cannabis culture (and need, in medical cases) grows, it has created large side industries to supply that demand.
Vaporizers, which are already growing in use by those consuming nicotine in a safer manner than cigarettes, are seeing further sales surges as cannabis legalization has also spread. Vapes are more popular here because they have historically been low-tech and low-cost products.
However, there are many in the industry that are adopting business models that are more in line with tech giants like Samsung, Sony, and Apple, as a means to grow sales. By increasing the quality of vape devices and quality of e-juices, waxes, and herbs to vape (be it nicotine or cannabis based), a more high-tech range of products are being introduced. Now, vapers can customize their vape pens and mods more than ever before, take control of temperature and wattage via OLED screens, and enjoy safety protections built-into the devices.
A leading internet marketer of vaporizers and accessories, Namaste Technologies, has predicted that the vaping industry will generate revenue of $15.7 million Canadian / $11.7 million U.S. this fiscal year — with a growth to $24.9 million Canadian / $18.5 million U.S. for the fiscal year ending Aug. 31, 2018. From there, it is expected to increase revenue another 35 percent each year through 2020.
A large part of the annual growth rates has been attributed in part to the decision by many vape manufacturers to aggressively market high-end, high-dollar products that offer regular upgrades, customizable features, and technology built-in.
With competition in any industry comes innovation — we are seeing more premium vaporizers on the market and it becomes more difficult to stand out with a standard vape device. This strategy is luring investors into the vaping industry as companies manufacture higher-end vape devices and cannabis / nicotine products for consumers.
Because the industry is still new, there are many opportunity to create new products and make improvements on old models. With room for innovation, it has been seen that consumers will upgrade to new releases, even if there isn’t too much of a difference. This creates brand loyalty and a continuous stream of future consumers among existing customers. This is why high-tech releases and innovations among vape devices is important to revenue in the vaping industry today.
The market territory for vape companies is expanding fast as more states are passing marijuana laws for medical use and in some cases, recreational use. This has some some manufacturers actually considering options such as an initial public offering (IPO) — the popular Dr. Dabber brand says they have been toying with the idea of this frequently, but do not have any plans as of yet.
The future of the vaping industry will without a doubt continue to grow significantly with all of the recent changes that benefiting the industry. For now, we can enjoy the release of higher-tech, better quality, and innovative vape devices we can enjoy at better prices.