Vapor E-Cigarette Industry Soaring to New Heights
The Vapor E-Cigarette industry is quickly on the rise, with recent numbers suggesting astounding growth projected for e-cigs over the next three years. According to research done by REJournals.com, the Smoke-Free Alternatives Trade Association is projecting the e-cigarette industry to be worth an enormous $10 billion by 2017. Vape shops are popping up all across the country, with an estimated 3,500 in business right now, and an explosion of new stores expected in the coming years. What was once a unique commodity store is now becoming a standard staple of strip malls and shopping centers across the country. And this is only the beginning.
NEwhere is one of the outlets that is in the midst of this torrid growth in the e-cigarette industry. A premium vendor of e-cigarette, e-hookah, and e-liquid products, NEwhere has store locations all across the country, and has plans to soon expand internationally, becoming a major player in the market expected to be valued at $10 billion in just two years.
The widespread growth of the e-cigarette industry is an exciting development for e-cigarette smokers. For the millions of people that have turned to e-cigs rather than traditional tobacco products, the explosion of e-cigarette availability means more vaping options, more vaping flavors, and a competitive market place that will help to keep prices down in the long run. The e-cigarette industry’s explosion is a virtual certainty at this point, with vaping soon expected to overtake traditional cigarettes as the most popular form of smoking.
Recognizing the tremendous popularity of E-cigarettes, the US government has stepped in to ensure they get their cut from the vaping industry. Recent legislation has been introduced in Indiana that treats vaporizing products the same as traditional cigarettes and other tobacco products, meaning the wholesale tax on e-cigarette products will spike to 24 percent. The e-cigarette industry is largely unregulated at this point, but it is highly likely that once the legislation passes in Indiana, more taxation on vape products will be on the way. The surge in popularity of these products will quickly make other states realize that they are missing out on a large amount of potential tax revenue, so expect big tax hikes on e-cigarettes to be coming in the near future.
For now, taxes remain low on e-cigarettes, and business is certainly booming, with store expansion rampant across the country and online, and only expected to accelerate in the coming years.
- Tags: Recent Studies
- Ali Esmaili