Handheld Marijuana Vaporizer Market Analysis Report By Product, By Charger Type, By Temperature Control, By Distribution Channel And Segment Forecasts From 2021 To 2028

Report Overview

The global handheld marijuana vaporizer market size was valued at USD 9.90 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 6.0% from 2021 to 2028. The rising consumption of marijuana as a result of increased awareness about its benefits in the treatment of neurological disorders is expected to have a positive impact on industry growth. The vaporizer is a battery-operated device designed to heat concentrates and cannabis. The main components of such devices include the mouthpiece, oven, and battery. Moreover, the vaporizers are widely used as they only heat the cannabis until pure Cannabinol (CBN); and Tetrahydrocannabinol (THC) is released without burning the weed itself.

Also, various innovative products with advanced capabilities are being launched by key players in the market. For example, Boundless Technology LLC introduced its new product, CFC Lite, in 2019. They have efficiently upgraded the functionality and accuracy of the devices. The companies are also enduring severe research and development for launching more advanced products with better portability, heating ability, durability, and elegant designs and hence, will boost the market growth.

The market is also growing with the increasing ratio of personal disposable income and tapping up with the latest trends. Increasing use of inhalers and vaporizers, on account of legalization of their usage in various countries including Canada, Germany, Italy, and Mexico, is also driving the market. However, in some countries, the product is still not legalized, which may hamper the market growth.

The sales of electronics and electrical products have declined across the globe due to the Covid-19 pandemic. Moreover, the pandemic has created a scarcity of raw materials, labor supply, and other components, thereby limiting the market growth. The impaired distribution network and supply chain are some major challenges that companies are facing. However, the end of lockdown in various countries will have a positive impact on the market growth.

Product Insights

The conduction vaporizers segment contributed to the highest revenue share of more than 85% in the global handheld marijuana vaporizer market in 2020. The segment will expand further at the fastest CAGR from 2021 to 2028 as a result of the high demand for these products due to their low price, portable size, low maintenance requirements, and instant heating capability. These devices also have more control over the heat produced during vaporization. The convection vaporizer is estimated to register the second-highest CAGR over the forecast period. In the case of convection vaporizers, the heat is transferred via moving fluid as it utilizes more moving fluid, such as steam, to facilitate heat transfer. However, despite its complicated chambers, the device is still costlier than the conduction vaporizer.

Charger Type Insights

The USB charger type segment accounted for the maximum revenue share of over 54% in 2020 and will remain dominant throughout the forecast period. On the other hand, the Micro USB segment is estimated to register the fastest growth with a CAGR of 6.3% from 2021 to 2028. This growth can be credited to the advanced features of these charger types and their rising use among the young generation. Micro USB chargers consist of a charging cord and lightning cable. Other factors driving the demand for these chargers include their portable size and low price. Companies in the market are producing vaporizers, which have micro USB charging systems due to their increasing demand by the customers. For example, Kandypens has launched Miva 2 vape with an advanced micro-USB charging system.

Temperature Control Insights

The fixed temperature control segment led the global handheld marijuana vaporizer market in 2020 with a share of over 64% and will retain the leading position throughout the forecast years. However, the variable segment is estimated to register the fastest growth with a CAGR of 6.3% from 2021 to 2028. In the case of variable voltage vaporizers, the power can be adjusted, and that power increases the temperature. It can also adjust watts, volts, and listed temperatures. Variable temperature control devices allow consumers to change the temperature as required. Also, these devices are extremely easy to use, which also drives their demand.

Distribution Channel Insights

The offline distribution channel accounted for the largest share of more than 50% of the overall revenue in 2020. The supply from such channels is projected to be favorable for manufacturers. These channels led the industry due to easy product availability with a wide range of variety, in terms of brands, prices, and designs. The companies in the market make extensive use of the retail environment to reach their customers by advertising and promoting their products. However, the proposed ban on vaporizers and e-medicine in countries like India acts as a restraint for market growth.

The online channel segment is estimated to register the fastest CAGR of 6.3% from 2021 to 2028. Such channels are most widely used by the young population, who are the key consumers of the industry. In addition, the rising number of app-based sellers and delivery services offered by these channels are significantly driving the segment growth. Moreover, easy exchange or return policies offered by online platforms boost product sales through these channels.

Regional Insights

North America was the leading regional market in 2020 and accounted for a revenue share of over 56%. The regional market will expand further at a steady CAGR from 2021 to 2028 due to product legalization in the U.S. and Canada. Moreover, the rising demand for marijuana products, such as cannabis concentrates and flowers, in the region will propel the market growth. Increasing demand for recreational marijuana is also estimated to fuel regional market growth. Rising awareness about the benefits of using cannabis in medical applications has also supported the market development. The Asia Pacific is estimated to be the fastest-growing regional market over the forecast period. The growth of this region is attributed to the increasing awareness about the benefits of cannabis usage in medical applications.

Key Companies & Market Share Insights

Major players focus on R&D for the development of innovative devices with better heating ability, portability, and durability along with elegant design. For instance, Tilray, in 2020, launched an all-in-one THC vape pen. If offers fast-acting effects from THC. It also holds a broad spectrum with high-power THC concentrate. Grinders, charging devices, or other tools are not required in it. By introducing new products in the market, companies are expanding their distribution channel towards online platforms. Some of the key players in the global handheld marijuana vaporizer market include:

    • Storz & Bickel GmbH & Co.
    • Arizer
    • Ghost Herbal Concepts Ltd.
    • Davinci
    • PAX Labs, Inc.
    • FireFly
    • Crafty
    • Planet of the Vapes
    • Boundless CF/CFX
    • MyNextVape

Handheld Marijuana Vaporizer Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2028. For the purpose of this study, Million Insights has segmented the global handheld marijuana vaporizer market report on the basis of product, charger type, temperature control, distribution channel, and region:

• Product Outlook (Revenue, USD Million, 2017 - 2028)
    • Convection
    • Conduction

• Charger Type Outlook (Revenue, USD Million, 2017 - 2028)
    • USB
    • Micro USB

• Temperature Control Outlook (Revenue, USD Million, 2017 - 2028)
    • Fixed
    • Variable

• Distribution Channel Outlook (Revenue, USD Million, 2017 - 2028)
    • Offline
    • Online

• Regional Outlook (Revenue, USD Million, 2017 - 2028)
    • North America
        • U.S.
    • Europe
        • Germany
        • U.K.
        • France
    • The Asia Pacific
        • China
        • Japan
    • Central & South America
        • Brazil
    • Middle East & Africa
        • South Africa