Mr. Yang’s base of political support consisted mostly of young and male voters — some progressive, some who previously supported President Trump, and many in between.
His departure from the race could aid Senator Bernie Sanders of Vermont, whom many of Mr. Yang’s most loyal fans said they had voted for in 2016.
But given that Mr. Yang’s support in the polls never exceeded the mid-single-digits, no candidate is likely to be significantly helped by his exit.
His plans moving forward were not immediately clear, though senior campaign officials would not rule out a return to politics.
“We are just getting started,” Zach Graumann, Mr. Yang’s campaign manager, said Tuesday.