Global E-Cigarette Market to Grow 20% Annually Until 2024

Apr.07.2023

The global e-cigarette market is set to grow and reach 2.5 quadrillion Korean won by 2024, with high-profit margins driving tobacco companies to develop and sell new products.

According to reports from official media in South Korea on April 7th, the global electronic cigarette market is expected to continue growing due to the launch of new products and the release of safety research reports. It is projected to increase from 1.179 trillion Korean won (approximately 615.4 billion yuan) in 2020 to 2.5 trillion Korean won (approximately 1.3 trillion yuan) in 2024, with a compound annual growth rate of 20%.

According to reports, global tobacco companies are actively developing and selling smokeless electronic cigarettes to enter and expand the market, as they offer higher profit margins. Philip Morris International (PMI) claims that the profits from 10 billion electronic cigarettes are similar to those from 24 billion traditional cigarettes. BAT also commented that the profits from its non-combustible products are 40% higher than traditional cigarettes.

References:

[Market Trend] The electronic cigarette theme sees a strong surge in the market, as ALPS Electric Semiconductor rises by 6.46%, and EMTEC increases by 5.82%.

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