India E-Cigarette Market to Reach $45.3 Million by 2024

India e-cigarette market is expected to reach $45.3 million by 2024, citing a CAGR of 26.4% during forecast period. Rising number of deaths due to traditional cigarette smoking as well increasing awareness toward the risk associated with toxins present in cigarettes is boosting the growth of market. Furthermore, the availability of e-cigarette and vape juice through online channels is also driving the adoption of e-cigarettes, according to P&S Intelligence.

Electronic nicotine delivery systems (ENDS), which comprise of e-cigarettes, currently lie under a legal grey area in India. The Indian government has been planning to ban e-cigarettes throughout the country for the last six years. There is a provision under the Cigarettes and Other Tobacco Products Act (COTPA), the Drugs and Cosmetics Act 1940, or the Poisons Act 1919, that prohibits any item which imitates cigarettes, resulting in an increased uncertainty regarding the regulations and sale of e-cigarettes. This has led to an inconsistent pattern of regulatory compulsions on the manufacturers, suppliers, and retailers. The government is under a conundrum if and how it should ban e-cigarettes, since tobacco products can only be regulated as per the Act.

One of the major motivating factors for consumers to purchase e-cigarettes is cost, which is considered to be less expensive in the long-run, even though the initial cost is higher than the conventional tobacco cigarettes. The average cost of vaporizer, vape mod, and T-vapor range from $49–210, while cig-a-like range from $4.2–8.4, depending upon the brand. Liquid refills are available in the price range of $2.1–32.2.

Insights on market segments

According to type, India e-Cigarette market is segmented into vaporizer, vape mod, cig-a-like, and T-Vapor. Of these, T-Vapor is further divided into heat-not-burn and infused. E-cigarette companies categorize T-Vapors under reduced-risk products (RRP). With fall in traditional cigarette smoking, RRP is projected to record large scale adoption across the country over the forecast period. Further, the companies are projecting T-Vapor as an effective smoking cessation product, which is expected to boost its demand in the forecast period.

India e-cigarette aftermarket is categorized into refill, battery and charger, and others, which includes atomizers, tanks, and coils. Of these, e-cigarette refill aftermarket is further categorized as nicotine-based and non-nicotine-based liquids, where the latter is expected to provide lucrative opportunities in the coming years. Smokers trying to quit smoking are adopting non-nicotine-based e-liquids, in an aim to reduce the level gradually to zero. Further, with rising influence/trend of social gatherings and corporate culture in India, a significant number of consumers are inclining towards non-nicotine-based e-cigarettes. The non-nicotine-based e-liquids are available in a variety of flavors, further attracting buyers to adopt these e-liquids.

In Indian e-cigarette market, the western region is expected to present promising growth in the coming years. Youngsters opting for new innovative e-cigarettes, along with the advent of corporate culture of vaping, especially in cities such as Mumbai, Goa, Pune, and Ahmedabad, are leading to rising number of vape shops and tobacconists. Moreover, the companies are focusing on expanding their foothold in the west region, primarily in cities with massive young population such as Mumbai and Pune. Brands including SMOK, VERGE, and VAPORESSO acquire the largest share in terms of availability in Mumbai, Maharashtra.

Shift toward tobacco alternatives to provide significant opportunities

With rapid rise in the number of people addicted to smoking, e-cigarette is gaining value as an alternative to traditional tobacco cigarette. Tobacco companies are shifting from traditional tobacco products to next-generation vaping devices, owing to increasing health concerns among consumers. E-cigarette manufacturers are focusing on replacing traditional tobacco cigarettes and providing healthier and less chemical-based vaping technology. E-cigarettes are also being adopted by consumers as an alternative to traditional cigarettes, due to the overall lesser cost incurred as compared to tobacco-based cigarettes.

Browse report overview with 49 tables and 40 figures spread through 115 pages and detailed TOC on "India E-Cigarette Market Research Report: By Product (Cig-a-like, Vaporizer, Vape Mod, T-Vapor), Gender, Age-Group, Distribution Channel (Vape Shops, Online, Hypermarket/Supermarket, Tobacconist) - Industry Size Analysis and Growth Forecast to 2024" at:https://www.psmarketresearch.com/market-analysis/india-e-cigarette-market

Competitive Landscape

The rivalry among the players operating in the Indian e-cigarette market is high due to large number of competitors and high industry growth rate. Furthermore, the market having low barriers for new entrants, is expected to increase the rivalry even further. Some of the key players operating in the market are British American Tobacco p.l.c., Altria Group Inc., Japan Tobacco Inc., Imperial Brands PLC, Philip Morris International Inc., JUUL Labs Inc., Shenzhen iSmoka Electronics Co., Ltd., Shenzhen IVPS Technology Corporation Ltd., Innokin Technology Co. Ltd., Shenzhen Kanger Technology Co., Ltd., Pax Labs, Inc., and ITC Limited.

India E-Cigarette Market Segmentation

Market Segmentation by Product

• Cig-a-like
  • Disposable
  • Rechargeable
• Vaporizer
  • Open tank
  • Closed system
• Vape Mod
• T-Vapor
  • Heat-not-burn
  • Infused

Market Segmentation by Gender

• Male
• Female

Market Segmentation by Age-Group

• 16-24
• 25-34
• 35-44
• 45-54
• 55-65
• 65+

Market Segmentation by Distribution Channel

• Vape Shops
• Online
• Hypermarket/Supermarket
• Tobacconist
• Others

Market Segmentation by Region

• South
• North
• West
• East

India E-Cigarette Aftermarket Segmentation

• By Type
  • Refill
    • By liquid type
      • Nicotine-based
      • Non-nicotine based
    • By flavor
      • Fruit
      • Tobacco
      • Menthol
      • Candy
      • Savory/Spice
      • Bakery/Dessert
      • Beverage
      • Menthol Tobacco
      • Others
  • Battery and charger
  • Others

By Region 

• North
• West
• East
• South