NEW YORK, Aug. 29, 2019 (GLOBE NEWSWIRE) -- 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.
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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.
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
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.
In Indian e-cigarette market size, 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.
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.
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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.
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