APAC E-CIGARETTE AND VAPORIZER DEVICE MARKET - Estimation & Forecast, 2015-2025 FOCUS ON TYPE, DISTRIBUTION CHANNEL, AND GEOGRAPHY

 Published On: Jan, 2016 |    No of Pages: 117 |  Published By: BIS Research | Format: PDF
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While the U.S and European e-cigarette markets are witnessing exponential growth, the Asia Pacific e-cigarette market is only beginning to gain momentum in the global scenario. The market is largely fragmented and comprises of a multitude of small and medium sized home manufacturers, with very little competition from foreign brands.

The low levels of entry barriers and non-uniformity in regulations have enabled a large number of players to enter the market, significantly intensifying the competitive rivalry. The rate of consumption of e-cigarettes among smokers is still very low in the region, leaving potential for vast growth as the region is home to countries with some of the largest smoking populations in the world.

The report is a meticulous compilation of the different aspects of the e-cigarette industry including the Porter’s five forces analysis, market dynamics, and key consortiums. The e-cigarette market breakdown is presented by major product types, distribution channels, and geography. The market values form a critical part of the report; herein the revenue generated from sales of e-cigarettes devices is tracked to calculate the total market size.

While highlighting the key driving and restraining forces for this dynamic market the report also provides a comprehensive section of the prominent consortiums and their involvement in the e-cigarette industry. Moreover, the report includes a section dedicated to consumer’s perspective analysis.

The report has laid down special emphasis on the legal and regulatory framework, owing to the changing paradigms in the industry. Where on one hand, the state and local governments are planning to impose taxes on e-cigarettes following the likes of conventional tobacco, on the other hand, there are several consortiums identified who are opposing the proposals and wish to back e-cigarette by scientific studies.

The industry analysis has been included analyzing the impact of the five major forces to understand the overall attractiveness of the industry. The company profile section consists of the key players in the industry. The companies have been chosen on the basis of their market developments and revenue generation.

The Asia Pacific e-cigarette device market is expected to grow over $5.37 billion by 2025, at a double digit CAGR from 2016 to 2025. The market will witness a staggering growth until 2018, by when most of the regulatory and policy framework will fall into place. The growth rate will significantly increase thereafter, with significant revenue generation from evolving markets of China, India and Malaysia. Moreover, while disposable e-cigarettes dominated the APAC e-cigarette product market till 2015, rechargeable e-cigarettes, followed by personal vaporizers and Mods will soon take over the top market positions in terms of revenue generation. Although Malaysia dominated the market in 2015, China is expected to become the largest revenue generating country by the end of 2025, while India is expected to grow at the fastest CAGR of 43.6% throughout the forecast period and become the second largest market in the region by 2025.

Key questions answered in the report:
• How will the intensity of competitive rivalry evolve through the forecast period?
• Which factors will be driving the market through the forecast period?
• What factors are currently challenging the e-cigarette industry and how can they be addressed through the forecast period?
• Which consortiums are active in the e-cigarette industry?
• What are the prevalent e-cigarette product types?
• What is the average cost of each e-cigarette types along with their key market players?
• How will the region, known to be an e-cigarette manufacturing hub grow through the forecast period?
• Which country will lead the Asia Pacific e-cigarette market by the end of the forecast period?
• Who are the key players in the e-cigarette market?

In the wake of increasing tobacco consumption and its detrimental health effects, the first e-cigarette was designed in China, back in 2003, in the hopes of finding an alternative to tobacco smoking. The market has now evolved through three generations and is standing at the point of influx, wherein a plethora of companies are entering, thanks to the low entry barriers such as government policy and capital requirements. The Asia Pacific e-cigarette market is poised to grow over $5 billion by 2025, at a double digit CAGR from 2016 to 2025.

The market has been largely driven by a flurry of activities including low cost, technological advancements in products and large number of smokers in the region among others. Moreover, the emergence of vape shops is increasingly engaging more number of users through their wide variety of products and better assistance while shopping for their desired products. However, the state and federal government’s proposals to regulate, heavily tax, or outright ban e-cigarettes are emerging as a key challenge for the market. Further, a growing market of counterfeit products and the unregulated manufacturing process in China are other restraining factors in the e-cigarette market.

Low end e-cigarettes, consisting primarily of disposable and rechargeable e-cigarettes, have been identified as the dominant e-cigarette type as far as revenue generation is concerned, accounting for over $150 million in 2015. However, owing to the changing preferences of users and the long term cost effectiveness factor, high end personal vaporizers and mods are expected to witness the fastest growth rate throughout the forecast period.

In spite of the proposals of stringent regulations and policies governing the e-cigarette market, the revenue from the key countries will continue to rise at a double digit CAGR through the forecast period. While China is expected to lead the market throughout the forecast period, India is expected to grow at the fastest CAGR, accounting for more than 26% of the global e-cigarette market value by 2025. Significant revenue flow will also be observed in South Korea.

Tobacco consortiums, recently established vaping associations, and regulatory bodies have a significant role to play in the Asia Pacific e-cigarette industry since the future growth of the market largely depends on the regulatory framework. Singapore and Thailand have completely banned vapor products; Hong Kong and Japan have banned nicotine containing e-cigarettes, while South Korea is considering taxing e-cigarettes in a similar fashion to regular cigarettes.

Revenue generation from retail distribution channel will continue dominating the APAC e-cigarette device market throughout the forecast period. Following the proposal, the companies will have to bring about drastic changes in their marketing and distribution strategies, which might affect the market growth through the forecast period. Moreover, five Malaysian states viz. Johor, Kedah, Penang, Kelantan and Terengganu have already banned sale of e-cigarettes and accessories, and a similar trend is expected to be followed through the forecast years.

The key market players profiled in the company include MistLife, Smoore Technology Limited, Kanger Tech, First Union, Kimree, Just Fog, ITC Limited and Japan Tobacco among others.
1 RESEARCH SCOPE, METHODOLOGY & DESCRIPTION
1.1 REPORT SCOPE
1.2 MARKET ANALYSIS AND SEGMENTATION
1.3 RESEARCH METHODOLOGY
1.3.1 BIS RESEARCH METHODOLOGY
1.3.1.1 SECONDARY RESEARCH
1.3.1.2 PRIMARY RESEARCH
1.3.2 APAC E-CIGARETTE AND VAPORIZER DEVICE MARKET RESEARCH METHODOLOGY
1.3.3 ASSUMPTIONS AND LIMITATIONS
1.4 REPORT DESCRIPTION

2 EXECUTIVE SUMMARY

3 MARKET DYNAMICS
3.1 INTRODUCTION
3.2 MARKET DRIVERS
3.2.1 HIGH SMOKING POPULATION AND NEED FOR TOBACCO ALTERNATIVES
3.2.2 EMERGENCE OF VAPE SHOPS AND ONLINE DISTRIBUTION CHANNELS
3.2.3 PRICE SENSITIVITY AND LONG TERM COST EFFECTIVENESS
3.2.4 PRODUCT INNOVATION
3.3 MARKET CHALLENGES
3.3.1 FRAGMENTED MARKET AND REGULATORY FRAMEWORK
3.3.1.1 FRAGMENTED MARKET
3.3.1.2 Regulatory Framework
3.3.2 INCREASE IN COUNTERFEIT PRODUCTS
3.3.3 UNREGULATED MANUFACTURING IN CHINA

4 INDUSTRY ANALYSIS
4.1 PORTER’S FIVE FORCES ANALYSIS
4.1.1 THREAT OF NEW ENTRANTS
4.1.1.1 ENTRY BARRIERS
4.1.1.2 ECONOMIES OF SCALE
4.1.1.3 PRODUCT INNOVATION
4.1.1.4 CAPITAL REQUIREMENT
4.1.1.5 ACCESS TO DISTRIBUTION CHANNELS
4.1.2 BARGAINING POWER OF BUYERS
4.1.2.1 BUYER’S CONCENTRATION
4.1.2.2 DIFFERENTIATION OF OUTPUT
4.1.2.3 BUYER’S INFORMATION ABOUT SUPPLIER’S PRODUCTS
4.1.2.4 IMPORTANCE OF VOLUME TO BUYERS
4.1.2.5 THREAT OF BACKWARD INTEGRATION
4.1.3 BARGAINING POWER OF SUPPLIERS
4.1.3.1 SUPPLIERS CONCENTRATION
4.1.3.2 IMPORTANCE OF REGULATIONS AND STANDARDS
4.1.3.3 PRODUCT DIFFERENTIATION
4.1.3.4 CUSTOMERS LOYALTY TO BRANDS
4.1.3.5 SWITCHING COST
4.1.3.6 THREAT OF FORWARD INTEGRATION
4.1.4 PRESENCE OF SUBSTITUTES
4.1.4.1 SWITCHING COSTS
4.1.4.2 BUYER’S PROPENSITY TOWARDS SUBSTITUTE
4.1.5 INTENSITY OF COMPETITIVE RIVALRY
4.1.5.1 INDUSTRY CONCENTRATION
4.1.5.2 INTERMITTENT OVER CAPACITY
4.1.5.3 CUSTOMER’S LOYALTY TOWARDS BRANDS
4.1.5.4 PRODUCT DIFFERENTIATION
4.1.5.5 ENTRY BARRIERS
4.2 APAC E-CIGARETTE INDUSTRY KEY CONSORTIUMS AND ALLIANCES
4.2.1 INTRODUCTION
4.2.2 ASIAN VAPE ASSOCIATION (AVA)
4.2.3 FACT ASIA
4.2.4 MALAYSIA E-VAPORIZERS AND TOBACCO ALTERNATIVES ASSOCIATION (MEVTA)
4.2.5 TOBACCO FREE ALTERNATIVES ASSOCIATION OF INDIA (TFFAI)
4.2.6 PHILIPPINE E-CIGARETTE INDUSTRY ASSOCIATION (PECIA)

5 CONSUMER’S PERSPECTIVE AND BUYER’S CRITERIA
5.1 INTRODUCTION
5.2 ELECTRONIC CIGARETTE USE
5.3 MOTIVATION TO USE
5.4 PERCEIVED HARM

6 APAC E-CIGARETTE DEVICE MARKET ESTIMATION & FORECAST BY PRODUCT TYPE (PRICE BANDS)
6.1 INTRODUCTION
6.1.1 AN OVERALL MARKET STATISTICS
6.2 DISPOSABLE E-CIGARETTES
6.2.1 KEY PLAYERS
6.3 RECHARGEABLE E-CIGARETTE
6.3.1 KEY PLAYERS
6.4 PERSONAL VAPORIZERS
6.4.1 EGOS AND TANKS
6.4.2 ADVANCED PERSONAL VAPORIZERS OR MODS
6.4.3 KEY PLAYERS
6.5 OTHERS
6.5.1 KEY PLAYERS

7 APAC E-CIGARETTE DEVICE MARKET ESTIMATION AND FORECAST, BY DISTRIBUTION CHANNEL
7.1 INTRODUCTION
7.1.1 MARKET STATISTICS
7.2 ONLINE DISTRIBUTION CHANNEL
7.3 RETAIL DISTRIBUTION CHANNEL
7.3.1 CONVENIENCE STORES (C-STORES)
7.3.2 VAPE SHOPS
7.3.3 OTHERS (PHARMACIES, DRUG STORES AND GAS STATIONS)
7.3.4 MARKET STATISTICS

8 APAC E-CIGARETTE DEVICE MARKET ESTIMATION AND FORECAST BY GEOGRAPHY
8.1 INTRODUCTION
8.1.1 OVERALL MARKET STATISTICS
8.2 CHINA
8.2.1 KEY PLAYERS
8.2.2 CHINA MARKET STATISTICS
8.3 MALAYSIA
8.3.1 KEY PLAYERS
8.3.2 MALAYSIA MARKET STATISTICS
8.4 INDIA
8.4.1 KEY PLAYERS
8.4.2 INDIA MARKET STATISTICS
8.5 JAPAN
8.5.1 KEY PLAYERS
8.5.2 JAPAN MARKET STATISTICS
8.6 SOUTH KOREA
8.6.1 KEY PLAYERS
8.7 AUSTRALIA
8.7.1 KEY PLAYERS
8.8 LEGAL STATUS OF E-CIGARETTES IN APAC, BY COUNTRY

9 APAC E-CIGARETTE MARKET COMPANY PROFILES
9.1 INTRODUCTION
9.2 ELECTRONIC CIGARETTE JUST FOG CO., LTD.
9.2.1 ELECTRONIC CIGARETTE JUST FOG CO., LTD. SUMMARY
9.3 FIRSTUNION
9.3.1 FIRSTUNION SUMMARY
9.3.2 FINANCIALS
9.3.2.1 FINANCIAL SUMMARY BY GEOGRAPHY
9.3.3 KEY STRATEGIES AND DEVELOPMENTS
9.4 INNOKIN TECHNOLOGY CO., LTD.
9.4.1 INNOKIN TECHNOLOGY CO., LTD. SUMMARY
9.4.2 KEY STRATEGIES AND DEVELOPMENTS
9.5 ITC LIMITED
9.5.1 ITC LIMITED SUMMARY
9.5.2 FINANCIALS
9.5.2.1 OVERALL FINANCIALS
9.5.3 FINANCIAL SUMMARY
9.6 JAPAN TOBACCO, INC. (JT)
9.6.1 COMPANY SUMMARY
9.6.1.1 E-Lites
9.6.1.2 Logic
9.6.2 FINANCIALS
9.6.2.1 Overall Financials
9.6.2.2 Business Segments Revenue Mix
9.6.2.3 Financial Summary
9.6.3 KEY DEVELOPMENTS
9.7 JOYETECH
9.7.1 JOYETECH SUMMARY
9.7.2 KEY STRATEGIES AND DEVELOPMENTS
9.8 KANGER TECHNOLOGY CO., LTD.
9.8.1 KANGER TECHNOLOGY CO., LTD. SUMMARY
9.9 KIMREE, INC
9.9.1 KIMREE, INC SUMMARY
9.9.2 FINANCIALS
9.9.2.1 Overall financials
9.9.3 FINANCIAL SUMMARY
9.9.3.1 Revenue Summary by Geography
9.9.4 KEY STRATEGIES AND DEVELOPMENTS
9.10 L-RIDER TECHNOLOGY CO., LTD.
9.10.1 L-RIDER TECHNOLOGY CO., LTD. SUMMARY
9.11 MISTLIFE
9.11.1 MISTLIFE SUMMARY
9.12 SHENZHEN SMOORE TECHNOLOGY CO., LTD.
9.12.1 SHENZHEN SMOORE TECHNOGOGY CO., LTD. SUMMARY
9.13 SMOKEFREE
9.13.1 COMPANY OVERVIEW
9.14 TIMIYA TECHNOLOGY CO., LTD
9.14.1 COMPANY OVERVIEW
9.14.2 FINANCIALS
9.14.2.1 REVENUE SUMMARY BY GEOGRAPHY

LIST OF TABLES
TABLE 1 ASIA PACIFIC E-CIGARETTE DEVICE MARKET VALUE BY PRICE BANDS ($MILLIONS), 2015-2025
TABLE 2 TOP RATED DISPOSABLE E-CIGARETTES BRAND WITH PRICE
TABLE 3 TOP RATED RECHARGEABLE E-CIGARETTE BRAND WITH PRICE
TABLE 4 PERSONAL VAPORIZER BRANDS WITH PRICES
TABLE 5 E-HOOKAH, E-CIGAR AND E-PIPE BRANDS AND PRICES
TABLE 6 ASIA PACIFIC E-CIGARETTE DEVICE MARKET BY DISTRIBUTION CHANNELS ($MILLIONS), 2015-2025
TABLE 7 ASIA PACIFIC E-CIGARETTE DEVICE MARKET BY RETAIL CHANNELS ($MILLIONS), 2015-2025
TABLE 8 APAC E-CIGARETTE DEVICE MARKET VALUE ($MILLIONS), BY GEOGRAPHY, 2015-2025
TABLE 9 CHINA E-CIGARETTE DEVICE MARKET VALUE ($ MILLIONS), 2015-2025
TABLE 10 MALAYSIA E-CIGARETTE DEVICE MARKET VALUE ($ MILLIONS), 2015-2025
TABLE 11 INDIA E-CIGARETTE DEVICE MARKET VALUE ($ MILLIONS), 2015-2025
TABLE 12 JAPAN E-CIGARETTE DEVICE MARKET VALUE ($ MILLIONS), 2015-2025
TABLE 13 ITC LIMITED: OVERALL FINANCIALS ($MILLIONS) 2013-2015
TABLE 14 SHARE OF EXPORT REVENUE (2014)

LIST OF FIGURES
FIGURE 1 APAC E-CIGARETTE AND VAPORIZER DEVICE MARKET ANALYSIS SCOPE AND COVERAGE
FIGURE 2 MARKET ESTIMATION AND FORECAST PERIOD 14
FIGURE 3 APAC E-CIGARETTES AND VAPORIZER DEVICE MARKET ANALYSIS AND SEGMENTATION
FIGURE 4 BIS RESEARCH METHODOLOGY
FIGURE 5 BOTTOM-UP APPROACH FOR MARKET ESTIMATION
FIGURE 6 APAC E-CIGARETTE DEVICE MARKET VALUE ($ MILLIONS) BY KEY COUNTRIES, 2015-2025
FIGURE 7 APAC E-CIGARETTE DEVICE MARKET VALUE ($MILLIONS), 2015-2025
FIGURE 8 PORTER’S FIVE FORCES ANALYSIS FOR APAC E-CIGARETTE AND VAPORIZER DEVICE MARKET
FIGURE 9 THREAT OF NEW ENTRANTS
FIGURE 10 BARGAINING POWER OF BUYERS
FIGURE 11 BARGAINING POWER OF SUPPLIERS
FIGURE 12 PRESENCE OF SUBSTITUTES
FIGURE 13 INTENSITY OF COMPETITIVE RIVALRY
FIGURE 14 ADVANTAGES OF ONLINE SALE CHANNEL
FIGURE 15 ADVANTAGES OF RETAIL SALES CHANNEL
FIGURE 16 REGULATIONS UNDER THE NATIONAL TOBACCO CONTROL LAW (CHINA)
FIGURE 17 COMMERCIAL IMPORTATION AND RETAIL SALE OF NON-NICOTINE ELECTRONIC CIGARETTES
FIGURE 18 JAPAN TOBACCO CORPORATION (JT): OVERALL FINANCIALS, ($BILLION) 2012-2014
FIGURE 19 JAPAN TOBACCO CORPORATION (JT): BUSINESS SEGMENTS REVENUE MIX, ($BILLION) 2011-2013
FIGURE 20 KIMREE, INC: OVERALL FINANCIALS ($MILLION); 2012-2014

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