We've had several reports from Members with a similar problem where it turned out to be either a faulty charger or a faulty cable. This is much more likely than a faulty iPad. If you don't have access to a spare charger (you could try plugging it into the USB port of your computer - with the iPad switched off it should charge slowly - very slowly - but it will charge - even though the iPad indicates 'Not charging').
Next step, for sure, would be to take it to the Apple Store and they can check it out with a spare charger there to see if it's an iPad or charger/cable problem.
If the iPad is faulty then they will replace it but, for sure, they'll want the receipt. I've not heard of Apple providing an upgrade path - they normally replace it with the same model exactly.
Tim