The power bank market is expected to have a huge growth potential. The number of players offering power banks has increased, in this way heightening the opposition in the market.According to a report by Transparency Market Research (TMR), the opportunity in the market will rise to a valuation of US$36.15 bn by the end of 2022, expanding at a remarkable CAGR of 25.9% between 2014 and 2022.
A huge number of people now own a smartphone or other mobile communication device. In the United States alone, 171.5 million people or 71 percent of the total population alone own a smartphone. The younger members of the population are majority owners. To be specific, 71.4 percent of the population under the age of 18 owns a smartphone while 85 percent and 86.2 percent of respective age population groups 18-24 and 25-34 own a smartphone. These figures represent that younger individuals, from teenagers to young adults, have higher rate innovation adaptation. Older populations are also starting to understand smartphones. 70.8 percent, 61.1 percent, and 46.3 percent of the age population groups 45-54, 55-64, and 65 and above respectively own smartphone.
b. Social Conditions
Smartphones and other portable specialized gadgets including tablet PCs have obviously turned out to be everyday necessities. People from different walks of life use these consumer electronic devices to maintain connectivity and use them for entertainment and productivity. For examples, relatives rely upon these devices to stay in touch with each other and other relatives. A considerable number of individuals use smartphones or tablet PCs to check for latest news and important announcements. Students and professionals use these devices for productivity purposes or to kill some time. Because of advances in consumer electronic technology, these devices have become the portable alternative to personal computers.
c. Legal Conditions
The rechargeable battery industry has formed the Rechargeable Battery Recycling Corporation (RBRC), which operates a battery recycling program throughout the United States and Canada. Our products follow all the regulations.
In the coming years, battery market will develop over 240%. Rapid technological advancements are leading to the increase in functionality in portable power banks, thereby driving the growth of the segment The battery market is competitive and we have a lot of options and different power alternatives to find from. Capacity range from 500 mAh to over 20,000Mah, number of the USB port, spotlight, multiple users batteries consumers to pick their batteries according to their requirements and preferences.
The Xiaomi Company established in April 2010, is an independent research and development company.
e. Major Competitor’s Strengths
Measuring brand equity can be difficult (Clow, K. E. & Baack, D., 2014)
a. The company having the skilled and experienced workforce which in the professionals from other leading companies like Google, Microsoft.
b. They sell their products most economical price with quality materials.
c. They are growing year on year
g. Major Competitor’s Weaknesses
a.Service centers are limited
b.The advertising and marketing spend of the brand are very low.Many of the benefits of a strong corporate image apply to brands(Clow, K. E. & Baack, D., 2014)
c.The product portfolio is also limited which effects the brand image.