Introduction
A battery case is a necessary accessory for smartphone users because it offers increased battery life to prevent running out of juice. An internal and external study of a smartphone battery cover will be provided in this paper. While the external analysis looks at the market’s potential and dangers, the internal analysis evaluates the product’s advantages and disadvantages.
External Market Analysis
Some main drivers propelling the market expansion include the increased demand for smartphones, rising disposable income, and the accessibility of different accessories, including battery cases, screen protectors, chargers, and earbuds. The global market for smartphone accessories was estimated to be worth USD 59.5 billion in 2020, and from 2021 to 2028, it is anticipated to rise at a compound annual growth rate (CAGR) of 7.6% (Laricchia, 2022). With a CAGR of 5.7% from 2020 to 2025, the market for battery cases is anticipated to grow to $4.2 billion by 2025 (Research & Markets Ltd, 2022). The desire for constant communication, an increase in smartphone usage, and an increase in disposable money all contribute to this growth (Prasad, 2018). Markets for battery cases are divided into types, capacities, distribution methods, and geographic regions.
With big manufacturers like Apple, Mophie, Anker, Samsung, and Incipio dominating the market, the battery case business is extremely competitive. These competitors account for a large market share due to their strong brand awareness, high-quality products, and broad distribution channels (Prasad, 2018). However, new competitors still have potential, particularly if they can set their goods apart through features, appearance, and cost. The market for smartphone batteries is also impacted by several external variables, including those related to politics, economics, society, technology, law, and the environment.
For instance, modifications to governmental rules may impact the import and export of raw and finished goods. Economic factors, including inflation, exchange rates, and consumer expenditure, can affect the product’s demand and price. Social variables like culture, trends, and lifestyle choices can influence the product’s design and characteristics. Technological considerations like improvements in wireless charging and battery longevity may facilitate innovation. Patents and other legal concerns like intellectual property rights can influence market entry and competition. Environmental aspects like sustainability and eco-friendliness can influence the brand’s reputation and image.
Internal Market Analysis
Several advantages, disadvantages, opportunities, and risks are associated with smartphone battery cases. The battery casing is built of high-quality materials, which ensures robustness and lifespan. The battery case has a sleek and fashionable appearance that matches the smartphone and offers a prolonged energy life, allowing users to stay connected for longer. With just an on/off switch, it is extremely simple to install and use. The battery case’s market potential may be limited due to its flaws, preventing it from working with all smartphone models. The item could cost more than competing goods of a similar nature.
A smartphone battery case faces several other dangers, such as competition, technical development, and fake goods. Major players predominate in the fiercely competitive battery case market. Smaller competitors with less expensive goods also pose a danger. Battery life will improve as smartphone technology advances, which may lessen the necessity for battery cases (Research & Markets Ltd, 2022).
A smartphone battery cover has many potentials, including growing awareness, expanding into new markets, increasing smartphone usage, and rising disposable income. The need for battery cases is set to grow as more people rely on cell phones for the advantages of entertainment and communication. When disposable income increases, consumers are increasingly prepared to spend more on luxury goods, such as high-quality battery casings. The product can enter new countries, like the Middle East, Africa, and Asia Pacific, where smartphone penetration is quickly rising (Research & Markets Ltd, 2022). Consumers are more inclined to buy battery cases as they become more aware of the advantages of maintaining constant communication.
Conclusion
In conclusion, the market for smartphone batteries is expanding, driven by strong demand and fierce competition. In this essay, the product’s advantages and disadvantages, the market’s size and rivals, were discussed. We can discover opportunities and risks and establish strategies that will help us grab a sizable portion of the market by examining the internal and external elements that affect our product’s success.
Reference List
Laricchia, F. (2022). Size of mobile phone accessories market worldwide from 2020 to 2030 (in billion U.S. dollars). Web.
Prasad, K. (2018). “Battery cases market by price range (low, medium, and premium) and distribution channel (online and offline) – global opportunity analysis and industry forecast, 2018-2025”. Web.
Research and Markets ltd (2022). Mobile phone accessories market by product, by distribution channel, by price range – global opportunity analysis and industry forecast, 2022 – 2030. Web.