Mobile Phone Insurance Market

GMI Research analysis indicates that the Mobile Phone Insurance Market estimated at USD 23.3 billion in 2020 and is slated to register a double digit CAGR 12.6% over the period, 2021-2028 and is projected to reach USD 60.2 billion in 2028

To have an edge over the competition by knowing the market dynamics and current trends of “Mobile Phone Insurance Market”, request for Sample Report here

Market Dynamic

Key Drivers and Emerging Trends

Rising adoption of smartphones for storing personal information, and digital transactions among consumers; availability of low-cost smartphones; proliferation of 3G, 5G, and LTE communication technology; and increasing incidents of accidental damage, phone thefts, virus attacks, and device malfunction of mobile phones are some of the major factors expected to drive the growth of the mobile phone insurance market size. In addition, insurance policies provide a wide range of coverage including theft protection, accidental breakage protection, water or liquid damage cover, high repair cost, loss of phone protection, and data protection among others, which is further expected to augment the growth of the mobile phone insurance market share. Moreover, according to GSM Association, around 72% of the global population will be connected to a mobile network by 2020 and the number of unique mobile subscribers is forecast to grow to 5.8 billion by 2025. This is expected to contribute to the increasing demand for mobile phone insurance policies over the forecast period.

Restraint in the Mobile Phone Insurance Market

However, limitation related to the additional initial spending on mobile phones maintenance by middle class population is one of the major factors expected to hamper the market growth. Additionally, the complexities associated with the terms and conditions of the policies and difficulty in choosing appropriate claim procedure by the consumers may further limit the market growth.

Do you want to know more about the Research process and detailed Methodology, Request Research Methodology of this report

Coverage – Segment Analysis

Based on the coverage, the physical damage segment is expected to account for a prominent share in the market. This can be attributed to the high risk of physical damages including cracks in the circuit board, screen damages, damaged casing, and others coupled with the massive damage repair and maintenance costs. Moreover, the rising collaborations among mobile phone manufacturers and insurance providers and the availability of direct-to-consumer insurance assistance model are further anticipated to drive market growth.

Phone Type – Segment Analysis

Based on the phone type, premium smartphones segment is projected to witness high CAGR over the forecast period owing to the high probability of technical damages, malfunction of software, theft, and hardware damages, data losses and high cost for the repair of such damages of premium phones. Large availability of premium smartphones including Apple, Samsung, Oneplus, Google, and others; increasing consumer purchasing power are further supporting the market growth.

In case, any of your pain points areas are not covered in the current scope of this report, Request for Free Customization here

Regional – Segment Analysis:

Based on region, Asia-Pacific is expected to grow significantly during the forecast period primarily due to the growing population, rising middle class spending power, and increasing sales of smartphones. According to the GSM Association, new mobile internet users across Asia Pacific will reach 663 million by 2025 owing to the growing 5G deployments in Australia, China, Japan, Malaysia, Singapore and South Korea. This is expected to propel the market growth in the region.

Top Market Players

Several leading Mobile Phone Insurance companies operating in the market, include Apple Inc., AT&T Inc., American International Group, Inc., Vodafone Group Plc, Assurant, Inc., SquareTrade, Inc., AmTrust Financial, Brightstar Corp., GoTrade, LLC, and N26 GmbH among others. 

Key Developments: 

• • In 2021 N26 GmbH launched N26 smartphone insurance plan to offer insurance products that can be accessed from the company’s mobile app and website. The smartphone insurance plan is primarily for German customers and the insurance prices will vary depending on the cost of the phone.

Segments covered in the Report:

The global Mobile Phone Insurance market has been segmented on the basis of coverage, phone type, and key regions. Based on coverage, the market is segmented into physical damage, internal component failure, theft & loss protection, virus & data protection, and others. Based on phone type, the market is segmented into budget phones, mid & high-end phones, and premium smartphones. 

For detailed scope of the “Mobile Phone Insurance Market” report request a Sample Copy of the report

Key questions answered in this research report:

• • At what pace is global Mobile Phone Insurance Market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Mobile Phone Insurance Market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Mobile Phone Insurance Market?
  • Which coverage generated maximum revenues in 2020 and identify the most promising coverage during the forecast period?
  • What are the various phone types of global Mobile Phone Insurance Market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Mobile Phone Insurance Market by Coverage

• • Physical Damage
  • Internal Component Failure
  • Theft & Loss Protection
  • Virus & Data Protection
  • Others

Global Mobile Phone Insurance Market by Phone Type

• • Budget Phones
  • Mid & High-end Phones
  • Premium Smartphones

Global Mobile Phone Insurance Market by Region

• • North America Mobile Phone Insurance Market (Option 1: As a part of the free 25% customization)
    • By Coverage
    • By Phone Type
    • US Market All-Up
    • Canada Market All-Up
  • Europe Mobile Phone Insurance Market (Option 2: As a part of the free 25% customization)
    • By Coverage
    • By Phone Type
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Mobile Phone Insurance Market (Option 3: As a part of the free 25% customization)
    • By Coverage
    • By Phone Type
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Mobile Phone Insurance Market (Option 4: As a part of the free 25% customization)
    • By Coverage
    • By Phone Type
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Mobile Phone Insurance Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Apple Inc.
  • AT&T Inc.
  • American International Group, Inc.
  • Vodafone Group Plc
  • Assurant, Inc.
  • SquareTrade, Inc.
  • AmTrust Financial
  • Brightstar Corp.
  • GoTrade, LLC
  • N26 GmbH