IMARC Group, a leading market research company, has recently releases report titled “Mobile Phone Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global mobile phone insurance market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the mobile phone insurance market?
The global mobile phone insurance market size reached US$ 33.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 61.6 Billion by 2028, exhibiting a growth rate (CAGR) of 10.9% during 2023-2028.
What is Mobile phone insurance?
Mobile phone insurance is a type of insurance policy designed to protect mobile phones and other portable electronic devices against various risks and damages. It offers financial protection and enables users to have their devices repaired or replaced swiftly, reducing the potential disruption to their daily lives caused by phone-related incidents. It covers repairs or replacement costs if the phone is accidentally dropped, liquid damaged, or subjected to any other accidental damage. It also protects against hardware malfunctions or technical failures that occur outside the manufacturer's warranty period. Some insurance policies offer coverage for unauthorized usage, including calls and data usage, if the phone is stolen. Mobile phone insurance can be obtained from various sources, including mobile carriers, electronics retailers, specialized insurance providers, or as an add-on to existing home insurance policies.
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Mobile Phone Insurance Market Trends and Drivers:
The global mobile phone insurance market has witnessed significant growth in recent years, driven by several key factors and emerging trends. One of the primary drivers bolstering the mobile phone insurance market's expansion is the rising global smartphone adoption rate. With the proliferation of affordable smartphones and increasing digital connectivity, a larger portion of the global population now owns mobile devices, leading to a rise in the demand for insurance coverage to shield these investments. Moreover, the continuous evolution of mobile technology, resulting in higher-priced and more sophisticated smartphones, has further incentivized consumers to seek comprehensive insurance plans that offer protection against a range of potential risks. Another significant contributing factor to the market's growth is the growing awareness among consumers about the financial implications of smartphone damage or loss. As smartphones become integral to both personal and professional lives, the potential cost of replacing a damaged or stolen device can be substantial. In response, consumers are becoming more proactive in securing mobile phone insurance to mitigate such financial risks, creating a favorable environment for insurance providers to expand their offerings and attract a broader customer base. Furthermore, the increasing prevalence of accidental damages and screen breakages has driven the adoption of mobile phone insurance plans. As smartphones become more delicate due to advancements in design and materials, the risk of physical damage has risen significantly. Besides, insurance providers are increasingly incorporating additional features into their plans, such as extended warranty coverage, data backup solutions, and technical support services. These value-added services not only enhance the overall customer experience but also differentiate insurance offerings in a competitive market landscape. Moreover, the rising trend of smartphone upgrade programs and trade-in options by mobile carriers and manufacturers is influencing mobile phone insurance adoption. As consumers frequently upgrade their devices to access the latest technology, insurance plans that offer seamless coverage transfer and easy device replacement are becoming preferred choices.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Phone Type:
- New Phone
- Refurbished
Breakup by Coverage:
- Physical Damage
- Electronic Damage
- Virus Protection
- Data Protection
- Theft Protection
Breakup by Distribution Channel:
- Mobile Operators
- Device OEMs
- Retailers
- Online
- Others
Breakup by End-User:
- Corporate
- Personal
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- American International Group, Inc
- Allianz SE
- AmTrust International Limited
- Apple
- AT&T
- AXA
- Deutsche Telekom
- Liberty Mutual Insurance Group
- Pier Insurance Managed Services
- Samsung Electronics
- SoftBank Group Corp.
- Sprint Corporation
- Telefonica Insurance S.A.
- Verizon Communications
- Vodafone Group
- Xiaomi
- Orange
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