The global mobile phone insurance market size reached US$ 37.0 Billion in 2023. Looking forward, the market is expected to reach US$ 81.1 Billion by 2032, exhibiting a growth rate (CAGR) of 9.1% during 2023-2032.
The mobile phone insurance is the coverage taken by the cellular phone users in order to protect their cell phones from various damages and losses. The coverage is provided to the insured in case of circumstances such as damage, fire, theft, accident, and other unexpected situations. Mobile phone insurance helps the consumer to evade expensive replacement costs in case of mobile phone loss or breakdown. The market consists of well-established players across the globe that invest significantly in order to deliver the most elaborate insurance solutions to the customers.
The increasing number of smartphones users and rising incidences of accidental damage, phone thefts, device malfunction, etc., are among the key factors driving the global mobile phone insurance market. Mobile phones are highly prone to physical and technical damages, and the rising cost of smartphones is driving the consumers towards opting for mobile phone insurance policies. Collaborations among mobile phone manufacturers and insurance regulators are also driving the market globally. Insurance vendors in the market are improving the policies with recovery features, data protection, and extensive technical support to the consumers while they claim their insurance.
Moreover, the emergence of multichannel interaction, direct-to-consumer insurance assistance, online transaction platforms, etc, are also driving the global mobile phone insurance market further. Other factors driving the market include rising demand of data and virus protection plans, improving access through improved distribution networks, rising demand of premium smart phones, etc.
The mobile phone insurance is the coverage taken by the cellular phone users in order to protect their cell phones from various damages and losses. The coverage is provided to the insured in case of circumstances such as damage, fire, theft, accident, and other unexpected situations. Mobile phone insurance helps the consumer to evade expensive replacement costs in case of mobile phone loss or breakdown. The market consists of well-established players across the globe that invest significantly in order to deliver the most elaborate insurance solutions to the customers.
The increasing number of smartphones users and rising incidences of accidental damage, phone thefts, device malfunction, etc., are among the key factors driving the global mobile phone insurance market. Mobile phones are highly prone to physical and technical damages, and the rising cost of smartphones is driving the consumers towards opting for mobile phone insurance policies. Collaborations among mobile phone manufacturers and insurance regulators are also driving the market globally. Insurance vendors in the market are improving the policies with recovery features, data protection, and extensive technical support to the consumers while they claim their insurance.
Moreover, the emergence of multichannel interaction, direct-to-consumer insurance assistance, online transaction platforms, etc, are also driving the global mobile phone insurance market further. Other factors driving the market include rising demand of data and virus protection plans, improving access through improved distribution networks, rising demand of premium smart phones, etc.
Key Market Segmentation:
This report provides an analysis of the key trends in each sub-segment of the global mobile phone insurance market report, along with forecasts at the global and regional level from 2024-2032. The report has categorized the market based on phone type, coverage, distribution channel and end-user.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
Breakup by Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
Competitive Landscape:
The report has also analysed the competitive landscape of the market with some of the key players being American International Group, Inc, Allianz SE, AmTrust International Limited, Apple Inc., AT&T Inc., AXA Group, Deutsche Telekom AG, Liberty Mutual Insurance Group, Pier Insurance Managed Services Ltd., Samsung Electronics Co. Ltd., SoftBank Group Corp., Sprint Corporation, Telefónica Insurance S.A., Verizon Communications Inc., Vodafone Group Plc, Xiaomi Corporation and Orange S.A.Key Questions Answered in This Report:
- How has the global mobile phone insurance market performed so far and how will it perform in the coming years?
- What are the key regional markets in the global mobile phone insurance industry?
- What has been the impact of COVID-19 on the global mobile phone insurance industry?
- What is the breakup of the market based on the phone type?
- What is the breakup of the market based on the coverage?
- What is the breakup of the market based on the distribution channel?
- What is the breakup of the market based on the end-user?
- What are the various stages in the value chain of the global mobile phone insurance industry?
- What are the key driving factors and challenges in the global mobile phone insurance industry?
- What is the structure of the global mobile phone insurance industry and who are the key players?
- What is the degree of competition in the global mobile phone insurance industry?
- What are the profit margins in the global mobile phone insurance industry?
Table of Contents
1 Preface3 Executive Summary12 Value Chain Analysis14 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global Mobile Phone Insurance Market
6 Market Breakup by Phone Type
7 Market Breakup by Coverage
8 Market Breakup by Distribution Channel
9 Market Breakup by End-User
10 Market Breakup by Region
11 SWOT Analysis
13 Porters Five Forces Analysis
15 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- American International Group Inc.
- Allianz SE
- AmTrust International Limited
- Apple Inc.
- AT&T Inc.
- AXA Group
- Deutsche Telekom AG
- Liberty Mutual Insurance Group
- Pier Insurance Managed Services Ltd.
- Samsung Electronics Co. Ltd.
- SoftBank Group Corp.
- Sprint Corporation
- Telefónica Insurance S.A.
- Verizon Communications Inc.
- Vodafone Group Plc
- Xiaomi Corporation
- Orange S.A
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 145 |
| Published | September 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 37 Billion |
| Forecasted Market Value ( USD | $ 81.1 Billion |
| Compound Annual Growth Rate | 9.1% |
| Regions Covered | Global |
| No. of Companies Mentioned | 17 |
