Mobile Phone Insurance Market
The Mobile Phone Insurance Market was estimated around USD 23,300 million in 2020 and is expected to grow at a CAGR of 12.6% over the forecast period (2021-2028).
The factors driving the growth of Mobile Phone Insurance Market includes rising penetration of smartphones around the world, increasing incidents of accidental damage, phone thefts and device malfunction, commercialization of 5G technology and improvements in the living standards. According to the report published by Federal Communications Commission (FCC), around 3.1 million people across the United States were victim of smartphone theft during 2013, almost double the number reported in 2012, which is pushing the demand for mobile phone insurance solutions globally. Moreover, emerging need to replace cost of various parts of mobile phones, increasing number of digital transactions across the globe, growing adoption of Business Intelligence (BI) tools by major companies and rapid urbanization, are some of the additional factors supplementing the Mobile Phone Insurance Market size. In addition, the increasing investments by major corporations on research and development, rise in the launch of innovative products and growing population growth rates, are further contributing towards the market growth.
Request a free sample of this report
However, growth of the Mobile Phone Insurance Market is hindered due to Complexities in claiming procedures.
The major players operating in the market are Vodafone Group Plc, N26 GmbH, Assurant, Inc., SquareTrade, Inc., Apple Inc., AT&T Inc., American International Group, Inc., AmTrust Financial, Brightstar Corp. and GoTrade, LLC, among others.
Based on Coverage, the Physical Damage segment is predicted to expand at a robust CAGR during the forecast period
Risks such as cracks in the circuit board, screen damages and damaged casing and i9cnreasing availability of direct-to-consumer insurance assistance model, are some of the factors pushing growth of the segment.
Based on Phone Type, the Premium Smartphones segment is projected to expand at a significant CAGR over the forecast period
High cost of repairing premium smartphones and risks related to technical damages and malfunction of software, are propelling growth of the segment.
Based on Region, the Asia-Pacific region is anticipated to grow at a remarkable CAGR during the forecast period
Growing demand for premium smartphones across India, China and Thailand, rising concerns related to software disfunction, rapid industrialization, increasing number of digital transactions and high population growth rates, are some of the important factors augmenting the Mobile Phone Insurance Market share in the Asia-Pacific region.
Key Development
- In 2021 N26 GmbH introduced N26 smartphone insurance plan to provide insurance products which 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.
Market Segmentation
Segmentation by Coverage
- Physical Damage
- Internal Component Failure
- Theft & Loss Protection
- Virus & Data Protection
- Others
Segmentation by Phone Type
- Budget Phones
- Mid & High-end Phones
- Premium Smartphones
Segmentation by Region
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
Media Contact
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: enquiry@gmiresearch.com
Phone: Europe – +353 1 442 8820; US – +1 860 881 2270
Address: Dublin, Ireland
Website: https://www.gmiresearch.com/
