Global Mobile Phone Insurance Market to Reach US$ 55.9 Billion by 2027, Impelled by Rising Adoption of Premium Mobile Phones

November 07, 2022

According to the latest report by IMARC Group, titled "Mobile Phone Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global mobile phone insurance market reached a value of US$ 29.8 Billion in 2021. Mobile phone insurance refers to a guaranteed policy scheme that is generally used to provide coverage against accidental damage or theft to all types of phones. Besides this, it also offers other provisions, including doorstep pickup and drop facilities for repairing technical malfunctions and liquid damage and reimbursement for high servicing costs. Additionally, it provides several add-on benefits to the insurer, such as advanced mobile security from hackers, malware and identity thefts and free access to digital music services and over-the-top platforms. Since mobile phone insurance aids in safeguarding the insurer from financial losses, this is providing a thrust to the market.   

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Global Mobile Phone Insurance Market Trends: 

The global market is primarily driven by the growing adoption of high-quality and premium phones among the masses. Coupled with the increasing incidences of accidental damage and phone thefts, this is impelling individuals to obtain mobile phone insurance, thereby catalyzing the growth of the market. With the escalating utilization of mobile phones for entertainment, digital transaction and education purposes due to rapid digitization, there has been a significant increase in the adoption of mobile phone insurance among the masses. Moreover, the rising strategic collaborations between insurance providers and mobile phone manufacturers and sellers are creating a positive market outlook. Along with this, numerous key players are providing additional benefits with the insurance contract, which is gaining widespread prominence among individuals. Other factors, including augmenting replacement costs, the growing demand for expensive smartphones, continual improvements in the insurance distribution network, intensive business competitions and continuous improvements in the e-commerce sector, are also positively influencing the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 55.9 Billion by 2027, exhibiting a CAGR of 11.3% during 2022-2027.

Market Summary:

  • On the basis of the phone type, the market has been segmented into new phone and refurbished.
  • Based on the coverage, the market has been segregated into physical damage, electronic damage, virus protection, data protection and theft protection.
  • On the basis of the distribution channel, the market has been classified into mobile operators, device OEMS, retailers, online and others.
  • Based on the end-user, the market has been bifurcated into corporate and personal.
  • On the basis of the region, the market has been divided into North America, Europe, Asia Pacific, the Middle East and Africa and Latin America.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players 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.
     

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Global Mobile Phone Insurance Market to Reach US$ 55.9 Billion by 2027, Impelled by Rising Adoption of Premium Mobile Phones
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