As per the latest report by IMARC Group, titled “Mobile Phone Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global mobile phone insurance market size reached US$ 27.2 Billion in 2020. Mobile phone insurance refers to specialized insurance policies that cover the cost of a phone in case of damage, theft, or loss. It is a risk-transfer system that ensures full or partial financial compensation for smartphones. Mobile phone insurance usually covers internal technical failure, data and virus protection, and physical damage caused by accidents, fires, or spills. Presently, there is a massive demand for mobile phone insurance policies due to the large-scale investments in high-end smartphones by consumers. The market consists of well-established players that support consumers by delivering the most elaborate insurance solutions.
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 major factors driving the global market growth include the rising number of smartphone users, along with the growing instances of accidental damage, phone robberies and system malfunctions. Mobile phones are highly susceptible to technological and physical harm, and the increasing cost of smartphones is encouraging consumers to opt for insurance plans for their mobile devices. Besides this, manufacturers and insurance companies have started collaborating to offer smartphones with insurance coverage, which is driving the market on a global level. Moreover, the advent of multi-channel contact, direct-to-consumer insurance support and online transaction channels are supporting the demand for mobile phone insurance. On account of these factors, the market value is projected to reach US$ 47.6 Billion by 2026, expanding at a CAGR of 9.8% during the forecast period (2021-2026).
Market Summary:
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