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).
- Based on the type, the market has been bifurcated into new and refurbished phones. At present, new mobile phones represent the leading market segment.
- On the basis of the coverage, the market has been segmented into physical damage, electronic damage, virus protection, data protection and theft protection. At present, the physical damage segment exhibits a clear dominance in the market.
- The market has been analyzed on the basis of the distribution channel into mobile operators, device original equipment manufacturers (OEMs), retailers, online and others. Amongst these, online distribution channels account for the majority of the total market share.
- Based on the end user, the market has been divided into corporate and personal segments. The personal segment currently holds the largest market share.
- Region-wise, North America dominates the market. Other major markets include Asia Pacific, Europe, Middle East and Africa, and Latin America.
- The competitive landscape of the market has been examined, with some of the key players being American International Group (AIG), Inc., Allianz SE, AmTrust International Underwriters DAC, 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 Corporation, Sprint Corporation, Telefónica Insurance S.A., Verizon Communications Inc., Vodafone Group Plc, Xiaomi Corporation and Orange S.A.
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