According to the latest report by IMARC Group, titled "Mobile Phone Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028," the global mobile phone insurance market reached a value of US$ 33.5 Billion in 2022. Mobile phone insurance protects against various perils and damages to the phone. Given that mobile phones are electronic devices, they could be susceptible to software failure, often rendering the device useless. Besides internal damage, they are subjected to external damage for various reasons as well. Mobile phone insurance protects against and covers damage to the inner parts workings of the mobile phone due to water spillage, hardware failures, such as malfunctioning touchscreen, faulty earphone jack or charging port problem, damage due to fire, damage caused due to malicious intent, screen cracks, loss of device due to theft, burglary, and damage to the interior or exterior components of the device.
Global Mobile Phone Insurance Market Trends:
The global market is majorly driven by the rising incidences of accidental damage, phone thefts, virus infection, and device malfunction. These occurrences have encouraged customers to look for ways to safeguard their smartphones and choose efficient mobile phone insurance plans. In line with this, the rising usage of mobile phones for storing personal information and digital transactions has led to the requirement for safeguarding mobile devices. This trend is anticipated to positively influence the market growth. Furthermore, mobile phone insurance providers are collaborating with mobile phone manufacturers to offer lucrative insurance policies to customers while they are purchasing a new mobile phone, which is expected to catalyze the market. Apart from this, smartphones are highly prone to physical and technical damages, such as damaged casing and excessive dust and dirt, which may harm the Printed Circuit Board (PCB) and coverages. Such injuries may result in huge losses for users and, thereby, are expected to accelerate the uptake of mobile phone insurance. Besides, the escalating prices of mobile phones also compel consumers to opt for mobile phone insurance plans. Additionally, the provision of direct-to-consumer insurance assistance and the rapid adoption of Business Intelligence (BI) tools by market players are offering numerous opportunities for market expansion. On account of the factors above, the market is anticipated to reach a value of US$ 61.6 Billion by 2028, exhibiting a CAGR of 10.9% during 2023-2028.
- On the basis of the phone type, the market has been categorized into the new phone and refurbished.
- Based on the coverage, the market has been classified into physical damage, electronic damage, virus protection, data protection, and theft protection.
- Based on the distribution channel, the market has been segmented into mobile operators, device OEMs, retailers, online, and others.
- Based on the end-user, the market has been categorized into corporate and personal.
- On the basis of the region, the market has been divided into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market. Some of the key players include 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.
|Base Year of the Analysis
||Phone Type, Coverage, Distribution Channel, End-User, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||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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