Market Overview:

The United States mobile phone insurance market size reached US$ 9.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 19.1 Billion by 2028, exhibiting a growth rate (CAGR) of 12.2% during 2023-2028. 

Mobile phone insurance provides financial assistance to smartphone users against expenses or losses incurred due to uncertain damages. It generally offers coverage for theft, accidental damage, malicious damage, water damage, manufacturing defects, cracked screens, high repair costs and broken buttons. Presently, the rising instances of theft are positively influencing the demand for mobile phone insurance in the United States (US).

The rising number of flagship mobile users represents one of the key factors escalating the demand for mobile phone insurance in the US. Moreover, key players are adopting Business Intelligence (BI) tools to monitor key performance indicators (KPIs) and gain insights into the latest trends. They are also introducing policies with varying monthly premium amounts and offering coverage based on individual requirements. Furthermore, several mobile phone insurance companies are collaborating with telecommunication operators to expand their market reach in other countries. For instance, Assurant, Inc., a US-based risk management product and service company, formed a partnership with KDDI Corporation, a Japanese telecommunication operator, to offer an enhanced mobile device support program.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the United States mobile phone insurance market report, along with forecasts at the country and regional level from 2023-2028. Our report has categorized the market based on phone type, coverage, distribution channel and end user.

Breakup by Phone Type:

• New Phone
• Refurbished
   

Breakup by Coverage:

• Physical Damage
• Electronic Damage
• Virus Protection
• Data Protection
• Theft Protection
   

Breakup by Distribution Channel:

• Mobile Operators
• Device OEMs
• Retailers 
• Online
• Others
   

Breakup by End User:

• Corporate
• Personal
   

Breakup by Region:

• Northeast
• Midwest
• South
• West

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Report Coverage:

Key Questions Answered in This Report:

• How has the United States mobile phone insurance market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the United States mobile phone insurance market?
• What are the key regional markets?
• What is the breakup of the market based on the phone type?
• What is the breakup of the market based on the coverage?
• What is the breakup of the market based on the distribution channel?
• What is the breakup of the market based on the end user?
• What are the various stages in the value chain of the industry?
• What are the key driving factors and challenges in the industry?
• What is the structure of the United States mobile phone insurance market and who are the key players?
• What is the degree of competition in the industry?