IMARC Group’s report titled ” Mobile Phone Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032″, offers a comprehensive analysis of the industry, which comprises insights on the global mobile phone insurance market growth. The global market size reached US$ 37.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 81.1 Billion by 2032, exhibiting a growth rate (CAGR) of 8.7% during 2024-2032.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/mobile-phone-insurance-market/requestsample
Factors Affecting the Growth of the Mobile Phone Insurance Industry:
- Rising Adoption of Smartphones:
The escalating demand for mobile phone insurance due to the rising sales of smartphones among the masses across the globe is supporting the market growth. In line with this, smartphones are not just serving as a communication device but also as portable entertainment option, which is essential tool for performing daily tasks. Moreover, people are increasingly becoming aware about the financial implications of replacing a high-end device. Apart from this, constant innovation and marketing efforts by smartphone manufacturers encourage individuals to upgrade their devices regularly. Furthermore, there is an increase in the demand for mobile phone insurance, as individuals are seeking to safeguard their latest models.
- Increasing Cost of Mobile Devices:
The rising cost of mobile devices is contributing to the growth of the market. Besides this, the incorporation of advanced technologies like organic light-emitting diode (OLED) displays, multiple camera systems, and fifth generation (5G) connectivity, is bolstering the market growth. Additionally, people are willing to pay a premium for these advancements. Furthermore, mobile phone insurance serves as a practical solution to mitigate potential financial burdens. In line with this, the increasing cost of mobile devices are encouraging individuals to opt for comprehensive insurance coverage.
- Risks of Accidental Drops of Mobile Phones:
The rising awareness among individuals about the risks associated with mobile phone usage is strengthening the growth of the market. These risks include accidental drops leading to screen damage, exposure to liquids, theft, or loss. Apart from this, individuals are recognizing that the cost of repairing or replacing a smartphone due to such accidents can be substantial. They are also seeking insurance coverage options to reduce the financial burden. Additionally, losing access to critical data, contacts, or work-related information due to damage or theft can be disruptive and financially damaging.
Leading Companies Operating in the Global Mobile Phone Insurance Industry:
- 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
- Orange S.A.
Mobile Phone Insurance Market Report Segmentation:
By Phone Type:
- New Phone
- Refurbished
The new phone represented the largest segment due to the rising need to reduce high replacement costs.
By Coverage:
- Physical Damage
- Electronic Damage
- Virus Protection
- Data Protection
- Theft Protection
Physical damage accounted for the largest market share as it provides protection for mobile phones against external harm, such as accidental drops and spills.
By Distribution Channel:
- Mobile Operators
- Device OEMs
- Retailers
- Online
- Others
Online exhibits a clear dominance in the market on account of the increasing focus on enhanced convenience and accessibility.
By End User:
- Corporate
- Personal
Personal holds the biggest market share as mobile phone insurance provides protection against numerous risks, such as accidental damage, theft, loss, and damage caused by environmental factors.
Regional Insights:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
North America enjoys the leading position in the mobile phone insurance market due to the presence of numerous insurance providers.
Global Mobile Phone Insurance Market Trends:
E-commerce platforms are making mobile phone insurance more convenient for individuals. Additionally, insurance options are generally presented during the checkout process, when individuals buy smartphones online. This ease of access encourages people to opt for insurance coverage, especially when they are making a significant investment in a new device. The escalating demand for smartphones on account of increasing preferences for on-the-go entertainment and mobile banking among the masses worldwide is impelling the market growth. These devices play a pivotal role in daily life, which encourages individuals to protect these devices from any damage.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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