Mobile Phone Insurance Market to Grow at 12.5% CAGR to 2025 and Potentially Worth USD 43,448 Million

The global mobile phone insurance market is experiencing an intense growth with regards to the innovations and up gradations of policies and schemes being carried out by the market players and procurement of insurance policies for future in the current scenario. The market for mobile phone insurance consists of some well-established players across the globe, which invest huge amounts in order to deliver the most enhanced insurance solutions to the customers. The mobile phone insurance market is concentrated with mobile network operators, device OEMs, retailers and others. These market participants enhance their schemes as per the requirements of the customers.

The List of Companies

1. BLACKBERRY LIMITED
2. AMERICAN INTERNATIONAL GROUP, INC.,
3. ASSURANT, INC.
4. ASURION, LLC
5. PIER INSURANCE MANAGED SERVICES
6. VODAFONE GROUP PLC
7. BRIGHTSTAR CORP.
8. AT&T INC.
9. THREE IRELAND (HUTCHISON) LIMITED
10. TR?V, INC.

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In addition, the smartphones market is significantly growing in respect to new phones as well as refurbished phones across geographies. The demand for smartphones have increased the demand for smartphone insurance owing to the fact that, the smartphones are prone to various damages such as physical damage and technological damage. The physical damages are caused by accident, liquid spillage, and drop among others. The technological / electronic damages are caused by overcharging, and voltage fluctuations among other. Another potential threat to these smartphones is the theft or loss of the devices. These factors are major concerns for the smartphone users and attributing to the threats, the users are opting for mobile insurance in the current scenario.

The smartphones nowadays are much expensive and need protection. However, the technological damages are common among the high-end phones owing to malfunctionality of the software or hardware. In addition, physical damage and theft or loss of smartphones are also usual in the current times. Moreover, the expensive smartphones lock the owner into long-term financial contracts and owing to this factor, the owner doesn’t switch to another phone in case of any sort of damages.

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The mobile insurance companies offer the smartphone owners with several types of mobile phone insurance solutions and services which covers theft insurance, accidental damage insurance, technological/electronic damage protection, and virus protection among others. Majority of the insurers offer their policy buyers with repairing schemes and replacement with a refurbished phone, whereas some of the insurers also cover replacement policy where the company replaces the owner with a new handset depending upon the damage and insurance scheme held by the owner.

The rising number of incidents related to physical, technological damages and theft or loss is heavily driving the market for mobile phone insurance. In the current scenario, the smartphone owners in the economically and technologically developed geographies cover their phone with insurance owing to increasing trend of damage and theft. This factor is positively influencing the insurance providers to offer enhanced solutions to their clients, thereby increasing the customer base and ultimately driving the market.

The global mobile phone insurance market has been segmented by two phone types namely new phone and refurbished phone. The market is also broken down by different coverage as physical damage, electronic damage, virus protection, and theft protection. The various sales channel through which the insurance policies are sold includes mobile operators, device OEMs, retailers and others. Further, the market is broken down by end user into corporate and personal.

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The Asia Pacific region ranks third among the smartphone users across the globe. The number of smartphone users is constantly increasing in the region, owing to the benefits of the device among the users. As the penetration of smartphones is increasing rapidly, the number of network providers or operators are also increasing simultaneously. As of FY2016, Asia Pacific had 2.6 Billion activated SIM cards through various network carriers and the number is growing at an exponential rate over the years.

Pertaining to the increase in smartphone users as well as increase in number of SIM card activation in Asia Pacific region, and the positively growing trend of mobile phone insurance through network operators in developed countries, various network providers operating in Asia Pacific region are introducing their insurance plans to secure the smartphones and increase their income year on year. The introduction of these insurance schemes is increasing awareness among the population-based in Asia Pacific region related to mobile phone insurance. In addition, the network providers are also undertaking initiatives to reduce the insurance plan costs, which is attracting the customers, thereby leading the mobile phone insurance market to propel in the region.

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The mobile phone insurance market is US$ 16,962.7 Mn in 2017 and is estimated to reach US$ 43,448 Mn by 2025.The global mobile phone insurance market is a highly fragmented and evolving market worldwide. Leading players in the mobile phone insurance market capture merely ~50% of the market, whereas rest of the mobile phone insurance market is occupied by region players including mobile operators, retailer’s operating in that region.

The mobile phone insurance market operates in a highly-competitive marketplace. As leading companies in mobile phone insurance market continues to broaden their addressable market, by expanding its current product portfolio, diversifying its client base, and developing new applications and markets, all the prominent players faces an increasing level of competition, both from start-ups as well the leading global technology and industrial companies in the world.

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This release was published on openPR.