Mobile Phone Insurance Market Size Worth US$ 55.9 Billion by 2027, Growing at a CAGR of 11.3%

According to IMARC Group latest published report, The global mobile phone insurance market size reached US$ 29.8 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 55.9 Billion by 2027, exhibiting a growth rate (CAGR) of 11.3% during 2022-2027.

Year Considered to Estimate the Market Size:

Base Year of the Analysis: 2021
Historical Period: 2016-2021
Forecast Period: 2022-2027

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 protection 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.

Covid-19 Scenario:

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.

Download free sample of the report: https://www.imarcgroup.com/mobile-phone-insurance-market/requestsample

Competitive Scenario with Key Players:

The competitive landscape of the market has also been analyzed, 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.

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.

Browse full report with TOC's: https://www.imarcgroup.com/mobile-phone-insurance-market

The report has segmented on the basis of Phone Type, Coverage, Distribution Channel, End-User and Geography

Market Breakup by Phone Type:

1. New Phone

2. Refurbished

Market Breakup by Coverage:

1. Physical Damage

2. Electronic Damage

3. Virus Protection

4. Data Protection

5. Theft Protection

Market Breakup by Distribution Channel:

1. Mobile Operators

2. Device OEMs

3. Retailers

4. Online

5. Others

Market Breakup by End-User:

1. Corporate

2. Personal

Regions

1. Europe

2. North America

3. Asia Pacific

4. Middle East and Africa

5. Latin America

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