Press release
Mobile Phone Insurance Market is Expected to Reach from USD 23.3 billion to 60.2 billion in 2028, and Growing at a CAGR of 12.6% | Size, Growth & Forecast
Mobile Phone Insurance Market
The Mobile Phone Insurance Market was estimated around USD 23.3 billion in 2020 and is expected to grow at a CAGR of 12.6% over the forecast period (2021-2028). and is anticipated to reach USD 60.2 billion in 2028
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/mobile-phone-insurance-market-analysis-industry-research/
The factors driving the growth of Mobile Phone Insurance Market includes rising penetration of smartphones around the world, increasing incidents of accidental damage, phone thefts and device malfunction, commercialization of 5G technology and improvements in the living standards. According to the report published by Federal Communications Commission (FCC), around 3.1 million people across the United States were victim of smartphone theft during 2013, almost double the number reported in 2012, which is pushing the demand for mobile phone insurance solutions globally. Moreover, emerging need to replace cost of various parts of mobile phones, increasing number of digital transactions across the globe, growing adoption of Business Intelligence (BI) tools by major companies and rapid urbanization, are some of the additional factors supplementing the Mobile Phone Insurance Market size. In addition, the increasing investments by major corporations on research and development, rise in the launch of innovative products and growing population growth rates, are further contributing towards the market growth.
However, growth of the Mobile Phone Insurance Market is hindered due to Complexities in claiming procedures.
The major players operating in the market are Vodafone Group Plc, N26 GmbH, Assurant, Inc., SquareTrade, Inc., Apple Inc., AT&T Inc., American International Group, Inc., AmTrust Financial, Brightstar Corp. and GoTrade, LLC, among others.
Based on Coverage, the Physical Damage segment is predicted to expand at a robust CAGR during the forecast period
Risks such as cracks in the circuit board, screen damages and damaged casing and i9cnreasing availability of direct-to-consumer insurance assistance model, are some of the factors pushing growth of the segment.
Based on Phone Type, the Premium Smartphones segment is projected to expand at a significant CAGR over the forecast period
High cost of repairing premium smartphones and risks related to technical damages and malfunction of software, are propelling growth of the segment.
Based on Region, the Asia-Pacific region is anticipated to grow at a remarkable CAGR during the forecast period
Growing demand for premium smartphones across India, China and Thailand, rising concerns related to software disfunction, rapid industrialization, increasing number of digital transactions and high population growth rates, are some of the important factors augmenting the Mobile Phone Insurance Market share in the Asia-Pacific region.
Key Development
In 2021 N26 GmbH introduced N26 smartphone insurance plan to provide insurance products which can be accessed from the company's mobile app and website. The smartphone insurance plan is primarily for German customers and the insurance prices will vary depending on the cost of the phone.
Market Segmentation
Segmentation by Coverage
Physical Damage
Internal Component Failure
Theft & Loss Protection
Virus & Data Protection
Others
Segmentation by Phone Type
Budget Phones
Mid & High-end Phones
Premium Smartphones
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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