Press release
$24.6 billion Mobile Phone Insurance Market Expected with Companies Offerings By End-User Segments 2030
According to the report published by Allied Market Research, the global mobile phone insurance market was estimated at $25.76 billion in 2020 and is expected to hit $76.1 billion by 2030, registering a CAGR of 11.5% from 2020 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.
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The rise in incidents of accidental damage, phone thefts, virus infection, and device malfunctions, and the surge in adoption of high-quality smartphones drive the growth of the mobile phone insurance market. On the other hand, the decline in the sale of mobile phones in recent times restrains the growth to some extent. However, the surge in demand for innovative products is expected to create an array of opportunities in the industry.
COVID-19 Scenario-
The outbreak of the pandemic led to a decrease in the production of mobile phones due to a shortage of raw materials, a distorted supply chain, and the absence of other important parameters required for the seamless production of mobile phones. This, in turn, led to dwindled demand for mobile phone insurance from the end users, thereby impacting the market negatively.
However, as the global situation is gradually getting better, the market is anticipated to revive soon.
The global mobile phone insurance market is analyzed across phone type, distribution mode, coverage, end user, and geography. Based on phone type, the premium smartphones segment accounted for nearly three-fifths of the total market share in 2020 and is expected to rule the roost by 2030. The mid & high-end phones segment, however, would garner the fastest CAGR of 13.0% throughout the forecast period.
Based on distribution mode, the offline segment contributed to nearly two-thirds of the total market revenue in 2020 and is projected to lead the trail by 2030. The online segment, on the other hand, would exhibit the fastest CAGR of 13.0% during the forecast period.
Based on region, the market across North America held the major share in 2020, garnering nearly two-fifths of the global market. Simultaneously, the Asia-Pacific region would manifest the fastest CAGR of 13.5% throughout the forecast period. The other provinces discussed in the report include Europe and LAMEA.
The key market players analyzed in the global mobile phone insurance market report include American International Group, Inc., AmTrust Financial, Asurion, AT&T Inc., Brightstar Corp., GoCare Warranty Group, Assurant, Inc., Apple Inc., and SquareTrade, Inc. These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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Key Benefits For Stakeholders
• An in-depth analysis of the mobile phone insurance market outlook assists in determining the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global mobile phone insurance market forecast.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• The report includes an analysis of the regional as well as global mobile phone insurance market trends, key players, market segments, application areas, and market growth strategies.
• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the mobile phone insurance market size analysis from 2020 to 2030 to identify the prevailing mobile phone insurance market opportunity.
Mobile Phone Insurance Market Report Highlights
Aspects Details
• Budget Phones
• By Phone Type
• Mid & High-End Phones
• Premium Smartphones
By Sales Channel
• Online
• Retail
By Coverage Type
• Internal Component Failure
• Others
• Physical Damage
• Theft & Loss Protection
By End User
• Business
• Individuals
By Region
• Asia-Pacific (China, Japan, India, Australia, South Korea, Hong Kong, Viet Nam, Philippines, Indonesia, Taiwan, Thailand, Malaysia, Singapore, Rest of Asia-Pacific)
• Europe (U.K., Germany, France, Italy, Spain, Netherlands, Poland, Hungary, Austria, Switzerland, Rest of Europe)
• LAMEA (Latin America, Middle East, Africa)
• North America (U.S., Canada)
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms the utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high-quality data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of the domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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