Mobile Phone Insurance Market worth USD 25.6 billion by 2032 | Apple Inc., ASSURANT, INC., Asurion, AT&T Intellectual Property, Aviva

The global mobile phone insurance market was over USD 25.6 Billion in 2022 and it is anticipated to grow at a CAGR of 9.9% during the forecast period.

Mobile phone insurance covers the replacement or repair of a mobile phone in the event that it is lost, stolen, or damaged. The insurance may also cover the cost of any additional accessories that were purchased with the phone.

Download Free Sample of Report - https://www.globalinsightservices.com/request-sample/GIS21202

Market Drivers and Trends

Technology: The mobile phone insurance market is driven by the rapid pace of technological change in the mobile phone industry. Every year, new models of mobile phones are released with ever-more sophisticated features. This means that consumers are increasingly likely to upgrade their phones on a regular basis and to insure their devices against loss, theft, or damage.

Economic factors: The global economic environment is also a key mobile phone insurance market driver. Rising incomes and increased consumer confidence mean that people are more likely to purchase expensive items such as mobile phones. In addition, the growth of the mobile phone industry in emerging markets such as China and India is fueling the demand for insurance products.

Regulatory environment: The regulatory environment is another important mobile phone insurance market driver. In many countries, mobile phone insurance is compulsory for customers who take out a mobile phone contract. This is because the cost of replacing a stolen or damaged phone can be very high, and insurers are able to spread the risk across a large number of customers.

Report Overview- https://www.globalinsightservices.com/reports/mobile-phone-insurance-market/

Market Restraints and Challenges

The key restraints and challenges in the mobile phone insurance market include the following:

Lack of awareness: There is lack of awareness about mobile phone insurance among consumers, which is a challenge for the growth of this market.
High cost: The cost of mobile phone insurance is high, which is a challenge for the growth of this market.
Lack of trust: There is lack of trust among consumers about the efficacy of mobile phone insurance, which is a challenge for the growth of this market.
Major Players in the Global Mobile Phone Insurance Market

The key players studied in the market are Apple Inc., ASSURANT, INC., Asurion, AT&T Intellectual Property, Aviva, bolttech, Chubb, Digital Care sp. z o.o., Servify, Singtel, and U Mobile Sdn Bhd among others.

COVID-19 Impact

Due to economic upheavals and a drop in consumer spending following the COVID-19 global health crisis, the market for mobile phone insurance has been significantly impacted. This has caused a decrease in public interest in purchasing phone insurance premiums. In addition, strict lockdowns around the world, concerns with job loss and wage cuts across numerous industries, and other factors have reduced end consumers' purchasing power, which has a negative impact on the market's expansion.

Get a customized scope to match your need, ask an expert - https://www.globalinsightservices.com/request-customization/GIS21202

Market Segments
By Phone Type
Budget Phones
Mid & High-End Phones
Premium Smartphones
By Sales Channel
Retail
Online
By Coverage Type
Physical Damage
Internal Component Failure
Theft & Loss Protection
Others

Buy Now - https://www.globalinsightservices.com/checkout/single_user/GIS21202

With Global Insight Services, you receive:

10-year forecast to help you make strategic decisions
In-depth segmentation which can be customized as per your requirements
Free consultation with lead analyst of the report
Excel data pack included with all report purchases
Robust and transparent research methodology

About Global Insight Services:

Global Insight Services (GIS) is a leading multi-industry market research firm headquartered in Delaware, US. We are committed to providing our clients with highest quality data, analysis, and tools to meet all their market research needs. With GIS, you can be assured of the quality of the deliverables, robust & transparent research methodology, and superior service.

Contact Us:

Global Insight Services LLC
16192, Coastal Highway, Lewes DE 19958
E-mail: info@globalinsightservices.com
Phone: +1-833-761-1700
Website: https://www.globalinsightservices.com/

This release was published on openPR.