Mobile Phone Insurance Global Market is Likely to Upsurge $56.56 billion at a CAGR of 12.5% Globally By 2028, Size, Share, Trends, Demand, Growth Forecast and Opportunity outlook

The mobile phone insurance market size has grown rapidly in recent years. It will grow from $31.37 billion in 2023 to $35.36 billion in 2024 at a compound annual growth rate (CAGR) of 12.7%. The growth in the historic period can be attributed to rising smartphone penetration, high cost of mobile devices, changing consumer lifestyles, carrier and retailer offerings, increasing incidence of accidental damage.

The mobile phone insurance market size is expected to see rapid growth in the next few years. It will grow to $56.56 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%. The growth in the forecast period can be attributed to continuous smartphone innovation, expansion of mid-range and premium device segments, customized and flexible insurance plans, e-commerce and online device sales, increasing digitalization and connectivity. Major trends in the forecast period include coverage for digital wallets and cybersecurity, flexibility in premium payment models, focus on sustainability and eco-friendly practices, artificial intelligence in risk assessment, global expansion and emerging market opportunities.

Market Overview -
A mobile insurance policy provides protection against a variety of risks and harm to the phone. Mobile phone insurance is used to help the owner protect themselves from expensive repair costs when a mobile phone is damaged due to an accident.

Download Free Sample of Report -
https://www.thebusinessresearchcompany.com/sample.aspx?id=9230&type=smp

Increasing Smartphones In Driving Growth In The Mobile Phone Insurance Market
The surge in the adoption of smartphones is expected to boost the growth of the mobile phone insurance market going forward. A smartphone refers to a portable electronic gadget with a cellular network connection. A dependable mobile phone insurance plan will pay for any necessary repairs or replacements; therefore, the market for mobile phone insurance is anticipated to grow as more people adopt smartphones. For instance, according to a report published by Uswitch Limited, a UK-based online and telephone comparison and switching service, in 2022, 71.8 million mobile connections were active. There will be 68.3 million people living in the UK by 2025, and 95% of them will have smartphones in their hands. Therefore, the surge in the adoption of smartphones is driving the growth of the mobile phone insurance market.

Competitive Landscape -
Major companies operating in the mobile phone insurance market report are Apple Inc., AT&T Inc., American International Group Inc., SoftBank Corp, Liberty Mutual Insurance Company, Orange S.A., The Chubb Corporation, Xiaomi Corporation, Nokia Corporation, Aviva Life Insurance Company Limited, Singapore Telecommunications Limited, Assurant Inc., Brightstar Corp, Telefónica Brasil S.A., Motorola Solutions Inc., AmTrust Financial, Asurion LLC, Debenhams plc, Taurus Insurance Services Limited, Bolttech Management Limited, SquareTrade Inc., U Mobile Sdn Bhd., Servify, Digital Care Sp. z o.o., CoverCloud Insurance, GoCare Warranty Group, OPPO Electronics Corp, Better Buy Insurance Co, Pier Insurance Managed Services Ltd., Direct General Insurance Company

Product Evolution Takes Center Stage In The Mobile Phone Insurance Policy Market
Product innovation is the key trend gaining popularity in the mobile phone insurance market. Major companies operating in the mobile phone insurance market are focusing on developing new products. For instance, in May 2023, Switched On Insurance, a UK-based gadget insurance company, launched mobile phone insurance, offering comprehensive and affordable policies to protect devices. The company's mobile phone and gadget insurance provide coverage for devices less than 36 months old, with features such as unlimited claims and 12 months warranty. The coverage includes protection for mobile devices when they are in use, and customers have the option to cancel the insurance policy within the cooling-off period, usually 14 days.

Browse Full Report @
https://www.thebusinessresearchcompany.com/report/mobile-phone-insurance-global-market-report

Key Segments -
The mobile phone insurance market covered in this report is segmented -
1) By Phone Type: Budget Phones, Mid And High-End Phones, Premium Smartphones
2) By Coverage: Physical Damage, Internal Component Failure, Theft And Loss Protection, Virus And Data Protection, Other Coverages
3) By Distribution Channel: Mobile Operators, Device OMEs (Original Equipment Manufacturer), Retailers, Online, Other Distribution Channels
4) By End-User: Corporate, Personal

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info

Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model

Want To Know More About The Business Research Company?

The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialise in various industries including manufacturing, healthcare, financial services, chemicals, and technology.

Global Market Model - World's Most Comprehensive Database

The Business Research Company's flagship product, Global Market Model (www.thebusinessresearchcompany.com/global-market-model) is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps

This release was published on openPR.