Mobile Phone Insurance Market Report 2024 | Share, Trends, Demand, Overview By 2033

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Mobile Phone Insurance Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $56.56 billion In 2028 At A CAGR Of 12.5% :

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.

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Mobile Phone Insurance Market Major 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 Driver - 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.

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Prominent Trend - 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.

Mobile Phone Insurance Market Players
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

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Largest And Fastest Growing Region In The Market
North America was the largest region in the mobile phone insurance market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global mobile phone insurance market during the forecast period. The regions covered in the mobile phone insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Mobile Phone Insurance Market Report Structure
3. Mobile Phone Insurance Market Trends And Strategies
4. Mobile Phone Insurance Market - Macro Economic Scenario
5. Mobile Phone Insurance Market Size And Growth
…..
27. Mobile Phone Insurance Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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