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Mobile Phone Insurance Market Trends, Statistics Forecast To 2033
Mobile Phone Insurance Market Trends
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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
Mobile Phone Insurance Market 2024 Key Insights:
• 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%.
• Increasing Smartphones In Driving Growth In The Mobile Phone Insurance Market
• Product Evolution Takes Center Stage In The Mobile Phone Insurance Policy Market
• North America was the largest region in the mobile phone insurance market in 2023
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