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Prominent Mobile Phone Insurance Market Trend for 2025: 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. Fo
Mobile Phone Insurance
The increase in smartphone usage is projected to stimulate the expansion of the mobile phone insurance market. A smartphone is a mobile device connected to a cellular network, and a reliable mobile phone insurance policy would cover essential repairs or replacements. As a result, as more individuals embrace smartphones, the mobile phone insurance market is set to expand. For example, Uswitch Limited, a UK-based online and telephone comparison and switching service, stated in a report that 71.8 million mobile connections were operative in 2022. By 2025, the UK will be home to 68.3 million people, and 95% of them will have smartphones. Hence, the increased adoption of smartphones is propelling the growth of the mobile phone insurance market.
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What Is the projected market size and growth rate for the mobile phone insurance market?
The expansion of the mobile phone insurance market has been swift in the previous years, escalating from $35.21 billion in 2024 to an estimated $39.72 billion in 2025 with a compound annual growth rate (CAGR) of 12.8%. The historical growth can be linked to an increase in smartphone usage, the elevated cost of these devices, alterations in customer living patterns, offerings from carriers and retailers, along with a rising occurrence of accidental damage.
In the coming years, the size of the mobile phone insurance market is projected to experience a significant increase, reaching $63.92 billion by 2029 with a compound annual growth rate (CAGR) of 12.6%. The anticipated growth within this forecast period is due to various factors such as consistent advancements in smartphone technology, the growth of mid-range and high-end device markets, personalized and flexible insurance schemes, increase in online device purchases and e-commerce, along with the rise in digitization and connectivity. Key trends to watch during this period will be the inclusion of digital wallets and cybersecurity in coverage, adaptability in premium payment structures, an emphasis on sustainable and environmentally friendly practices, the adoption of artificial intelligence for risk assessment, and global expansion along with emerging market opportunities.
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What new trends are reshaping the mobile phone insurance market and its opportunities?
The pivotal trend emerging in the mobile phone insurance market is product innovation. Many leading enterprises in this sector, such as Switched On Insurance, a gadget insurance company from the UK, have their focus trained on introducing new products. For instance, in May 2023, they started offering mobile phone insurance, presenting extensive yet reasonably priced policies for device protection. Their insurance for mobile phones and gadgets is valid for devices not more than 36 months old and includes benefits like limitless claims and a year-long warranty. This insurance covers mobile devices during active usage. Additionally, within a typical cool-off duration of 14 days, clients are permitted to terminate the insurance policy.
What major market segments define the scope and growth of the mobile phone insurance market?
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
Subsegments:
1) By Budget Phones: Entry-Level Smartphones, Feature Phones
2) By Mid and High-End Phones: Mid-Range Smartphones, Upper Mid-Range Smartphones, High-End Smartphones
3) By Premium Smartphones: Flagship Models, Luxury Smartphones, Limited Edition Smartphones
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Which region dominates the mobile phone insurance market?
North America was the largest region in the mobile phone insurance market in 2024. 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.
Which key market leaders are driving the mobile phone insurance industry growth?
Major companies operating in the mobile phone insurance market include Apple Inc., AT&T Inc., American International Group Inc., SoftBank Corp, Liberty Mutual Insurance Company, Orange S.A., The Chubb Corporation, Xiaomi Corporation, Singapore Telecommunications Limited, Assurant Inc., Brightstar Corp, Telefónica Brasil S.A., AmTrust Financial, Asurion LLC, Taurus Insurance Services Limited, Bolttech Management Limited, 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.
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What Is Covered In The Mobile Phone Insurance Global Market Report?
•Market Size Forecast: Examine the mobile phone insurance market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the mobile phone insurance market for a structured understanding.
•Key Players Overview: Analyze major players in the mobile phone insurance market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the mobile phone insurance market.
•Segment Contributions: Evaluate how different segments drive overall growth in the mobile phone insurance market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the mobile phone insurance market.
•Industry Challenges: Identify potential risks and obstacles affecting the mobile phone insurance market.
•Competitive Landscape: Review strategic developments in the mobile phone insurance market, including expansions, agreements, and new product launches.
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