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Mobile Phone Insurance Market on Track for Strong Growth, Estimated to Grow at 12.6% CAGR Through 2029
Mobile Phone Insurance
What Will the Mobile Phone Insurance Industry Market Size Be by 2025?
In the past few years, the size of the mobile phone insurance market has experienced rapid expansion. The market is set to rise from a value of $35.21 billion in 2024, to a staggering $39.72 billion in 2025, representing a compound annual growth rate (CAGR) of 12.8%. Factors contributing to the growth during the historical period include increased smartphone usage, heightened cost of mobile devices, evolving consumer lifestyles, offerings from retailers and carriers, as well as a rise in instances of accidental damage.
What's the Long-Term Growth Forecast for the Mobile Phone Insurance Market Size Through 2029?
In the ensuing years, the market size of mobile phone insurance is projected to undergo a swift expansion, reaching $63.92 billion by the year 2029 with a CAGR of 12.6%. This growth during the forecasted period can be credited to the persistent innovation in smartphones, burgeoning sectors of mid-range and premium devices, tailored and adaptable insurance schemes, growth in e-commerce and online gadget sales, as well as escalating digitalization and connectivity. Noteworthy trends for the forecast period encompass provisions for digital wallets and cybersecurity, adaptability in premium payment mechanisms, emphasis on sustainable and environment-friendly practices, utilization of artificial intelligence for risk assessment, and opportunities in global expansion and emerging markets.
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What Are the Key Growth Drivers Fueling the Mobile Phone Insurance Market Expansion?
The proliferation of smartphone usage is predicted to stimulate the expansion of the mobile phone insurance market in the future. Smartphones are handheld electronic devices with cellular network capabilities. A reliable mobile phone insurance policy covers necessary repairs or replacements. Therefore, as more people embrace smartphones, the mobile phone insurance market is expected to expand. For instance, Uswitch Limited, a UK-based online and telephone comparison and switching service, reported in 2022 that there were 71.8 million active mobile connections. The UK is projected to have 68.3 million inhabitants by 2025, with 95% of them possessing smartphones. Hence, the increasing adoption of smartphones is fueling the growth of the mobile phone insurance market.
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What Are the Key Trends Driving Mobile Phone Insurance Market Growth?
The mobile phone insurance market is increasingly being shaped by product innovation. The launch of new products is a primary focus for most companies in this market. For example, Switched On Insurance, a company based in the UK that specializes in gadget insurance, introduced their mobile phone insurance product in May 2023. The product features affordable and comprehensive policies to safeguard devices. It offers warranty and claims for devices that are under 36 months old and includes coverage for devices during use. Additionally, customers can opt to terminate their insurance policy within an initial grace period, typically 14 days.
How Is the Mobile Phone Insurance Market Segmented?
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 Companies Are Leading the Charge in Mobile Phone Insurance Market Innovation?
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.
Which Regions Are Leading the Global Mobile Phone Insurance Market in Revenue?
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.
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