What Has Driven the Growth of the Mobile Phone Insurance Market in Recent Years?
The mobile phone insurance market has seen considerable growth due to a variety of factors.
• The increase in size of the mobile phone insurance market in recent years has been significant. It is projected to expand from $35.21 billion in 2024 to $39.72 billion in 2025, indicating a compound annual growth rate (CAGR) of 12.8%.
The surge during the historic period can be linked to factors such as increased penetration of smartphones, elevated mobile device prices, transformation in consumer lifestyles, offerings from carriers and retailers, along with a rise in accidental damage occurrences.
What is the Forecasted Market Size and CAGR for the Mobile Phone Insurance Market?
The mobile phone insurance market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations are high for the mobile phone insurance market to experience substantial expansion in the upcoming years. Predictions suggest that it may reach $63.92 billion by 2029, growing at a compound annual growth rate (CAGR) of 12.6%.
This growth within the forecast period is likely due to constant advancements in smartphone technology, the development of mid-tier and high-end device sectors, personalized and adaptable insurance packages, and the growth of online device sales and e-commerce. In addition to this, increased digitalization and connectivity also play a role. Key trends projected within this period encompass protection for digital wallets and cybersecurity, adjustable premium payment structures, emphasis on sustainable and environmentally friendly practices, the use of artificial intelligence for risk evaluation, global growth, and opportunities in emerging markets.
What Are the Critical Driver Fuelling the Mobile Phone Insurance Market's Growth?
The mobile phone insurance market's expansion is predicted to be propelled by the increasing popularity of smartphones. A smartphone is a mobile device with a cellular network link. A reliable mobile phone insurance policy covers necessary repairs or replacements, indicating that as smartphone usage increases, so will the mobile phone insurance market. For example, Uswitch Limited, a UK-based internet and telephone comparison and switching service, reported in 2022 that there were 71.8 million active mobile connections. By 2025, the UK's population is projected to be 68.3 million, with 95% of these individuals owning smartphones. As a result, the growing use of smartphones is fueling the growth of the mobile phone insurance market.
What Are The Principal Market Segments In The Global Mobile Phone Insurance Healthcare Industry?
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 Emerging Market Trends Are Altering The Mobile Phone Insurance
In the mobile phone insurance market, product innovation is emerging as the dominant trend. The industry's major players are focusing their efforts on the creation of new products. For example, in May 2023, Switched On Insurance, a gadget insurance organization based in the UK, delved into mobile phone insurance and released an affordable, comprehensive policy to safeguard devices. Insurance policies from this company cover mobile phones and gadgets that are not older than 36 months, and offer features such as limitless claims and a 12 month warranty. The policy covers mobile devices during usage and gives customers a chance to revoke the insurance policy during the typical cooling-off period, which is usually 14 days.
Who Are the Key Players in the Mobile Phone Insurance Market?
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.
What are the Regional Insights into 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.
