The Global Mobile Phone Insurance Market Is Projected To Reach $74.5 Billion By 2030, Growing At A CAGR Of 11.8% From 2022 To 2030.

Global Mobile Phone Insurance Market Overview:

Increase in incidents of accidental damage, phone theft, virus infections and device malfunctions are expected to drive the market growth during the forecast period. These incidents have driven customers to look for ways to protect their phones and adopt cell phone coverage policies accordingly. Mobile phone insurance helps consumers avoid high replacement costs if their mobile phone is lost or broken. Mobile phone insurance policies typically cover physical damage, internal coverage failure, theft and loss protection, virus and data protection, and more.

Mobile phones not only serve as a platform for entertainment and education, but also serve as an effective platform for conducting digital transactions. The growing use of smartphones for storing personal information and making digital transactions has raised the need to protect mobile devices. These trends are expected to fuel the market growth during the forecast period. By 2025, about 75% of all mobile phone owners are expected to own a smartphone. Mobile phone insurance service providers are working with smartphone manufacturers to test the success rates of insurance policies/plans offered for mobile phone purchases. Hand phone.

Mobile phones are very susceptible to physical and technical damage such as damaged cases, excessive dust and dirt that can have a detrimental effect on the printed circuit board (PCB) and coverage. The demand for cell phone insurance is expected to increase during the forecast period as these damages can also cause huge losses to users. The rising cost of smartphones is forcing consumers to choose a mobile phone coverage policy. Additionally, increasing cooperation between mobile phone manufacturers and insurers is also expected to drive the market growth over the forecast period. Additionally, direct-to-consumer insurance assistance offerings are expected to create significant growth opportunities for market players over the forecast period. The direct-to-consumer (DTC) insurance support model provides an enhanced customer experience unlike selling insurance through traditional distribution channels.

Growing adoption of business intelligence (BI) tools by market participants is expected to propel the market growth during the forecast period. BI tools help market participants identify negative trends in the cost and performance of their products. BI is used strategically or tactically. Strategic business intelligence is used to monitor key performance indicators (KPIs) such as policy growth, percentage of claims incurred, average claim resolution time, and more. KPIs also help assess the progress of an insurance company and allow potential investors to determine the effectiveness of the company's operating strategy. Implementing BI tools also allows businesses to track data on their customers' purchasing behavior and gain insights into consumer trends, allowing them to make informed decisions in terms of services they can introduce into the mobile phone insurance market.

Mobile Phone Insurance market size, estimates and forecasts are provided in terms of sales volume (K units) and revenue (million USD), with historical and forecast data for the period 2017 to 2030, with 2022 being considered as the base year. This report segments the global Mobile Phone Insurance market in detail. Regional market sizes related to products by type, by application, and by player are also delivered. In estimating the size of the market, we took into account the impact of COVID-19 and the Russian-Ukraine war.

Major Market Segments Covered in Mobile Phone Insurance Market Research:

Market Key Players:
AIG, Apple, AXA, Asurion, Assurant, Hollard Group, Chubb (ACE), And Others.

By Type:

• Extended Warranty
• Phone Insurance
• Other

By Application:

• Under 18 years Old
• 18-35 years Old
• 35-50 years Old
• Above 50 years Old
• Other

By End-Use:

• Corporate
• Personal
• Other

By Region:

Among the regional markets, North America emerged as the largest cell phone insurance market with the largest revenue share in 2020. Revenue growth in the North American market is primarily attributable to the increasing implementation of various strategies by prominent organizations to expand their customer base. Mobile phone insurance market in this region is expected to register strong growth in terms of revenue over the forecast period owing to increasing availability of various coverage options, comprehensive technical support, recovery capabilities and data security.

The Asia Pacific mobile phone insurance market is expected to register the fastest CAGR during the forecast period. Demand for mobile phone insurance is expanding in developing countries such as India and China due to the increase in smartphone sales and theft. Multi-channel communication, direct-to-consumer insurance support, and Internet trading portals in these countries will further contribute to the growth of the Asia-Pacific mobile phone insurance market.

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• France
• Italy
• Spain
• UK
• Nordic Countries
• Denmark
• Finland
• Iceland
• Sweden
• Norway
• Benelux Union
• Belgium
• The Netherlands
• Luxembourg
• Rest of Europe
• Asia-Pacific
• Japan
• China
• India
• Australia
• South Korea
• Southeast Asia
• Indonesia
• Thailand
• Malaysia
• Singapore
• Rest of Southeast Asia
• Rest of Asia-Pacific
• The Middle East & Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of the Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America

Mobile Phone Insurance Market Report Scope:

Crucial Points from this Mobile Phone Insurance Market Report

• Estimate Mobile Phone Insurance market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level - for product types, applications and by different industry verticals.
• Understand the supply chain in depth on the value growth at each step, in order to optimize value and bring effectiveness in your processes.
• Know the different dynamics affecting the market - challenges, key driving factors and opportunities.
• Get a quick viewpoint on the Mobile Phone Insurance market entropy - M&A's, deals, partnerships, product launches of all key companies for the historical 5 years.
• Estimate the supply-demand gaps, import-export data and regulatory landscape for more than top 20 countries worldwide for the market.
• Get complete insights on your competitor performance - market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.
• Study the sales and distribution channels over key geographies to improve top-line revenues.

Frequently Asked Questions-

What is the CAGR of Mobile Phone Insurance market?

The Mobile Phone Insurance Market is growing at a CAGR of 11.8% During Forecast Period.

 What are the key types of Mobile Phone Insurance market?

Extended Warranty, Phone Insurance

What are the key applications of Mobile Phone Insurance market?

Under 18 years Old, 18-35 years Old, 35-50 years Old, Above 50 years Old           

Who are the key players in Mobile Phone Insurance market?

AIG, Apple, AXA, Asurion, Assurant, Hollard Group, Chubb (ACE), and others.