The global mobile phone insurance market was valued at USD 28.74 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 12.5% from 2023 to 2030. The rising number of incidents involving accidental damage, theft, virus infections, and device malfunctions is expected to drive the market's expansion throughout the forecast period. These issues have prompted consumers to seek ways to protect their devices, leading to greater adoption of mobile phone insurance policies. Such policies help users avoid high replacement costs in cases of loss or technical failure and typically offer coverage for physical damage, internal malfunction, theft and loss, as well as virus and data protection.
Mobile phones today serve not only as tools for communication, but also as key platforms for entertainment, education, and digital transactions. As more users store personal data and conduct transactions on their smartphones, the need to protect these devices has intensified. This growing reliance on mobile phones is anticipated to further accelerate market growth. According to GSMA, by 2025, about 75% of internet users are expected to access the web via smartphones. To leverage this trend, insurance providers are teaming up with smartphone manufacturers to test the effectiveness of bundled insurance plans offered at the time of device purchase.
Due to their delicate nature, mobile phones are prone to both physical and technical damage, including issues like cracked casings or internal contamination from dust, which can harm critical components such as the Printed Circuit Board (PCB). These vulnerabilities can lead to significant financial losses, encouraging more users to invest in mobile phone insurance. The rising cost of smartphones also plays a role in driving demand for coverage. Additionally, the increasing number of partnerships between insurers and mobile manufacturers is likely to further boost market growth. A shift toward direct-to-consumer insurance services is also expected to create new growth opportunities. This model offers a more seamless and personalized customer experience compared to traditional distribution methods.
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Regional Insights
North America
is projected to hold a market share of 33.7% by 2030. This growth is driven by a strong presence of insurance providers and a high rate of smartphone-related crimes, particularly in the U.S. and Canada. According to the Bureau of Justice Assistance, over one million smartphones are stolen annually in the U.S. alone. The availability of insurance plans that cover software issues and stolen phone replacement is also expected to support market growth in the region.
Asia Pacific is forecast to grow at the fastest CAGR of 15.0% over the same period. E-commerce platforms such as Flipkart are partnering with insurers like Bajaj Allianz to offer phone insurance at the point of sale. These initiatives are likely to drive strong regional growth. Countries including China, India, Japan, and Singapore are expected to contribute significantly, fueled by rising disposable incomes. In 2022, China led the Asia Pacific market in terms of share.
In China, consumers are increasingly opting for mobile phone insurance due to the affordable pricing and lower durability of screen glass. For example, the iPhone X series featured a glass back for design appeal, but it lacked sufficient durability. In response, companies like Sinosafe introduced specialized screen insurance for iPhones in China.
Key Companies & Market Share Insights
To strengthen their market positions, companies are focusing on inorganic growth strategies, including mergers, acquisitions, and partnerships. For instance, in January 2023, Cox Mobile—an arm of Cox Communications—partnered with Asurion to provide device protection and trade-in services. This enables Cox Mobile customers to safeguard their devices against theft, accidental damage, and loss.
Leading Mobile Phone Insurance Providers Include:
- Apple Inc.
- American International Group, Inc.
- Assurant, Inc.
- Asurion
- AT&T Intellectual Property
- AmTrust Financial
- Brightstar Corp.
- GoCare Warranty Group
- SquareTrade, Inc.
- Taurus Insurance Services Limited
Gather more insights about the market drivers, restrains and growth of the Mobile Phone Insurance Market
Mobile Phone Insurance Market:WiseGuyReports.com adds “Mobile Phone Insurance Global Market Report 2020-26” reports to its database.Executive SummaryDue to COvid-19 pandemic, there has been seen inefficiencies and gaps with respect to technology, systems, products, and processes in the insurance industry.
For instance: Around 66% of individuals were using smartphone in 2018, an increase from 63% in 2017 and 58% in 2016, globally, as per Zenith’s Mobile Advertising Forecasts 2017.
Furthermore, introduction of innovative products and other strategic alliance by various market player will create a lucrative demand for this market.
This app will provide insurance solutions and information and advisories which will cater day to day needs of farmers.
However, provision of direct-to-consumer insurance assistance is the major factor opportunistic the growth of global Mobile Phone Insurance market during the forecast period.Request Free Sample Report @ https://www.wiseguyreports.com/sample-request/5387148-global-mobile-phone-insurance-market-size-study-withThe regional analysis of global Mobile Phone Insurance market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World.
Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2026.Major market player included in this report are:AllianzAmtrust InternationalApple Inc.Assurant Inc.Brightstar CorpGeek squadGocare Warranty GroupAsurionAT Inc.Revolut Ltd.The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years.
Feb 12, 2020: The global mobile phone insurance market is estimated to experience intense growth by the year 2028 with regards to the altering government policies.
The growing progression of e-commerce and social media branding strategies is set to help the industry participants overcome geographical limitations.
Based on product type, mobile phone insurance market can be split into a wireless carrier, banks, and OEM providers.
Market division by sales channels has identified the direct channel and distribution channel as its two main categories.The geographical study has identified North America, Asia Pacific, the Middle East & Africa, Europe, and South America as the key regions.
North America has accounted for a major mobile phone insurance share due to the thriving presence of key players and the availability of additional coverage against hardware damage, software crash, etc.
The report “Mobile Phone Insurance Market” is available now at https://www.radiantinsights.com/research/2013-2028-report-on-global-mobile-phone-insurance-market The competitive landscape of mobile phone insurance market encompasses an array of highly acclaimed contenders like AIG, AmTrust International Underwriters, AT, Deutsche Telekom, Liberty Mutual Insurance Group, SoftBank Corporation, Telefonica Insurance S.A, Vodafone Group, Orange, Allianz Insurance, Apple Inc., AXA, Pier Insurance Managed Services, Samsung Electronics, Sprint Corporation, Verizon Communications, Xiaomi, and Aviva among others.Vodaphone had launched a worldwide coverage plan up to £200 worth against mechanical or electrical breakdown, damage or theft.
With the slowdown in world economic growth, the Mobile Phone Insurance industry has also suffered a certain impact, but still maintained a relatively optimistic growth, the past four years, Mobile Phone Insurance market size to maintain the average annual growth rate of X% from XXXX million $ in 2014 to XXXX million $ in 2017, BisReport analysts believe that in the next few years, Mobile Phone Insurance market size will be further expanded, we expect that by 2022, The market size of the Mobile Phone Insurance will reach XXXX million $.Download a PDF Sample of this Report @ http://www.orbisresearch.com/contacts/request-sample/2214026#utm_source=shreyasThis Report covers the Major Players’ data, including: shipment, revenue, gross profit, interview record, business distribution etc., these data help the consumer know about the competitors better.Besides, the report also covers segment data, including: type segment, industry segment, channel segment etc.
Also cover different industries clients’ information, which is very important for the Major Players.
need more information, please contact BisReportAccess the complete report with TOC & List of Tables @ http://orbisresearch.com/reports/index/asia-pacific-mobile-phone-insurance-market-report-2018#utm_source=shreyasSection 1: Free——Definition Section 2: 800 USD——Major Player Market Share and Market Segmentation by Region ChinaKorea & JapanIndiaSoutheast AisaAustraliaSection 3: 900 USD——Major Player Detail Allianz InsuranceAmTrust International UnderwritersAssurantAsurionAvivaBrightstar CorporationGeek SquadGoCare Warranty GroupHollard GroupSection (4 5): 500 USD—— Product Type Segmentation (Mobile Device Insurance, Mobile Microinsurance)Industry Segmentation (Physical Damage, Theft & Loss)Section 6: 400 USD——Trend (2018-2022)Section 7: 300 USD——Product Type DetailSection 8: 700 USD——Downstream ConsumerSection 9: 200 USD——Cost StructureSection 10: 500 USD——ConclusionTable of ContentSection 1 Mobile Phone Insurance Product DefinitionSection 2 Asia Pacific Mobile Phone Insurance Market Major Player Share and Market OverviewSection 3 Major Player Mobile Phone Insurance Business IntroductionSection 4 Asia Pacific Mobile Phone Insurance Market Segmentation (Product Type Level)Section 5 Asia Pacific Mobile Phone Insurance Market Segmentation (Industry Level)Section 6 Mobile Phone Insurance Market Forecast 2018-2022Section 7 Mobile Phone Insurance Segmentation Product TypeSection 8 Mobile Phone Insurance Segmentation IndustrySection 9 Mobile Phone Insurance Cost AnalysisEnquiry before buying report @ http://www.orbisresearch.com/contacts/enquiry-before-buying/2214026#utm_source=shreyasAbout Us:Orbis Research (orbisresearch.com) is a single point aid for all your market research requirements.
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