Market Overview:
The mobile phone insurance market is experiencing rapid growth, driven by rising adoption of smartphones, increasing cost of mobile devices, and risks of accidental drops of mobile phones. According to IMARC Group's latest research publication, ”Mobile Phone Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2025-2033″. The global mobile phone insurance market size reached USD 40.3 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 83.1 Billion by 2033, exhibiting a growth rate (CAGR) of 8.4% during 2025-2033.
This detailed analysis primarily encompasses industry size, business trends, market share, key growth factors, and regional forecasts. The report offers a comprehensive overview and integrates research findings, market assessments, and data from different sources. It also includes pivotal market dynamics like drivers and challenges, while also highlighting growth opportunities, financial insights, technological improvements, emerging trends, and innovations. Besides this, the report provides regional market evaluation, along with a competitive landscape analysis.
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Our report includes:
- Market Dynamics
- Market Trends And Market Outlook
- Competitive Analysis
- Industry Segmentation
- Strategic Recommendations
Factors Affecting the Growth of the Mobile Phone Insurance Industry:
- Rising Adoption of Smartphones:
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- Increasing Cost of Mobile Devices:
Research states that the adding cost of born devices helps increase sales. The growing establishment of obsolete technologies like organic light-emitting diode displays, better camera systems, fifth generations, and so forth has led to a rise in the market for devices. Along with, however, these changes would encourage such spending by people. One of them is mobile phone insurance that, in most cases, shrinks the already impactful future financial burden. With such issues, newer price formats are again compelling everyone to seek complete insurance coverage over the devices.
- Risks of Accidental Drops of Mobile Phones:
Increased awareness among the masses pertaining to the risks associated with mobile phone use is thus reinforcing market growth. These risks include accidental drops resulting in broken screens, exposure to various elements like water and liquid, theft, or, worse, simple misplacement. To add insult to injury, individuals are beginning to realize that the costs of repairing or replacing smartphones due to such unfortunate accidents can be very steep, also looking at options for insurance cover to ease the load. To compound matters, losing either important data or contacts or work-related information becomes disruptive and a financial headache.
We explore the factors propelling the mobile phone insurance market growth, including technological advancements, consumer behaviors, and regulatory changes.
Leading Companies Operating in the Global Mobile Phone Insurance Industry:
- American International Group, Inc
- Allianz SE
- AmTrust International Limited
- Apple Inc., AT&T Inc.
- AXA Group
- Deutsche Telekom AG
- Liberty Mutual Insurance Group
- Pier Insurance Managed Services Ltd.
- Samsung Electronics Co. Ltd.
- SoftBank Group Corp.
- Sprint Corporation
- Telefónica Insurance S.A.
- Verizon Communications Inc.
- Vodafone Group Plc
- Xiaomi Corporation
- Orange S.A.
Mobile Phone Insurance Market Report Segmentation:
By Phone Type:
- New Phone
- Refurbished
The new phone represented the largest segment due to the rising need to reduce high replacement costs.
By Coverage:
- Physical Damage
- Electronic Damage
- Virus Protection
- Data Protection
- Theft Protection
Physical damage accounted for the largest market share as it provides protection for mobile phones against external harm, such as accidental drops and spills.
By Distribution Channel:
- Mobile Operators
- Device OEMs
- Retailers
- Online
- Others
Online exhibits a clear dominance in the market on account of the increasing focus on enhanced convenience and accessibility.
By End User:
- Corporate
- Personal
Personal holds the biggest market share as mobile phone insurance provides protection against numerous risks, such as accidental damage, theft, loss, and damage caused by environmental factors.
Regional Insights:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
North America enjoys the leading position in the mobile phone insurance market due to the presence of numerous insurance providers.
Research Methodology:
The report employs a comprehensive research methodology, combining primary and secondary data sources to validate findings. It includes market assessments, surveys, expert opinions, and data triangulation techniques to ensure accuracy and reliability.
Note: If you require specific details, data, or insights that are not currently included in the scope of this report, we are happy to accommodate your request. As part of our customization service, we will gather and provide the additional information you need, tailored to your specific requirements. Please let us know your exact needs, and we will ensure the report is updated accordingly to meet your expectations.
About Us:
IMARC Group is a global management consulting firm that helps the world's most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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