• Thu. Dec 1st, 2022

The mobile phone insurance market is expected to reach 23.3 USD

ByCindy J. Daddario

Oct 22, 2022

mobile phone insurance market

mobile phone insurance market

The mobile phone insurance market was estimated to be worth around USD 23.3 billion in 2020 and is expected to grow at a CAGR of 12.6% over the forecast period (2021-2028). and is expected to reach USD 60.2 billion in 2028

For additional information, click to access the full report – https://www.gmiresearch.com/report/mobile-phone-insurance-market-analysis-industry-research/

Factors driving the growth of mobile phone insurance market include increasing penetration of smartphones globally, rising incidents of accidental damage, phone thefts and device malfunctions, marketing of 5G technology and improved living standards. According to the report released by the Federal Communications Commission (FCC), an estimated 3.1 million people in the United States were victims of smartphone theft in 2013, nearly double the number reported in 2012, driving demand for global mobile phone insurance solutions. Additionally, the emerging need to replace the cost of various parts of mobile phones, the increasing number of digital transactions across the globe, the growing adoption of Business Intelligence (BI) tools by large enterprises, and rapid urbanization, are some of the additional factors supplementing mobile phone insurance. The size of the market. Furthermore, increasing investments by large companies in research and development, increase in the launch of innovative products, and rising population growth rates are further contributing to the growth of the market.

However, the growth of the mobile phone insurance market is hampered due to the complexity of claims procedures.

The major players operating in the market are Vodafone Group Plc, N26 GmbH, Assurant, Inc., SquareTrade, Inc., Apple Inc., AT&T Inc., American International Group, Inc., AmTrust Financial, Brightstar Corp. and GoTrade, LLC. , among others.

Based on coverage, the physical damage segment is expected to grow at a robust CAGR during the forecast period

Risks such as cracks in the circuit board, damaged screens and damaged housings, as well as the increasing availability of a direct-to-consumer insurance support model, are some of the factors driving growth. of the segment.

Based on phone type, the high-end smartphone segment is expected to grow at a significant CAGR during the forecast period

The high cost of repairing high-end smartphones and the risks associated with technical damage and software malfunctions are driving the growth of the segment.

Based on region, Asia Pacific region is expected to grow at a remarkable CAGR during the forecast period

Rising demand for high-end smartphones in India, China and Thailand, rising concerns over malfunctioning software, rapid industrialization, increasing number of digital transactions and high population growth rates are some of the factors. that are increasing the mobile phone insurance market share in the Asia-Pacific region.

Key development

In 2021, N26 GmbH introduced the N26 smartphone insurance plan to provide insurance products accessible from the company’s mobile app and website. The smartphone insurance plan is mainly for German customers and the insurance prices vary depending on the cost of the phone.

Market segmentation

Segmentation by coverage

Physical damage
Failure of an internal component
Protection against theft and loss
Viruses and data protection

Segmentation by phone type

Economy Phones
Mid-range and high-end phones
High-end smartphones

Segmentation by region

Asia Pacific
Rest of APAC

North America
the United States of America

The rest of Europe

South Africa
Saudi Arabia
United Arab Emirates

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