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Mobile Phone Insurance Market

Mobile Phone Insurance Market By Type (Budget Phones, Mid & High-End Phones, and Premium Smartphones), Coverage Type (Physical Damage, Internal Component Failure, Theft & Loss Protection, and Others), Distribution Mode (Offline and Online) and End User (Business and Individuals): Global Opportunity Analysis and Industry Forecast, 2021–2030

A05670
Pages: 308
Aug 2021 | 4230 Views
   
Author(s) : Pramod Borasi, Vaibhav Modi , Vineet Kumar
Tables: 57
Charts: 34
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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Mobile Phone Insurance Market Outlook - 2030

The global mobile phone insurance market size was valued at $25.77 billion in 2020, and is projected to reach $76.10 billion by 2030, growing at a CAGR of 11.5% from 2021 to 2030. 

In the wake of COVID-19 global health crisis, the mobile phone insurance market is negatively impacted, due to economic disruptions and decline in consumer spending which has led to reduce in phone insurance premium activities among the general public. In addition to this, stringent lockdown across the globe and loss of job and pay cut issues across various industries have reduced the purchasing power of the end users, which in turn hampers the growth of the market.

Mobile phone insurance is a kind of insurance policy which provides coverage for repair and replacement cost of various phones such as iPhone, Samsung S8 series and others against unauthorized usage, e-wallet payments, and other accidental damages. It is an optional insurance offered by independent providers at an extra cost beyond the purchase price of a product. There are numerous advantages provided by mobile phone insurance which include protection of the product from electrical & mechanical expenses and coverage provided for damage of internal component and batteries. 

Mobile-Phone-Insurance-Market-2021-2030

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The key factors impacting the growth of the mobile phone insurance market trends include increase in incident of accidental damage, phone thefts, virus infection, and device malfunction, along with surge in adoption of high quality smartphones. In addition, high replacement cost of various parts of mobile phones drives the growth of the mobile phone insurance market. 

Furthermore, decline in sale of mobile phones is the major restraint that hinders the growth of the market. Moreover, surge in demand for innovative products is expected to boost the mobile phone insurance market growth in the future. However, each of these factors is anticipated to have a definite impact on the overall market growth during the forecast period.

By coverage type, the physical damage coverage type segment garnered the largest mobile phone insurance share and is expected to maintain its dominance in the upcoming years as it is the most prominent damage protection plan insured by maximum users since mobile phone devices are highly prone to physical damages such as cracks in the circuit board, screen damages, and others. However, the loss and theft protection segment is expected to witness highest growth, owing to growing robberies in developing nations of Asia-Pacific and LAMEA regions.

Region wise, the mobile phone insurance market was dominated by North America in 2020, and is expected to retain its position during the forecast period. This is attributed to presence of a large number of mobile phone insurance providers and the rise in incidences of crimes committed using smartphones in Canada and the U.S. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to high popularity of smartphones among the youth and increase in personal disposable income among the developing countries of Asia-Pacific.

The report focuses on growth prospects, restraints, and trends of the global mobile phone insurance market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers, on the global mobile phone insurance market share.

Segment Review

The mobile phone insurance market is segmented into type, coverage type, distribution channel, end user, and region. On the basis of type, it is classified into budget phones, mid & high-end phones, and premium smartphones. On the basis of coverage type, the mobile phone insurance market is divided into physical damage, internal component failure, theft & loss protection, and others. As per distribution mode, the market is bifurcated into offline and online. On the basis of end user, the market is categorized into business and individuals. On the basis of region, it is studied across North America, Europe, Asia-Pacific, and LAMEA.

Mobile Phone Insurance Market
By Type

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Mid & High-end Phones segment will grow at a highest CAGR of 13.0% during 2021 - 2030

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Competitive Analysis 

The key players profiled in the mobile phone insurance market analysis are Apple Inc., American International Group, Inc., Assurant, Inc., Asurion, AT&T Inc., AmTrust Financial, Brightstar Corp., GoCare Warranty Group, SquareTrade, Inc. and Taurus Insurance Services Limited. These players have adopted various strategies to increase their market penetration and strengthen their position in the mobile phone insurance industry.

COVID-19 Impact Analysis

The COVID-19 pandemic is expected to impact the overall economy along with the mobile phone insurance market. The pandemic increased awareness about mobile phone insurance among majority of the people. This factor not only increased the need for mobile phone insurance among consumers but at the same time helps in increasing the revenue of various companies such as consumer electronics, telecom providers, and others. 

On the other hand, consecutive lockdowns, social distancing norms, stay at home strategy, and increased number of COVID-19 positive cases have increased the demand for various mobile devices.

Furthermore, mobile phone insurance service providers are collaborating with smartphone manufacturers to experiment with the success rate of insurance policies/schemes offered during the purchase of a mobile phone. The increase in mobile phone damage due to breakdown or accidents boosts the demand for mobile phone insurance, thus providing potential growth opportunities in the coming years. 

Mobile Phone Insurance Market
By Distribution Mode

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Online segment is projected as one of the most lucrative segments.

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Top Impacting Factors

Increase in Incidents of Accidental Damage, Phone Thefts, Virus Infection, and Device Malfunction

Rise in demand for mobile phone insurance on accidents, such as mechanical breakdown, accidental damage of phones or malicious & liquid damage, theft, and unauthorized usage, creates pressure on insurance companies to invest and develop such products that have less proliferation, high coverage, and provide financial security in the form of new refurbished phones. 

In recent years, there has been an increase in the number of accidents, in terms of accidental damage from handling and loss protection, which resulted in an increase in the need for mobile phone insurance. For instance, in the U.S., a study conducted by ASSURANT, INC., a global mobile phone insurance provider, stated that in 2019, around 34% consumers purchased mobile phone insurance for more than two years for their mobile devices. Hence, these aforementioned factors are expected to boost the mobile phone insurance market growth in the future.

Surge in Adoption of High Quality Smartphones

Mobile phone insurance has become innovative with the rapid evolution of smartphones as the use of modern technology and marketing strategies create different ways for tech-savvy smartphone users that combine all the services into one convenient package. Thus, increase in adoption of high quality smartphones boosts the growth of the mobile phone insurance market by providing many easy solutions to the customers. For instance, Amazon, Best Buy, and Walmart are some of the biggest sellers of mobile phone insurance in the U.S. today. 

They launch various insurance programs to retain and build their relationship with customers. As of September 2019, the penetration of smart phones in the U.S. was limited to only 58% of the total population. However, over the years, the number of smart phone users is estimated to exceed 43 million, i.e., 69% of the total population. High promotion and loyalty programs associated with mobile insurance are anticipated to fuel the usage of mobile phone insurance among smart phone users, especially among online shoppers. 

Mobile Phone Insurance Market
By Region

2030
Asia-pacific 
North America
Europe
Lamea

Asia-Pacific would exhibit the highest CAGR of 13.5% during 2021-2030

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Key Benefits For Stakeholders     

  • The study provides an in-depth analysis of the global mobile phone insurance market forecast along with the current trends and future estimations to explain the imminent investment pockets.
  • Information about key drivers, restraints, & opportunities and their impact analysis on the global market is provided in the report.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
  • The quantitative analysis of the market from 2021 to 2030 is provided to determine the market potential.

Key Market Segments

By Type

  • Budget Phones
  • Mid & High-End Phones
  • Premium Smartphones

By Coverage Type

  • Physical Damage
  • Internal Component Failure
  • Theft & Loss Protection
  • Others

By Distribution Mode

  • Offline
  • Online

By End User

  • Business
  • Individuals

By Region

  • North America
    • U.S.
    • Canada
  • Europe 
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Netherlands
    • Rest of Europe
  • Asia-Pacific 
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America 
    • Middle East 
    • Africa

Key Market Players

  • Apple Inc.
  • American International Group, Inc.
  • Assurant, Inc.
  • Asurion
  • AT&T Inc.
  • AmTrust Financial
  • Brightstar Corp.
  • GoCare Warranty Group
  • SquareTrade, Inc.
  • Taurus Insurance Services Limited
 

CHAPTER 1:  INTRODUCTION

1.1.REPORT DESCRIPTION
1.2.KEY MARKET SEGMENTS
1.3.KEY BENEFITS
1.4.RESEARCH METHODOLOGY

1.4.1.Primary research
1.4.2.Secondary research
1.4.3.Analyst tools and models

CHAPTER 2:  EXECUTIVE SUMMARY

2.1.CXO PERSPECTIVE

CHAPTER 3:  MARKET LANDSCAPE

3.1.MARKET DEFINITION AND SCOPE
3.2.KEY FINDINGS

3.2.1.Top investment pockets
3.2.2.Top winning strategies

3.3.PORTER'S FIVE FORCES ANALYSIS

3.3.1.Bargaining power of suppliers
3.3.2.Threat of new entrants
3.3.3.Threat of substitutes
3.3.4.Competitive rivalry
3.3.5.Bargaining power among buyers

3.4.MARKET SHARE ANALYSIS/TOP PLAYER POSITIONING 2023
3.5.MARKET DYNAMICS

3.5.1.Drivers
3.5.2.Restraints
3.5.3.Opportunities

3.6.COVID-19 IMPACT ANALYSIS ON THE GLOBAL MOBILE PHONE INSURANCE MARKET

3.6.1.Impact on market size
3.6.2.Consumer trends, preferences, and budget impact
3.6.3.Economic impact
3.6.4.Strategies to tackle negative impact
3.6.5.Opportunity window

CHAPTER 4:  MOBILE PHONE INSURANCE MARKET BY TYPE

4.1.OVERVIEW
4.2.BUDGET PHONES

4.2.1.Key market trends, growth factors and opportunities
4.2.2.Market size and forecast, by region 
4.2.3.Market share analysis, by country

4.3.MID AND HIGH-END PHONES

4.3.1.Key market trends, growth factors and opportunities
4.3.2.Market size and forecast, by region 
4.3.3.Market share analysis, by country

4.4.PREMIUM SMARTPHONES

4.4.1.Key market trends, growth factors and opportunities
4.4.2.Market size and forecast, by region 
4.4.3.Market share analysis, by country

CHAPTER 5:  MOBILE PHONE INSURANCE MARKET BY COVERAGE TYPE

5.1.OVERVIEW
5.2.PHYSICAL DAMAGE

5.2.1.Key market trends, growth factors and opportunities
5.2.2.Market size and forecast, by region 
5.2.3.Market share analysis, by country

5.3.INTERNAL COMPONENT FAILURE

5.3.1.Key market trends, growth factors and opportunities
5.3.2.Market size and forecast, by region 
5.3.3.Market share analysis, by country

5.4.THEFT AND LOSS PROTECTION

5.4.1.Key market trends, growth factors and opportunities
5.4.2.Market size and forecast, by region 
5.4.3.Market share analysis, by country

5.5.OTHERS

5.5.1.Key market trends, growth factors and opportunities
5.5.2.Market size and forecast, by region 
5.5.3.Market share analysis, by country

CHAPTER 6:  MOBILE PHONE INSURANCE MARKET BY DISTRIBUTION MODE

6.1.OVERVIEW
6.2.OFFLINE

6.2.1.Key market trends, growth factors and opportunities
6.2.2.Market size and forecast, by region 
6.2.3.Market share analysis, by country

6.3.ONLINE

6.3.1.Key market trends, growth factors and opportunities
6.3.2.Market size and forecast, by region 
6.3.3.Market share analysis, by country

CHAPTER 7:  MOBILE PHONE INSURANCE MARKET BY END USER

7.1.OVERVIEW
7.2.BUSINESS

7.2.1.Key market trends, growth factors and opportunities
7.2.2.Market size and forecast, by region 
7.2.3.Market share analysis, by country

7.3.INDIVIDUALS 

7.3.1.Key market trends, growth factors and opportunities
7.3.2.Market size and forecast, by region 
7.3.3.Market share analysis, by country

CHAPTER 8:  MOBILE PHONE INSURANCE MARKET BY REGION

8.1.OVERVIEW
8.2.NORTH AMERICA

8.2.1.Key market trends and opportunities
8.2.2.Market size and forecast, by type
8.2.3.Market size and forecast, by coverage type
8.2.4.Market size and forecast, by distribution mode
8.2.5.Market size and forecast, by end user
8.2.6.Market size and forecast, by Country

8.2.7.US

8.2.7.1.Market size and forecast, by type
8.2.7.2.Market size and forecast, by coverage type
8.2.7.3.Market size and forecast, by distribution mode
8.2.7.4.Market size and forecast, by end user

8.2.8.Canada

8.2.8.1.Market size and forecast, by type
8.2.8.2.Market size and forecast, by coverage type
8.2.8.3.Market size and forecast, by distribution mode
8.2.8.4.Market size and forecast, by end user

8.3.EUROPE

8.3.1.Key market trends and opportunities
8.3.2.Market size and forecast, by type
8.3.3.Market size and forecast, by coverage type
8.3.4.Market size and forecast, by distribution mode
8.3.5.Market size and forecast, by end user
8.3.6.Market size and forecast, by Country

8.3.7.UK

8.3.7.1.Market size and forecast, by type
8.3.7.2.Market size and forecast, by coverage type
8.3.7.3.Market size and forecast, by distribution mode
8.3.7.4.Market size and forecast, by end user

8.3.8.Germany

8.3.8.1.Market size and forecast, by type
8.3.8.2.Market size and forecast, by coverage type
8.3.8.3.Market size and forecast, by distribution mode
8.3.8.4.Market size and forecast, by end user

8.3.9.France

8.3.9.1.Market size and forecast, by type
8.3.9.2.Market size and forecast, by coverage type
8.3.9.3.Market size and forecast, by distribution mode
8.3.9.4.Market size and forecast, by end user

8.3.10.Italy

8.3.10.1.Market size and forecast, by type
8.3.10.2.Market size and forecast, by coverage type
8.3.10.3.Market size and forecast, by distribution mode
8.3.10.4.Market size and forecast, by end user

8.3.11.Spain

8.3.11.1.Market size and forecast, by type
8.3.11.2.Market size and forecast, by coverage type
8.3.11.3.Market size and forecast, by distribution mode
8.3.11.4.Market size and forecast, by end user

8.3.12.Netherlands

8.3.12.1.Market size and forecast, by type
8.3.12.2.Market size and forecast, by coverage type
8.3.12.3.Market size and forecast, by distribution mode
8.3.12.4.Market size and forecast, by end user

8.3.13.Rest of Europe

8.3.13.1.Market size and forecast, by type
8.3.13.2.Market size and forecast, by coverage type
8.3.13.3.Market size and forecast, by distribution mode
8.3.13.4.Market size and forecast, by end user

8.4.ASIA PACIFIC

8.4.1.Key market trends and opportunities
8.4.2.Market size and forecast, by type
8.4.3.Market size and forecast, by coverage type
8.4.4.Market size and forecast, by distribution mode
8.4.5.Market size and forecast, by end user
8.4.6.Market size and forecast, by Country

8.4.7.China

8.4.7.1.Market size and forecast, by type
8.4.7.2.Market size and forecast, by coverage type
8.4.7.3.Market size and forecast, by distribution mode
8.4.7.4.Market size and forecast, by end user

8.4.8.Japan

8.4.8.1.Market size and forecast, by type
8.4.8.2.Market size and forecast, by coverage type
8.4.8.3.Market size and forecast, by distribution mode
8.4.8.4.Market size and forecast, by end user

8.4.9.India

8.4.9.1.Market size and forecast, by type
8.4.9.2.Market size and forecast, by coverage type
8.4.9.3.Market size and forecast, by distribution mode
8.4.9.4.Market size and forecast, by end user

8.4.10.South Korea

8.4.10.1.Market size and forecast, by type
8.4.10.2.Market size and forecast, by coverage type
8.4.10.3.Market size and forecast, by distribution mode
8.4.10.4.Market size and forecast, by end user

8.4.11.Australia

8.4.11.1.Market size and forecast, by type
8.4.11.2.Market size and forecast, by coverage type
8.4.11.3.Market size and forecast, by distribution mode
8.4.11.4.Market size and forecast, by end user

8.4.12.Rest of Asia Pacific

8.4.12.1.Market size and forecast, by type
8.4.12.2.Market size and forecast, by coverage type
8.4.12.3.Market size and forecast, by distribution mode
8.4.12.4.Market size and forecast, by end user

8.5.LAMEA

8.5.1.Key market trends and opportunities
8.5.2.Market size and forecast, by type
8.5.3.Market size and forecast, by coverage type
8.5.4.Market size and forecast, by distribution mode
8.5.5.Market size and forecast, by end user
8.5.6.Market size and forecast, by Country

8.5.7.Latin America

8.5.7.1.Market size and forecast, by type
8.5.7.2.Market size and forecast, by coverage type
8.5.7.3.Market size and forecast, by distribution mode
8.5.7.4.Market size and forecast, by end user

8.5.8.Middle East

8.5.8.1.Market size and forecast, by type
8.5.8.2.Market size and forecast, by coverage type
8.5.8.3.Market size and forecast, by distribution mode
8.5.8.4.Market size and forecast, by end user

8.5.9.Africa

8.5.9.1.Market size and forecast, by type
8.5.9.2.Market size and forecast, by coverage type
8.5.9.3.Market size and forecast, by distribution mode
8.5.9.4.Market size and forecast, by end user

CHAPTER 9:  COMPANY PROFILES

9.1.APPLE, INC

9.1.1.Company overview
9.1.2.Key Executives
9.1.3.Company snapshot
9.1.4.Operating business segments
9.1.5.Product portfolio
9.1.6.Business performance
9.1.7.Key strategic moves and developments

9.2.AMERICAN INTERNATIONAL GROUP, INC

9.2.1.Company overview
9.2.2.Key Executives
9.2.3.Company snapshot
9.2.4.Operating business segments
9.2.5.Product portfolio
9.2.6.Business performance
9.2.7.Key strategic moves and developments

9.3.ASSURANT, INC

9.3.1.Company overview
9.3.2.Key Executives
9.3.3.Company snapshot
9.3.4.Operating business segments
9.3.5.Product portfolio
9.3.6.Business performance
9.3.7.Key strategic moves and developments

9.4.ASURION

9.4.1.Company overview
9.4.2.Key Executives
9.4.3.Company snapshot
9.4.4.Operating business segments
9.4.5.Product portfolio
9.4.6.Business performance
9.4.7.Key strategic moves and developments

9.5.AT&T INC

9.5.1.Company overview
9.5.2.Key Executives
9.5.3.Company snapshot
9.5.4.Operating business segments
9.5.5.Product portfolio
9.5.6.Business performance
9.5.7.Key strategic moves and developments

9.6.AMTRUST FINANCIAL

9.6.1.Company overview
9.6.2.Key Executives
9.6.3.Company snapshot
9.6.4.Operating business segments
9.6.5.Product portfolio
9.6.6.Business performance
9.6.7.Key strategic moves and developments

9.7.BRIGHTSTAR CORP

9.7.1.Company overview
9.7.2.Key Executives
9.7.3.Company snapshot
9.7.4.Operating business segments
9.7.5.Product portfolio
9.7.6.Business performance
9.7.7.Key strategic moves and developments

9.8.GOCARE WARRANTY GROUP

9.8.1.Company overview
9.8.2.Key Executives
9.8.3.Company snapshot
9.8.4.Operating business segments
9.8.5.Product portfolio
9.8.6.Business performance
9.8.7.Key strategic moves and developments

9.9.SQUARETRADE, INC

9.9.1.Company overview
9.9.2.Key Executives
9.9.3.Company snapshot
9.9.4.Operating business segments
9.9.5.Product portfolio
9.9.6.Business performance
9.9.7.Key strategic moves and developments

9.10.TAURUS INSURANCE SERVICES LIMITED

9.10.1.Company overview
9.10.2.Key Executives
9.10.3.Company snapshot
9.10.4.Operating business segments
9.10.5.Product portfolio
9.10.6.Business performance
9.10.7.Key strategic moves and developments


LIST OF TABLES

TABLE 1.GLOBAL MOBILE PHONE INSURANCE MARKET, BY TYPE 2023-2030 ($MILLION)
TABLE 2.MOBILE PHONE INSURANCE MARKET FOR BUDGET PHONES, BY REGION,  2023-2030 ($MILLION)
TABLE 3.MOBILE PHONE INSURANCE MARKET FOR MID AND HIGH-END PHONES, BY REGION,  2023-2030 ($MILLION)
TABLE 4.MOBILE PHONE INSURANCE MARKET FOR PREMIUM SMARTPHONES, BY REGION,  2023-2030 ($MILLION)
TABLE 5.GLOBAL MOBILE PHONE INSURANCE MARKET, BY COVERAGE TYPE 2023-2030 ($MILLION)
TABLE 6.MOBILE PHONE INSURANCE MARKET FOR PHYSICAL DAMAGE, BY REGION,  2023-2030 ($MILLION)
TABLE 7.MOBILE PHONE INSURANCE MARKET FOR INTERNAL COMPONENT FAILURE, BY REGION,  2023-2030 ($MILLION)
TABLE 8.MOBILE PHONE INSURANCE MARKET FOR THEFT AND LOSS PROTECTION, BY REGION,  2023-2030 ($MILLION)
TABLE 9.MOBILE PHONE INSURANCE MARKET FOR OTHERS, BY REGION,  2023-2030 ($MILLION)
TABLE 10.GLOBAL MOBILE PHONE INSURANCE MARKET, BY DISTRIBUTION MODE 2023-2030 ($MILLION)
TABLE 11.MOBILE PHONE INSURANCE MARKET FOR OFFLINE, BY REGION,  2023-2030 ($MILLION)
TABLE 12.MOBILE PHONE INSURANCE MARKET FOR ONLINE, BY REGION,  2023-2030 ($MILLION)
TABLE 13.MOBILE PHONE INSURANCE MARKET FOR , BY REGION,  2023-2030 ($MILLION)
TABLE 14.GLOBAL MOBILE PHONE INSURANCE MARKET, BY END USER 2023-2030 ($MILLION)
TABLE 15.MOBILE PHONE INSURANCE MARKET FOR BUSINESS, BY REGION,  2023-2030 ($MILLION)
TABLE 16.MOBILE PHONE INSURANCE MARKET FOR INDIVIDUALS , BY REGION,  2023-2030 ($MILLION)
TABLE 17.MOBILE PHONE INSURANCE MARKET FOR , BY REGION, , 2023-2030 ($MILLION)
TABLE 18.NORTH AMERICA MOBILE PHONE INSURANCE, BY TYPE 2023-2030 ($MILLION)
TABLE 19.NORTH AMERICA MOBILE PHONE INSURANCE, BY COVERAGE TYPE 2023-2030 ($MILLION)
TABLE 20.NORTH AMERICA MOBILE PHONE INSURANCE, BY DISTRIBUTION MODE 2023-2030 ($MILLION)
TABLE 21.NORTH AMERICA MOBILE PHONE INSURANCE, BY END USER 2023-2030 ($MILLION)
TABLE 22.NORTH AMERICA MOBILE PHONE INSURANCE, BY REGION,  2023-2030 ($MILLION)
TABLE 23.EUROPE MOBILE PHONE INSURANCE, BY TYPE 2023-2030 ($MILLION)
TABLE 24.EUROPE MOBILE PHONE INSURANCE, BY COVERAGE TYPE 2023-2030 ($MILLION)
TABLE 25.EUROPE MOBILE PHONE INSURANCE, BY DISTRIBUTION MODE 2023-2030 ($MILLION)
TABLE 26.EUROPE MOBILE PHONE INSURANCE, BY END USER 2023-2030 ($MILLION)
TABLE 27.EUROPE MOBILE PHONE INSURANCE, BY REGION,  2023-2030 ($MILLION)
TABLE 28.ASIA PACIFIC MOBILE PHONE INSURANCE, BY TYPE 2023-2030 ($MILLION)
TABLE 29.ASIA PACIFIC MOBILE PHONE INSURANCE, BY COVERAGE TYPE 2023-2030 ($MILLION)
TABLE 30.ASIA PACIFIC MOBILE PHONE INSURANCE, BY DISTRIBUTION MODE 2023-2030 ($MILLION)
TABLE 31.ASIA PACIFIC MOBILE PHONE INSURANCE, BY END USER 2023-2030 ($MILLION)
TABLE 32.ASIA PACIFIC MOBILE PHONE INSURANCE, BY REGION,  2023-2030 ($MILLION)
TABLE 33.LAMEA MOBILE PHONE INSURANCE, BY TYPE 2023-2030 ($MILLION)
TABLE 34.LAMEA MOBILE PHONE INSURANCE, BY COVERAGE TYPE 2023-2030 ($MILLION)
TABLE 35.LAMEA MOBILE PHONE INSURANCE, BY DISTRIBUTION MODE 2023-2030 ($MILLION)
TABLE 36.LAMEA MOBILE PHONE INSURANCE, BY END USER 2023-2030 ($MILLION)
TABLE 37.LAMEA MOBILE PHONE INSURANCE, BY REGION,  2023-2030 ($MILLION)
TABLE 38.APPLE, INC: COMPANY SNAPSHOT
TABLE 39.APPLE, INC: OPERATING SEGMENTS
TABLE 40.AMERICAN INTERNATIONAL GROUP, INC: COMPANY SNAPSHOT
TABLE 41.AMERICAN INTERNATIONAL GROUP, INC: OPERATING SEGMENTS
TABLE 42.ASSURANT, INC: COMPANY SNAPSHOT
TABLE 43.ASSURANT, INC: OPERATING SEGMENTS
TABLE 44.ASURION: COMPANY SNAPSHOT
TABLE 45.ASURION: OPERATING SEGMENTS
TABLE 46.AT&T INC: COMPANY SNAPSHOT
TABLE 47.AT&T INC: OPERATING SEGMENTS
TABLE 48.AMTRUST FINANCIAL: COMPANY SNAPSHOT
TABLE 49.AMTRUST FINANCIAL: OPERATING SEGMENTS
TABLE 50.BRIGHTSTAR CORP: COMPANY SNAPSHOT
TABLE 51.BRIGHTSTAR CORP: OPERATING SEGMENTS
TABLE 52.GOCARE WARRANTY GROUP: COMPANY SNAPSHOT
TABLE 53.GOCARE WARRANTY GROUP: OPERATING SEGMENTS
TABLE 54.SQUARETRADE, INC: COMPANY SNAPSHOT
TABLE 55.SQUARETRADE, INC: OPERATING SEGMENTS
TABLE 56.TAURUS INSURANCE SERVICES LIMITED: COMPANY SNAPSHOT
TABLE 57.TAURUS INSURANCE SERVICES LIMITED: OPERATING SEGMENTS

LIST OF FIGURES

FIGURE 1.GLOBAL MOBILE PHONE INSURANCE MARKET SEGMENTATION
FIGURE 2.TOP INVESTMENT POCKET
FIGURE 3.TOP WINNING STRATEGIES (%)
FIGURE 4.MOBILE PHONE INSURANCE MARKET FOR BUDGET PHONES, 2023-2030 ($MILLION)
FIGURE 5.MOBILE PHONE INSURANCE MARKET FOR MID AND HIGH-END PHONES, 2023-2030 ($MILLION)
FIGURE 6.MOBILE PHONE INSURANCE MARKET FOR PREMIUM SMARTPHONES, 2023-2030 ($MILLION)
FIGURE 7.MOBILE PHONE INSURANCE MARKET FOR PHYSICAL DAMAGE, 2023-2030 ($MILLION)
FIGURE 8.MOBILE PHONE INSURANCE MARKET FOR INTERNAL COMPONENT FAILURE, 2023-2030 ($MILLION)
FIGURE 9.MOBILE PHONE INSURANCE MARKET FOR THEFT AND LOSS PROTECTION, 2023-2030 ($MILLION)
FIGURE 10.MOBILE PHONE INSURANCE MARKET FOR OTHERS, 2023-2030 ($MILLION)
FIGURE 11.MOBILE PHONE INSURANCE MARKET FOR OFFLINE, 2023-2030 ($MILLION)
FIGURE 12.MOBILE PHONE INSURANCE MARKET FOR ONLINE, 2023-2030 ($MILLION)
FIGURE 13.MOBILE PHONE INSURANCE MARKET FOR , 2023-2030 ($MILLION)
FIGURE 14.MOBILE PHONE INSURANCE MARKET FOR BUSINESS, 2023-2030 ($MILLION)
FIGURE 15.MOBILE PHONE INSURANCE MARKET FOR INDIVIDUALS , 2023-2030 ($MILLION)
FIGURE 16.GLOBAL MOBILE PHONE INSURANCE, BY REGION,  2023 (%)
FIGURE 17.US MOBILE PHONE INSURANCE MARKET, 2023-2030 ($MILLION)
FIGURE 18.CANADA MOBILE PHONE INSURANCE MARKET, 2023-2030 ($MILLION)
FIGURE 19.UK MOBILE PHONE INSURANCE MARKET, 2023-2030 ($MILLION)
FIGURE 20.GERMANY MOBILE PHONE INSURANCE MARKET, 2023-2030 ($MILLION)
FIGURE 21.FRANCE MOBILE PHONE INSURANCE MARKET, 2023-2030 ($MILLION)
FIGURE 22.ITALY MOBILE PHONE INSURANCE MARKET, 2023-2030 ($MILLION)
FIGURE 23.SPAIN MOBILE PHONE INSURANCE MARKET, 2023-2030 ($MILLION)
FIGURE 24.NETHERLANDS MOBILE PHONE INSURANCE MARKET, 2023-2030 ($MILLION)
FIGURE 25.REST OF EUROPE MOBILE PHONE INSURANCE MARKET, 2023-2030 ($MILLION)
FIGURE 26.CHINA MOBILE PHONE INSURANCE MARKET, 2023-2030 ($MILLION)
FIGURE 27.JAPAN MOBILE PHONE INSURANCE MARKET, 2023-2030 ($MILLION)
FIGURE 28.INDIA MOBILE PHONE INSURANCE MARKET, 2023-2030 ($MILLION)
FIGURE 29.SOUTH KOREA MOBILE PHONE INSURANCE MARKET, 2023-2030 ($MILLION)
FIGURE 30.AUSTRALIA MOBILE PHONE INSURANCE MARKET, 2023-2030 ($MILLION)
FIGURE 31.REST OF ASIA PACIFIC MOBILE PHONE INSURANCE MARKET, 2023-2030 ($MILLION)
FIGURE 32.LATIN AMERICA MOBILE PHONE INSURANCE MARKET, 2023-2030 ($MILLION)
FIGURE 33.MIDDLE EAST MOBILE PHONE INSURANCE MARKET, 2023-2030 ($MILLION)
FIGURE 34.AFRICA MOBILE PHONE INSURANCE MARKET, 2023-2030 ($MILLION)

 
 

Mobile phone insurance, also known as service agreement or protection plan, provides coverage to increase the duration of protection of phones form unforeseen damages. It provides coverage from multiple types of products & brands, ranging from appliances to electronics, wearables, computer equipment, and others. In addition, manufacturers tend to deal with limited product & brand set to provide an insurance as the licensing & credentialing requirements largely differ from other insurance coverage.

Furthermore, mobile phone insurance is designed to provide additional protection for end user mobiles. However, consumers face several challenges while dealing with mobile insurance. For instance, retailers that do not repair in the store, generally sell mobile insurance, which are third-party policies. Therefore, though consumers buy the insurance from retailers, another company handles the claim processes.

In accordance with several interviews that were conducted of the top level CXOs, mobile phone insurance providers are looking forward to expand their offerings and provide customized coverage for their customers. In addition, mobile phones are the major adopters of mobile phone insurance coverage in the market. Therefore, insurers have lucrative opportunities to innovate their existing plans and expand their product offerings in the untapped potential of emerging economies.

Nevertheless, a considerable number of companies remain under the perception that they have minimum insurance exposure. Furthermore, major vendors of the market are introducing different strategies for increasing their market value and market share which drives the growth of the market. For instance, in June 2019, American International Group, Inc., launched affinity-based mobile insurance that offers coverage for all mobile devices in case of theft, breakage, rust, and duplicitous use of the user’s SIM card. Thus, these factors drive the growth of the market.

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A. The Mobile Phone Insurance Market is estimated to grow at a CAGR of 11.5% from 2021 to 2030.

A. The Mobile Phone Insurance Market is projected to reach $76.10 billion by 2030.

A. To get the latest version of sample report

A. Factors such as increase in incident of accidental damage, phone thefts, virus infection, and device malfunction, along with surge in adoption of high quality smartphones drives the growth of the Mobile Phone Insurance market

A. The key players profiled in the report include Apple Inc., American International Group, Inc., Assurant, Inc., Asurion, AT&T Inc., AmTrust Financial, Brightstar Corp., GoCare Warranty Group, SquareTrade, Inc. and Taurus Insurance Services Limited and many more.

A. On the basis of top growing big corporations, we select top 10 players.

A. The Mobile Phone Insurance Market is segmented on the basis of type, coverage type, distribution channel, end user, and region.

A. The key growth strategies of Mobile Phone Insurance market players include product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations.

A. subsegments of coverage type are physical damage, internal component failure, theft & loss protection, and others.

A. Mid & High-end Phones segment will grow at a highest CAGR of 13.0% during 2021 - 2030.

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