The global Mobile Phone Insurance market accounted for US$ 16,962.7 Mn in 2017 and is expected to grow at a CAGR of 12.5% during the forecast period 2018 – 2025, to account for US$ 43,448 Mn in 2025.
The global mobile phone insurance market is experiencing an intense growth with regards to the innovations and up gradations of policies and schemes being carried out by the market players and procurement of insurance policies for future in the current scenario. The mobile phone insurance market consists of some well-established players across the globe as well as small firms offering single coverage type as well. The mobile phone insurance market is concentrated with mobile network operators, device OEMs, retailers, and others. These market participants enhance their schemes as per the requirements of the customers.
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The prominent players in the Mobile Phone Insurance Market include: American International Group, Inc., Assurant, Inc., Asurion, LLC, Blackberry Limited, AT&T Inc., Brightstar Device Protection, LLC, Pier Insurance Managed Services Ltd., Vodafone Group Plc, Three Ireland (Hutchison) Limited, and Tr?v, Inc.
The global mobile phone insurance market is a highly fragmented and evolving market worldwide. Leading players in the market capture merely ~50% of the market, whereas the rest of the market is occupied by region players including mobile operators, retailer’s operating in that region. The market operates in a highly competitive marketplace. As leading companies in this market continue to broaden their addressable market, by expanding its current product portfolio, diversifying its client base, and developing new applications and markets, all the prominent players face an increasing level of competition, both from start-ups as well the leading global technology and industrial companies in the world.
Increasing Number of Smartphone Users
The world is becoming increasingly interconnected both socially and economically. Technological adoption trend has become a defining factor among the global population. To that end, the world has witnessed a remarkable rise in smartphone adoption over the past few years. With the increase in smartphones, the mobile industry is experiencing a substantial growth of mobile phones insurance policies offered by various smartphone manufacturers, network operators, insurance companies as well as retailers across the globe. The insurance companies help the smartphone owners by offering theft or lost insurance, accidental coverage and among others. Thus, increasing smartphone users across geographies is heavily driving the market for mobile phone insurance in the current times and the trend is anticipated to increase in the future.
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Mobile Phone Insurance – Market Segmentation
By Phone Type
- New Phone
- Physical Damage
- Electronic Damage
- Virus Protection
- Theft Protection
By Sales Channel
- Mobile Operators
- Device OEMs
Key findings of the study:
- North America is anticipated to account the largest market share of the mobile phone insurance market and is expected to register a CAGR of 12.5%
- Based on the phone type, the refurbished phone segment is expected to witness high year on year growth during the forecast period
- Countries such as China, Brazil, and India are witnessing high demand for mobile phone insurance due to the increasing adoption of smartphones.
- Europe holds the second largest market share. The insurance companies operating in the region is also delivering insurance coverage for mobile phones, and these insurance companies sell their insurance products or scheme either by themselves or through various retailers. The Europe market for mobile phone insurance is anticipated to increase in the coming years attributing to the fact that advanced consumer behavior towards the insurance sector.
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