The mobile phone insurance market is projected to reach US$ 53.16 billion by 2028 from US$ 27.29 billion in 2021, and it is expected to grow at a CAGR of 10.4% from 2022 to 2028.
The Insight Partners published latest research study on “Mobile Phone Insurance Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Coverage (Physical Damage, Electronic Damage, Virus Protection, and Theft Protection), Sales Channel (Mobile Operators, Device OEMs, Retailers, and Others), Phone Type (New Phones and Refurbished Phones), and End User (Corporate and Personal)”.
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The global mobile phone insurance market growth is driven by surge in uptake of high-quality smartphone and increasing cases of accidental damage, phone theft, and gadget failure.
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|Market Size Value in||US$ 27.29 billion in 2021|
|Market Size Value by||US$ 53.16 billion by 2028|
|Growth rate||CAGR of 10.4% from 2021 to 2028|
|No. of Pages||189|
|No. of Charts & Figures||94|
|Historical data available||Yes|
|Segments covered||Coverage, Sales Channel, Phone Type, and End User|
|Regional scope||North America; Europe; Asia Pacific; Latin America; MEA|
|Country scope||US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
- Accidental damage
- Liquid damage
- Unauthorised usage
- Loss (optional)
- Worldwide cover
- Family cover
- E-wallet cover
Telecommunications technologies have advanced significantly in recent years, which has resulted in unprecedented levels of connectedness. In terms of smartphone adoption, the US is one of the most advanced countries globally.
Samsung and Apple are the most popular smartphone brands in this country. At the same time, Google’s Android and Apple’s iOS are the most popular smartphone operating systems/platforms in this market. Other operating systems, such as Symbian, Blackberry OS, Bada, and Windows, have failed to maintain market share while iOS and Android dominate.
As the smartphone penetration in North America approaches maturity, the average revenue per unit (ARPU) of the telecom industry is also anticipated to plummet in the coming years.
In response to these market conditions, telecom companies are projected to adopt novel approaches to boost their margins and attain leadership in the already saturated marketplaces.
The leading telecom service providers, such as AT&T and Verizon, have begun to provide mobile phone insurance services at competitive prices. In addition, US Cellular or Sprint customers have direct access to insurance coverage, which they can add to their monthly payments.
The insurance is reasonably priced, the claims process is simple, and consumers are generally satisfied. As a result of the increased accessibility of services, more consumers opt for mobile insurance, resulting in mobile phone insurance market growth.
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- Accidental Damage
- Theft Cover
- Mechanical breakdown
- Liquid Damage
- Cracked screen
- Loss Cover
- Unauthorised usage – Up to £2,500
- Accessory Cover – Up to £150
- Worldwide cover
- E-Wallet Cover – Up to £500
Mobile Phone Insurance Market: Competitive Landscape and Key Developments
Allianz; American International Group, Inc; Apple Inc; AT&T Inc; Aviva; Gadget Cover; Pier Insurance Managed Services Ltd; and Telefónica Limited are among the key players that are profiled during this mobile phone insurance market study.
In addition, several other essential market players were studied and analysed to get a holistic view of the global market and its ecosystem.
- In May 2021, American International Group, Inc was recognised as one of Diversity Inc’s Top 50 Companies for “Diversity” for consecutive fourth year.
- In April 2021, AIG’s President and Chief Executive Officer announced company’s plant of participating in a virtual fireside chat at the Bernstein Strategic Decisions Conference.
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Further, it was found that the majority of mobile users in North America stay away from their phones for less than four hours. This has subsequently increased the chances of accidents that might hamper the functioning of mobile phones. For instance, the consumers who carry their phones to the water-prone areas are most likely to face liquid damage to their phones.
Similarly, the large screen size poses a screen damage threat to smartphone owners. In the past two years, the theft cases of high-end, expensive devices have increased remarkably. The increase in such mishaps is driving the mobile phone insurance market in North America.
The high volatility of the mobile phone insurance market is also influenced by the value of the mobile phones which, when collected by the insurance companies might plummet beyond the prices the companies have guaranteed or paid.
This can avidly affect the insurance company service providers’ profitability. For the mobile phone insurance industry, the service providers carry their own inventory in order to attain their delivery requirements of some of the clients and facilitate guaranteed buyback of mobile and tablets as a fashion of their upgrade and trade-in offerings.
Further, the devices that are collected by the insurance companies while buyback are ultimately disposed through sales to the third parties.
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|Next Day Replacement, with SIM|
|Cover For Loss|
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|Cover for Accidental Damage|
|Cover for diagnosed faults in the first 2 years|
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Mobile Phone Insurance Market: Sales Channel Overview
The mobile phone insurance market is booming in developed as well as developing countries. The customers are progressively insuring their smartphones with exciting and affordable schemes.
This factor has led to the evolution of various sales or distribution channels that offer mobile phone insurance. The mobile phone insurance market, by sales channel, is segmented into mobile operators, device OEMs, and retailers.
Various insurance companies are also offering their mobile phone insurance schemes through e-commerce websites to improve their customer reach. The substantial increase in the number of distributors in mobile phone insurance industry is anticipated to further fuel the mobile phone insurance market growth during the forecast period.
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About The Insight Partners
The Insight Partners is a one stop industry research provider of actionable intelligence. They help clients in getting solutions to their research requirements through our syndicated and consulting research services.
They specialise in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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