The Global Mobile Phone Insurance Market size was accounted at US$ 18.67 million in 2018 and is expected to register a CAGR of 18.7% during the forecast period 2026.
Mobile Phone Insurance is a type of insurance that covers mobile phones that have been mechanically damaged. It also assists in the safety of the phone from theft. The growth of the cell phone insurance market is being aided by increasing living standards and huge spending on luxury consumer electronics. Mobile phones and smartphones are a growing segment that is expected to expand rapidly in the coming years as technological advancements occur.
Damage to physical appliances, missing or stolen computers, and failures are all protected by mobile insurance. The mobile telephone assurance ecosystem is a network, interconnected service, or interconnected systems that provide insurers and consumers with an integrated experience to meet a variety of needs. Insurers use the ecosystem to offer more and more timely coverage to their customers. Customers may also use it to double-check critical online information.
The growing number of smartphone users, as well as the increasing incidences of accidental injury, phone robberies, and system failure, is driving the global mobile phone insurance market. Mobile phones are extremely vulnerable to physical and technological harm, and the increasing cost of smartphones is motivating consumers to buy mobile phone insurance policies.
The Global Mobile Phone Insurance market is segmented by Type (New Phone, Refurbished), by Channel (Mobile Operator, Device OEM, Retailers), by End User (Personal, Corporate), by Protection (electronic damage, theft protection, physical damage, virus protection). The market is further analyzed on the basis of regional analysis and divided into major regions like North-America, Latin America, Asia-Pacific, Europe and MEA.
Further Key Findings from the Report Suggest
- Owing of the rising number of smartphone users and partnerships between manufacturers and insurance companies, the cell phone insurance market is expected to expand significantly.
- In 2018, the physical injury category had the largest market share. The majority of consumers want policies that cover the costs of maintenance and replacement.
- The emergence of a large number of insurance companies and higher mobile penetration in the United States are both factors contributing to the market's growth in North America.
Key Participants include Allianz, Assurant Inc., Brightstar Corp, Geek squad, Amtrust Internation, Apple Inc., Gocare Warranty Group, and others.
For this report, Introspective Market Research have segmented the Global Mobile Phone Insurance markets market on the basis of Region:
Regional Outlook (Revenue in USD Billion; Volume in Units, 2019-2025)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of LATAM