Mobile Phone Insurance Industry Global Overview: Market Size, Growth Insights and Forecast
Report ID : 1341250 | Published : February 2025 | Study Period : 2023-2033 | Format : PDF + Excel
The market size of the Mobile Phone Insurance Industry is categorized based on Type of Coverage (Accidental Damage, Theft & Loss, Liquid Damage, Malfunction, Others) and Distribution Channel (Online, Retail Stores, Carrier/Service Providers, Third-Party Administrators, Others) and End User (Individual Customers, Corporate Customers, Small & Medium Enterprises, Large Enterprises, Others) and geographical regions (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa).
The Mobile Phone Insurance Industry, valued at $6.5 billion in 2023, is anticipated to expand to $12.3 billion by 2033 at a CAGR of 6.5% from 2024 to 2033. This report covers different segments and offers an analysis of the substantial trends and factors affecting the market.
The market for mobile phone insurance has emerged as a unique sector of consumer protection and risks management. Since mobile devices have become a vital part of our everyday activities, the need for protecting these assets has drastically increased. With the rise in accidental damage, theft, and unforeseen technical malfunctions, the importance of mobile phone insurance is being recognized by consumers and businesses alike. This trend is not only fueled by the increasing prices of top-tier smartphones but also due to the growing awareness of the potential financial loss incurred from device damage or loss.
The last few years have seen a rapid change in the technological paradigm, coupled with the evolving consumer behavior. This has largely affected the mobile phone insurance market. With smartphones becoming the primary device for communication and connectivity for business and personal use, the insured market has also expanded significant. This shift is further being supported by the development of new innovative policies that diversify customer needs with rapid claims processing and flexible coverage. The mobile phone insurance market is proving to be nechalant about the requirements of the customer; providing unprecedented growth for years to come.
| ATTRIBUTES | DETAILS |
| STUDY PERIOD | 2023-2033 |
| BASE YEAR | 2023 |
| FORECAST PERIOD | 2024-2033 |
| HISTORICAL PERIOD | 2023-2024 |
| UNIT | VALUE (USD BILLION) |
| KEY COMPANIES PROFILED | Assurant Inc., SquareTrade Inc., AppleCare, Samsung Insurance, Verizon Mobile Protection, AT&T Protect Advantage, Asurion LLC, Brightstar Corporation, CPR Cell Phone Repair, Lemonade Inc., Zeguro Inc. |
| SEGMENTS COVERED |
By Type of Coverage - Accidental Damage, Theft & Loss, Liquid Damage, Malfunction, Others
By Distribution Channel - Online, Retail Stores, Carrier/Service Providers, Third-Party Administrators, Others
By End User - Individual Customers, Corporate Customers, Small & Medium Enterprises, Large Enterprises, Others
By Geography - North America, Europe, APAC, Middle East Asia & Rest of World. |
Mobile Phone Insurance Industry Dynamics
The Mobile Phone Insurance Industry is undergoing significant changes due to various dynamic factors. This section delves into the key drivers, restraints, opportunities, and challenges that are shaping the market landscape.
Market Drivers
- Technological Advancements
- Increasing Consumer Demand
- Regulatory Support
- Globalization
Market Restraints
- High Operational Costs
- Regulatory Challenges
- Market Saturation
Market Opportunities
- Emerging Markets
- Product Innovation
- Strategic Partnerships
Market Challenges
- Technological Disruptions
- Supply Chain Issues
- Changing Consumer Preferences
Mobile Phone Insurance Industry Segmentations
Market Breakup by Type of Coverage
- Overview
- Accidental Damage
- Theft & Loss
- Liquid Damage
- Malfunction
- Others
Market Breakup by Distribution Channel
- Overview
- Online
- Retail Stores
- Carrier/Service Providers
- Third-Party Administrators
- Others
Market Breakup by End User
- Overview
- Individual Customers
- Corporate Customers
- Small & Medium Enterprises
- Large Enterprises
- Others
Market Breakup by Region
North America
- United States of America
- Canada
- Mexico
Europe
- United Kingdom
- Germany
- France
- Italy
- Spain
- Others
Asia Pacific
- China
- Japan
- India
- ASEAN
- Australia
- Others
Latin America
- Brazil
- Argentina
- Mexico
- Others
Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Nigeria
- South Africa
- Others
Key Players in the Mobile Phone Insurance Industry
This report provides an in-depth analysis of both established and rising industry participants. It provides broad lists of important companies organized by the types of products they offer and other market-related factors. In addition to characterizing these companies, the report contains the year each player entered the market, which is useful for research analysis by the study's analysts.
- Assurant Inc.
- SquareTrade Inc.
- AppleCare
- Samsung Insurance
- Verizon Mobile Protection
- AT&T Protect Advantage
- Asurion LLC
- Brightstar Corporation
- CPR Cell Phone Repair
- Lemonade Inc.
- Zeguro Inc.
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