Mobile Phone Insurance Market Size Worth $ 72.55 Billion By 2032 | CAGR: 11.5%

The global mobile phone insurance market size is expected to reach USD 72.55 billion by 2032, according to a new study by Polaris Market Research. The report “Mobile Phone Insurance Market Share, Size, Trends, Industry Analysis Report, By Coverage (Physical Damage, Internal Component Failure, Theft & Loss Protection), By Phone Type (Budget Phones, Premium Smartphones), By Region, And Segment Forecasts, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The expansion of the mobile phone insurance market can be attributed to the rising global population of smartphone users. As more individuals across the globe own smartphones, the demand for associated services, including mobile phone insurance, has increased. This growth is fueled by the multifaceted role that smartphones play in people's lives, serving as essential tools for entertainment, education, staying informed through news apps, and facilitating digital transactions. As smartphones become integral to various aspects of daily life, the need for protective measures, such as insurance, has become increasingly evident, driving the overall growth of the market.

The increasing prevalence of smartphones and the widespread use of mobile applications are significant factors contributing to the growth of the mobile phone insurance market. As more individuals rely on smartphones for various activities, including communication, entertainment, and business, the importance of protecting these devices from potential risks becomes evident. Mobile phone insurance provides a convenient and comprehensive solution by offering coverage for a range of issues, including physical damage, electronic damage, theft protection, and cybersecurity threats.

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The convenience of the claim service is another factor enhancing the appeal of mobile phone insurance. Customers are more likely to opt for insurance policies that offer straightforward and efficient claim processes, making it easier for them to address issues such as device loss or damage. The prospect of avoiding expensive replacement costs in the event of a mobile phone breakdown or loss serves as a strong incentive for individuals to invest in mobile phone insurance.

The integration of big data analytics is a crucial driver for the growth of the market. Big data analytics enables insurance providers to efficiently analyze vast amounts of data, helping them identify patterns, trends, and potential risks. In the context of mobile phone insurance, this technology plays a pivotal role in various aspects of the insurance process.

The increasing trend of purchasing mobile phones through online platforms is another factor influencing the market. As more consumers turn to e-commerce channels for buying mobile devices, there is an opportunity for collaboration between e-commerce companies and insurance providers. This collaboration can involve offering insurance packages at the point of purchase or integrating insurance options into the online shopping experience. It not only provides customers with convenient access to insurance but also creates new avenues for insurers to expand their customer base.

Mobile Phone Insurance Market Report Highlights

• Physical damage segment held the largest share, as users mostly cover for hardware repairing or replacement
• Premium segment dominated the market, as there is rapid sure in purchase in high end phones in emerging nation, among expanding middle income base population

• North America dominated the market, due to presence of many insurance providers, and penetration of premium phones
• The global players include Apple, Assurant, Asurion, AT&T Intellectual, AmTrust Financial, Brightstar Corp., GoCare Warranty, and SquareTrade.

Polaris Market Research has segmented the mobile phone insurance market report based on phone type, coverage, and region:

Mobile Phone Insurance, Phone Type Outlook (Revenue - USD Billion, 2019 - 2032)

• Budget phones
• Mid & high-end phones
• Premium smartphones

Mobile Phone Insurance, Coverage Outlook (Revenue - USD Billion, 2019 - 2032)

• Physical damage
• Internal component failure
• Theft & loss protection
• Virus & data protection
• Others

Mobile Phone Insurance, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Australia
  • Rest of Asia Pacific
• Latin America
  • Argentina
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa
  • Rest of Middle East & Africa

Mobile Phone Insurance Market Report Scope