Global Mobile Phone Insurance Market Analysis 2024 – Estimated Market Size And Key Drivers

Uday Kiran

Global Mobile Phone Insurance Market Analysis 2024 – Estimated Market Size And Key Drivers

The Mobile Phone Insurance Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Mobile Phone Insurance Global Market Report 2024, The mobile phone insurance market size has grown rapidly in recent years. It will grow from $31.37 billion in 2023 to $35.36 billion in 2024 at a compound annual growth rate (CAGR) of 12.7%. The growth in the historic period can be attributed to rising smartphone penetration, high cost of mobile devices, changing consumer lifestyles, carrier and retailer offerings, increasing incidence of accidental damage.

The mobile phone insurance market size is expected to see rapid growth in the next few years. It will grow to $56.56 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%. The growth in the forecast period can be attributed to continuous smartphone innovation, expansion of mid-range and premium device segments, customized and flexible insurance plans, e-commerce and online device sales, increasing digitalization and connectivity. Major trends in the forecast period include coverage for digital wallets and cybersecurity, flexibility in premium payment models, focus on sustainability and eco-friendly practices, artificial intelligence in risk assessment, global expansion and emerging market opportunities.

The surge in the adoption of smartphones is expected to boost the growth of the mobile phone insurance market going forward. A smartphone refers to a portable electronic gadget with a cellular network connection. A dependable mobile phone insurance plan will pay for any necessary repairs or replacements; therefore, the market for mobile phone insurance is anticipated to grow as more people adopt smartphones. For instance, according to a report published by Uswitch Limited, a UK-based online and telephone comparison and switching service, in 2022, 71.8 million mobile connections were active. There will be 68.3 million people living in the UK by 2025, and 95% of them will have smartphones in their hands. Therefore, the surge in the adoption of smartphones is driving the growth of the mobile phone insurance market.

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The mobile phone insurance market covered in this report is segmented –

1) By Phone Type: Budget Phones, Mid And High-End Phones, Premium Smartphones

2) By Coverage: Physical Damage, Internal Component Failure, Theft And Loss Protection, Virus And Data Protection, Other Coverages

3) By Distribution Channel: Mobile Operators, Device OMEs (Original Equipment Manufacturer), Retailers, Online, Other Distribution Channels

4) By End-User: Corporate, Personal

Major companies operating in the mobile insurance policy market are adopting a strategic partnership approach to enhance the accessibility of insurance products while addressing emerging risks from customers' digital lifestyles. A strategic partnership is a collaborative agreement or alliance between two or more entities, such as companies, organizations, or governments, with the aim of achieving mutually beneficial objectives. For instance, in October 2023, Igloo Pte. Ltd., a Singapore-based insurance company, partnered with Oppo, a China-based consumer electronics company. With this partnership, these companies aim to provide after-sales services and insurance protection plans for mobiles. It includes offering screen protection, an extended warranty, an accidental warranty, and screen damage protection plans.

The mobile phone insurance market report table of contents includes: