IMARC Group’s report titled ”Mobile Phone Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2025-2033″. The global mobile phone insurance market size reached USD 40.3 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 83.1 Billion by 2033, exhibiting a growth rate (CAGR) of 8.4% during 2025-2033.
Factors Affecting the Growth of the Mobile Phone Insurance Industry:
- Rising Adoption of Smartphones:
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- Increasing Cost of Mobile Devices:
The rising cost of mobile devices is contributing to the market growth. Moreover, the inclusion of advanced technologies such as organic light-emitting diode (OLED) displays, multiple camera systems, and fifth-generation (5G) connectivity is fueling the market growth. Additionally, people are willing to pay premiums for these advancements. Furthermore, mobile phone insurance serves as a practical solution to reduce the potential financial burden. In line with this, the rising cost of mobile devices is encouraging individuals to opt for comprehensive insurance coverage.
- Risks of Accidental Drops of Mobile Phones:
Increasing awareness among people about the risks associated with mobile phone use is reinforcing the market growth. These risks include accidental drops damaging the screen, exposure to liquids, theft, or loss. Moreover, people are recognizing that the cost of repairing or replacing a smartphone due to such accidents can be quite high. They are also looking for insurance coverage options to reduce the financial burden. Additionally, losing access to important data, contacts, or work-related information due to damage or theft can be disruptive and financially damaging.
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Leading Companies Operating in the Global Mobile Phone Insurance Industry:
- American International Group, Inc
- Allianz SE
- AmTrust International Limited
- Apple Inc., AT&T Inc.
- AXA Group
- Deutsche Telekom AG
- Liberty Mutual Insurance Group
- Pier Insurance Managed Services Ltd.
- Samsung Electronics Co. Ltd.
- SoftBank Group Corp.
- Sprint Corporation
- Telefónica Insurance S.A.
- Verizon Communications Inc.
- Vodafone Group Plc
- Xiaomi Corporation
- Orange S.A.
Mobile Phone Insurance Market Report Segmentation:
By Phone Type:
- New Phone
- Refurbished
The new phone represented the largest segment due to the rising need to reduce high replacement costs.
By Coverage:
- Physical Damage
- Electronic Damage
- Virus Protection
- Data Protection
- Theft Protection
Physical damage accounted for the largest market share as it provides protection for mobile phones against external harm, such as accidental drops and spills.
By Distribution Channel:
- Mobile Operators
- Device OEMs
- Retailers
- Online
- Others
Online exhibits a clear dominance in the market on account of the increasing focus on enhanced convenience and accessibility.
By End User:
- Corporate
- Personal
Personal holds the biggest market share as mobile phone insurance provides protection against numerous risks, such as accidental damage, theft, loss, and damage caused by environmental factors.
Regional Insights:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
North America enjoys the leading position in the mobile phone insurance market due to the presence of numerous insurance providers.
Global Mobile Phone Insurance Market Trends:
E-commerce platforms are making mobile phone insurance more convenient for individuals. Additionally, insurance options are generally presented during the checkout process, when individuals buy smartphones online. This ease of access encourages people to opt for insurance coverage, especially when they are making a significant investment in a new device. The escalating demand for smartphones on account of increasing preferences for on-the-go entertainment and mobile banking among the masses worldwide is impelling the market growth. These devices play a pivotal role in daily life, which encourages individuals to protect these devices from any damage.
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