The global mobile phone insurance market was over USD 25.6 Billion in 2022 and it is anticipated to grow at a CAGR of 9.9% during the forecast period.
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Mobile phone insurance covers the replacement or repair of a mobile phone in the event that it is lost, stolen, or damaged. The insurance may also cover the cost of any additional accessories that were purchased with the phone.
Market Drivers and Trends
Technology: The mobile phone insurance market is driven by the rapid pace of technological change in the mobile phone industry. Every year, new models of mobile phones are released with ever-more sophisticated features. This means that consumers are increasingly likely to upgrade their phones on a regular basis and to insure their devices against loss, theft, or damage.
Economic factors: The global economic environment is also a key mobile phone insurance market driver. Rising incomes and increased consumer confidence mean that people are more likely to purchase expensive items such as mobile phones. In addition, the growth of the mobile phone industry in emerging markets such as China and India is fueling the demand for insurance products.
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Regulatory environment: The regulatory environment is another important mobile phone insurance market driver. In many countries, mobile phone insurance is compulsory for customers who take out a mobile phone contract. This is because the cost of replacing a stolen or damaged phone can be very high, and insurers are able to spread the risk across a large number of customers.
Market Restraints and Challenges
The key restraints and challenges in the mobile phone insurance market include the following:
- Lack of awareness: There is lack of awareness about mobile phone insurance among consumers, which is a challenge for the growth of this market.
- High cost: The cost of mobile phone insurance is high, which is a challenge for the growth of this market.
- Lack of trust: There is lack of trust among consumers about the efficacy of mobile phone insurance, which is a challenge for the growth of this market.
Major Players in the Global Mobile Phone Insurance Market
The key players studied in the market are Apple Inc., ASSURANT, INC., Asurion, AT&T Intellectual Property, Aviva, bolttech, Chubb, Digital Care sp. z o.o., Servify, Singtel, and U Mobile Sdn Bhd among others.
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COVID-19 Impact
Due to economic upheavals and a drop in consumer spending following the COVID-19 global health crisis, the market for mobile phone insurance has been significantly impacted. This has caused a decrease in public interest in purchasing phone insurance premiums. In addition, strict lockdowns around the world, concerns with job loss and wage cuts across numerous industries, and other factors have reduced end consumers’ purchasing power, which has a negative impact on the market’s expansion.
Market Segments
- By Phone Type
- Budget Phones
- Mid & High-End Phones
- Premium Smartphones
- By Sales Channel
- Retail
- Online
- By Coverage Type
- Physical Damage
- Internal Component Failure
- Theft & Loss Protection
- Others
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