Market Definition
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.
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.
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Market Outlook
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.
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:
1. Lack of awareness: There is lack of awareness about mobile phone insurance among consumers, which is a challenge for the growth of this market.
2. High cost: The cost of mobile phone insurance is high, which is a challenge for the growth of this market.
3. 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.
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Research Objectives
• Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
• Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
• Identify factors influencing market growth and challenges, opportunities, drivers and restraints
• Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
• Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
• Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
• To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
• Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Segmental Overview
The global mobile phone insurance market is segmented into phone type, coverage type, sales channel, and region.
Major Players
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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Research Scope
• Scope – Highlights, Trends, Insights. Attractiveness, Forecast
• Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
• Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
• Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
• Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
• Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis
• Market Size in 2021 – $24.6 Bn
• Market Size in 2031 – $98.3 Bn
• CAGR % – 14.9%
• Historic Period – 2016-2021
• Forecast Period – 2023-2032
• Base Year – 2022
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