Market Overview
The mobile phone insurance market provides coverage for mobile devices against risks such as accidental damage, theft, water damage, and malfunctions. With the increasing reliance on smartphones in daily life, mobile phone insurance has become a popular service for consumers seeking financial protection against costly repairs or replacements.
Global mobile phone insurance market size and share is currently valued at USD 27.46 billion in 2023 and is anticipated to generate an estimated revenue of USD 72.55 billion By 2032 , according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 11.5% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024 – 2032.
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Key Trends in the Market
- Integration with Telecom Providers
Mobile phone insurance is increasingly being bundled with mobile plans offered by telecom providers, making it easier for customers to enroll and manage their insurance coverage as part of their phone contract. - Growth of Protection Plans for Multiple Devices
Many mobile phone insurance providers are expanding their offerings to cover multiple devices, such as tablets, laptops, and wearables, under a single protection plan, attracting consumers with more comprehensive coverage options. - Use of Technology for Claims Processing
The use of mobile apps and AI for efficient claims processing is gaining popularity, enabling users to easily report claims, track the status of repairs, and receive quick reimbursements, improving the overall customer experience.
Research Scope
- Market Segmentation
The research delves into the mobile phone insurance market across various segments such as by device type (smartphones, tablets, wearables), insurance model (accident-only, theft, and damage coverage), and distribution channels (telecom providers, online platforms, third-party insurers). - Regional Analysis
The study includes an analysis of key geographic regions such as North America, Europe, Asia-Pacific, and Latin America to understand regional differences in mobile phone insurance adoption and market potential. - Competitive Landscape
The research examines the major players in the market, analyzing their strategies, partnerships, and product offerings to highlight competitive trends and market dynamics.
Some of the major players operating in the global market include:
- Apple Inc.
- American International Group, Inc.
- Assurant, Inc
- Asurion
- AT&T Intellectual Property.
- AmTrust Financial
- Brightstar Corp.
- GoCare Warranty Group
- SquareTrade, Inc.
- Taurus Insurance Services Limited
Segment Analysis:
Polaris Market Research has segmented the mobile phone insurance market report based on phone type and coverage. This segmentation provides a detailed analysis of the market, categorizing mobile insurance plans according to different types of phones, such as smartphones and feature phones, as well as varying levels of coverage, including accidental damage, theft, and water damage.
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
The mobile phone insurance market is growing rapidly, driven by the increasing reliance on smartphones and the rising costs associated with device repairs and replacements. As consumers seek more accessible and comprehensive coverage options, the market is set for continued innovation and expansion, offering new opportunities for insurers and telecom providers alike