Global Mobile Phone Insurance Market was valued at USD 31.22 Billion in 2021 and is expected to reach USD 103.65 Billion by the year 2028, at a CAGR of 18.7%. Analysis period {2023-2030}
Global Mobile Phone Insurance Market was valued at USD 31.22 Billion in 2021 and is expected to reach USD 103.65 Billion by the year 2028, at a CAGR of 18.7%. Analysis period {2023-2030}
Market Overview:
Mobile phones easily get prone to technical and physical damages, such as crack in circuit board, excessive dust and dirt, or damaged casing which may further affect the Coverages and Printed Circuit Board (PCB). Damages by technical or physical issues can cause severe losses for the end users, and thus many users opt for mobile phone insurance for the safety purpose. Mobile phone insurance is nothing but the service contract, which offers component fix repairing for mobile phones that are sold by retailer or service providers. Mobile phone insurances provide additional coverage of phones like malicious damage, the unauthorized usage, e-wallet payments, or theft. It also covers the cost as well as inconvenience of electrical or mechanical failures.
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Market Dynamics and Factors
Mobile phone users often show concerns about the security and safety of their phones post the expiration of their warranty. The costs associated with the maintenance and repair of damaged smartphones are quite expensive after the warranty expires. Thus, providing an insurance cover to mobile phones saves a lot of money as the burden of cost for repairing them is delegated to insurance providers, which further drives the growth of mobile phone insurance market. Further, the simplification of conditions and terms as well as the claiming procedures is anticipated to give rise to the adoption of mobile insurance plans among users worldwide. In addition to this, factors like the accidental damage, incidents of phone thefts, device malfunction or virus infection and rise in rapid adoption of high-quality mobile phones are some of the key factors, which are expected to boost the mobile phone insurance market growth over projected period.
Mobile Phone Insurance Market Segmentation
By Phone type
By Coverage type
By Sales channel
By End users
The Study Addresses Key Questions About the Market
* What are the significant trends and dynamics?
* What are projections of the market considering capacity and production?
* Where will the strategic developments take the keyword Market in the mid to long term?
* Who are the major players operating in the industry?
* What will the market size and growth rate be over the forecast period?
* What are the recent industry trends businesses can use to generate additional revenue streams?
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Market Segment by Regions and Countries Level Analysis:
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Key Industry Development
In October, 2021, the general insurer, Go Digit announced a launch of its product of mobile insurance cover. The insurance covers expenses for used and old as well as new mobile screens with premium rates kept as low as any screen guard would cost.
In March, 2019, AXA Partners has declared its first entry into the UK region and Irish mobile phone insurance market through a new partnership with Pier Insurance.
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Jan 04, 2024
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