Worldwide Mobile Phone Insurance Market to Reach $53.16 Billion by 2028 at a CAGR of 10.4%

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Jul 13, 2022, 06:00 ET

DUBLIN, July 13, 2022 /PRNewswire/ -- The "Mobile Phone Insurance Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Coverage, Sales Channel, Phone Type, and End User" report has been added to ResearchAndMarkets.com's offering.

The mobile phone insurance market is expected to grow from US$ 27,291.83 million in 2021 to US$ 53,161.84 million by 2028; it is estimated to grow at a CAGR of 10.4% from 2021 to 2028.

The US and European markets occupy a big portion of the mobile phone insurance market with huge smartphone penetration, the developing nations are still in an emerging stage. However, the trend of smartphone penetration may vary from region to region as per customers' willingness and mobile phone penetration.

The GSM Arena estimated the growth of the mobile phone market for secondhand and refurbished phones at a rate 15% from 2020 to 2021. Such scenarios are likely to bring new prospects to the mobile insurance market from this segment of mobile phones.

The surge of data and virus protection is propelling the mobile phone insurance market growth, as mobile users are looking for these coverage plans among with physical insurance plans. This unlocks new growth opportunities for bundled protection plans, offering full protection to mobile phones in the mobile phone insurance market.

The businesses of mobile phone insurance service providers have grown to become highly volatile due to rise in trade-in volume of mobile devices. Participants in the mobile phone insurance market landscape manage or own varied aspects of the value chain, which enables them to design insurance products and services in such a way that they fit the specific end-user demands.

The terms and conditions of the mobile phone insurance market are often critical, which pushes the customers to fail to recall the claiming procedures altogether. A few sellers offer a defined coverage plan with a fixed premium amount regardless of the smartphone type. On the contrary, other sellers have different premiums/amounts to be paid for different coverage needed by the customers.

At times, the coverage and the premium/amount differ according to the devices, that is, iOS or Android-based phones, which increases uncertainty among customers regarding the uptake of mobile phone insurance. Therefore, insurers are focusing on simplifying their terms and conditions, and covering the maximum possible insurance policies under one premium amount.

These initiatives by insurance sellers or insurers are expected to help customers clearly understand terms and conditions, and claiming procedures in the near future. The growing focus on simplification of claiming procedures is anticipated to boost the uptake of mobile phone insurance plans among customers in developed countries and developing economies in the coming years.

Key Topics Covered:

1. Introduction

2. Key Takeaways

3. Research Methodology

4. Mobile Phone Insurance Market Landscape
4.1 Market Overview
4.2 PEST Analysis

5. Mobile Phone Insurance Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Surge in Uptake of High-quality Smartphones
5.1.2 Increasing Cases of Accidental Damage, Phone Theft, and Gadget Failure
5.2 Market Restraints
5.2.1 Rising Cases of Fraudulent Policies and Claims
5.3 Market Opportunities
5.3.1 Network Operators to Create Lucrative Market in Europe
5.4 Future Trends
5.4.1 Simplification of Insurance Claiming Procedure
5.5 Impact Analysis of Drivers and Restraints

6. Mobile Phone Insurance Market - Global Market Analysis
6.1 Global Mobile Phone Insurance Market Overview
6.2 Mobile Phone Insurance Market Forecast and Analysis
6.3 Market Positioning- Top Five Players

7. Mobile Phone Insurance Market Analysis - By Coverage
7.1 Overview
7.2 Mobile Phone Insurance Market, by Coverage (2021 and 2028)
7.3 Physical Damage
7.4 Electronic Damage
7.5 Virus Protection
7.6 Theft Protection

8. Mobile Phone Insurance Market - By Sales Channel
8.1 Overview
8.2 Mobile Phone Insurance Market, by Sales Channel (2021 and 2028)
8.3 Mobile Operators
8.4 Device OEMs
8.5 Retailers
8.6 Others

9. Mobile Phone Insurance Market - By Phone Type
9.1 Overview
9.2 Mobile Phone Insurance Market, by Phone Type (2021 and 2028)
9.3 New Phone
9.3.1 Overview
9.3.2 New Phone : Mobile Phone Insurance Market - Revenue and Forecast to 2028 (US$ Million)
9.4 Refurbished
9.4.1 Overview
9.4.2 Refurbished: Mobile Phone Insurance Market - Revenue and Forecast to 2028 (US$ Million)

10. Mobile Phone Insurance Market - By End User
10.1 Overview
10.2 Mobile Phone Insurance Market, by End User (2021 and 2028)
10.3 Corporate
10.3.1 Overview
10.3.2 Corporate : Mobile Phone Insurance Market - Revenue and Forecast to 2028 (US$ Million)
10.4 Personal
10.4.1 Overview
10.4.2 Personal: Mobile Phone Insurance Market - Revenue and Forecast to 2028 (US$ Million)

11. Mobile Phone Insurance Market - Geographic Analysis

12. Mobile Phone Insurance Market - COVID-19 Impact Analysis

13. Mobile Phone Insurance Market-Industry Landscape
13.1 Overview
13.2 Market Initiative

Companies Mentioned