Mobile phone market is currently valued at $23.18 billion in 2020 and is estimated to reach USD 53.5 Billion with growth at CAGR of 12.7% by 2027
The increasing number of smartphones users and rising incidences of accidental damage, phone thefts, internal component failure, device malfunction, among others, are among the key factors driving the global mobile phone insurance market. The mobile phone insurance is the coverage taken by the cellular phone users in order to protect their cell phones from these damages and losses.
There are many segments of mobile insurance market like based on phone type i.e new phone, refurbished phone. Based on protection, the market is classified into physical damage, electronic damage, theft protection, and virus protection & others. Highest market size is for new phones and policies related to physical damage due to its huge cost. Based on end user, the market is categorized into personal and corporate, with increase in personal segment. Region wise, the market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa.
There are many recent developments in mobile phone insurance market. In 2018, Trov Inc. launched re-engineered on-demand insurance policy in the US and TIM Brasil started annual mobile phone trade-up scheme. Other developments in the same year was by Polkomotel which started display insurance for their premium customers. And in October 2018, Flipkart, a leading retailer in India, ventured into partnership will Bajaj Allianz, an insurance service provider active in various sectors.
There are many players in the mobile insurance market. Some of the prominent players in the market include AmTrust International; Assurant, Inc.; Asurion; AT&T Inc.; Brightstar Corp.; GoCare Warranty Group; Revolut Ltd.; SquareTrade, Inc.; Taurus Insurance Services Limited; Vodafone Limited and many others.
Report : Mobile Phone Insurance Market - By Phone Type (New Phone and Refurbished Phone), By Channel (Mobile Operator, Device OEM, Retailers, and Others), By Protection (Physical Damage, Electronic Damage, Theft Protection, and Virus Protection), By End User (Personal and Corporate), and By Region (Asia Pacific, North America, Europe, Latin America, Middle East, and Africa) - Industry Analysis, opportunity and Forecast 2020 To 2027