Mobile Phone Insurance Market By Phone Type (Budget Phones, Mid & High-End Phones, Premium Smartphones), By Sales Channel (Retail, Online), By Coverage Type (Physical Damage, Internal Component Failure, Theft & Loss Protection, Others), By End User (Business, Individuals), : Global Opportunity Analysis and Industry Forecast, 2020-2030
A mobile phone insurance plan covers services such as theft protection, accidental breakage protection, water or liquid damage cover, covers high repair cost, and protection for loss of phone. One must immediately report any loss or damage to the mobile phone to the insurance company offering the coverage either on a toll-free number or any other suggested customer support channels mentioned by the company. In case of theft or robbery, the customer must file an FIR with the nearest police station or submit the complaint and obtain a copy of it. In case of loss or damage to the mobile phone due to household fire, a report from the fire station is also required by some insurance companies.
Rise in demand for mobile phone insurance on accidents, such as mechanical breakdown, accidental damage of phones or malicious & liquid damage, theft, and unauthorized usage is a major driving factor for the market. In addition, increase in adoption of high quality smartphones boosts the growth of the mobile phone insurance market by providing many easy solutions to the customers. Moreover, the mobile phone insurance market has experienced an increase in the demand among consumers owing to surge in number of smartphones and rise in number of threats in the form of loss, theft, accidental damage, repair or replacement of components, and others. Therefore, these are the major driving forces for the mobile phone insurance market. However, demand for mobile phone insurance has also declined, with decline in sales of mobile phones since recent years. Moreover, consumer experiences and adoption of mobile phones remain a primary concern, which needs to be addressed by balancing the sales of mobile phones and its alternative uses in the market. Thus, this is a major limiting factor for the market. Contrarily, various mobile phone companies across the globe are introducing new strategies to improve their market value and surge their revenue as well as enhance their customer experience. Some of the mobile phone insurance companies are providing applications and other technologically advanced services to their customers to keep their customer safe from the pandemic situation. Therefore, this factor will provide major lucrative opportunity for the growth of the market in the upcoming years.
The global mobile phone insurance market is segmented on the basis of phone type, sales channel, coverage type, end user, and region. By phone type, it is segmented into budget phones, mid & high-end phones, and premium smartphones. On the basis of sales channel, it is divided into retail and online. Based on coverage type, it is segregated into physical damage, internal component failure, theft & loss protection, and others. By end user, the market is divided into business and individuals. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the global mobile phone insurance market such as 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. These players have adopted various strategies to increase their market penetration and strengthen their position in the global mobile phone insurance market.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the mobile phone insurance market size analysis from 2020 to 2030 to identify the prevailing mobile phone insurance market opportunity.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the mobile phone insurance market outlook assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global mobile phone insurance market forecast.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global mobile phone insurance market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Phone Type
Budget Phones
Mid High-End Phones
Premium Smartphones
By Sales Channel
Retail
Online
By Coverage Type
Physical Damage
Internal Component Failure
Theft Loss Protection
Others
By End User
Business
Individuals
By Region
North America
U.S.
Canada
Europe
U.K.
Germany
France
Italy
Spain
Netherlands
Poland
Hungary
Austria
Switzerland
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Hong Kong
Viet Nam
Philippines
Indonesia
Taiwan
Thailand
Malaysia
Singapore
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
Apple Inc.
ASSURANT, INC.
Asurion
AT&T Intellectual Property
Aviva
Bolttech
Chubb
Digital Care sp. z o.o.
Servify
Singtel
U Mobile Sdn Bhd
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook