Mobile Phone Insurance Market Size, Share & Trends Analysis Report By Coverage (Physical Damage, Internal Component Failure, Theft & Loss Protection), By Phone Type (Budget Phones, Premium Smartphones), By Region, And Segment Forecasts, 2023 - 2030
Mobile Phone Insurance Market Growth & Trends
The global mobile phone insurance market size is expected to reach USD 73.86 billion by 2030, registering a CAGR of 12.5% from 2023 to 2030, according to a new study by Grand View Research, Inc. The growth is attributable to the increasing number of smartphone users across the globe. The market growth can also be ascribed to the growing demand for smartphones that are used for entertainment, education, news, and digital transactions.
Additionally, the growing usage of smartphones, as well as mobile applications, is expected to favor market growth. Convenient claim service is also expected to contribute to the overall market growth over the forecast period. Mobile phone insurance helps avoid expensive replacement costs incurred due to the loss or breakdown of mobile phones. Damages such as physical damage and electronic damage, theft protection, and cyber-threat protection are usually covered under a mobile phone insurance policy. This is anticipated to encourage customers to opt for such insurance policies over the forecast period.
Big data analytics is also playing a pivotal role in driving the market growth. The technology helps flag claims for priority handling or proactively monitor risks to reduce financial losses. Therefore, phone insurance providers are anticipated to widely adopt analytics over the coming years. Furthermore, there is an increase in the purchase of mobile phones through online platforms. This is encouraging e-commerce companies to collaborate with insurance providers. For instance, in October 2018, Flipkart ventured into a partnership with Bajaj Allianz to offer customized insurance solutions and boost Bajaj Allianz mobile phone protection program. Moreover, these collaborations enable the partnered companies to increase their customer base across the globe.
Mobile Phone Insurance Market Report Highlights
The market is anticipated to witness substantial growth owing to an increasing number of smartphone users and collaborations among manufacturers and insurance providers
The physical damage segment accounted for the highest market share in 2022. The users mostly opt for plans that cover repair and replacement costs
The premium smartphone segment accounted for a significant market share in 2022 owing to the rapidly increasing cost of smartphones and rise in the number of physical and technical damages
The growth of the North America market can be attributed to the presence of a large number of insurance providers and higher smartphone penetration in the U.S.
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Chapter 1. Methodology and Scope
1.1. Market Segmentation & Scope
1.1.1. Phone type
1.1.2. Coverage
1.1.3. Regional scope
1.1.4. Estimates and forecast timeline
1.2. Research Methodology
1.3. Information Procurement
1.3.1. Purchased database
1.3.2. GVR’s internal database
1.3.3. Secondary sources
1.3.4. Primary research
1.3.5. Details of primary research
1.4. Information or Data Analysis
1.5. Market Formulation & Validation
1.6. Model Details
1.7. List of Secondary Sources
1.8. List of Primary Sources
1.9. Objectives
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segment Outlook
2.2.1. Phone type outlook
2.2.2. Coverage outlook
2.2.3. Regional outlook
2.3. Competitive Insights
Chapter 3. Mobile Phone Insurance Market Variables, Trends & Scope
3.1. Market Lineage Outlook
3.2. Industry Value Chain Analysis
3.3. Market Dynamics
3.3.1. Market driver analysis
3.3.2. Market restraint analysis
3.3.3. Market opportunity analysis
3.4. Mobile Phone Insurance Market Analysis Tools
3.4.1. Industry analysis - Porter’s Five Forces
3.4.1.1. Supplier power
3.4.1.2. Buyer power
3.4.1.3. Substitution threat
3.4.1.4. Threat of new entrant
3.4.1.5. Competitive rivalry
3.4.2. PESTEL analysis
3.4.2.1. Political landscape
3.4.2.2. Technological landscape
3.4.2.3. Economic landscape
3.4.2.4. Social landscape
Chapter 4. Mobile Phone Insurance Market: Phone Type Estimates & Trend Analysis
4.1. Mobile Phone Insurance Market: Key Takeaways
4.2. Mobile Phone Insurance Market: Movement & Market Share Analysis, 2022 & 2030
4.3. Budget Phones
4.3.1. Budget phones market estimates and forecasts, 2017 to 2030 (USD Billion)
4.4. Mid & High-end Phones
4.4.1. Mid & high-end phones market estimates and forecasts, 2017 to 2030 (USD Billion)
4.5. Premium Smartphones
4.5.1. Premium smartphones market estimates and forecasts, 2017 to 2030 (USD Billion)