Mobile Phone Insurance Market by Phone Type (Budget Phones, Mid & High-End Phones, and Premium Smartphones), Sales Channel (Mobile Operators, Device OEMS & Retailers, and Others), Coverage (Physical Damage, Internal Component Failure, Theft & Loss Protection, Virus & Data Protection, and Others), and End User (Business and Individuals): Global Opportunity Analysis and Industry Forecast 2023–2030
Mobile Phone Insurance market size was valued at USD 31.55 billion in 2022, and is predicted to reach USD 75.13 billion by 2030, with a CAGR of 11.7% during the forecast period, 2023 to 2030.
Growth in incidents of damages involving unintentional handling damage and loss protection, along with surge in cases of phone thefts across the globe propel growth of the mobile phone insurance market.
However, high cost of premium packages restrains growth of the market. On the contrary, growing advancements in technologies in mobile insurance such as artificial intelligence, machine learning, and deep learning technology creates an ample growth opportunity for the market.
Segment Overview
The global mobile phone insurance market is segmented on the basis of phone type, sales channel, coverage, end user, and region.
By phone type, the market is classified into budget phones, mid & high-end phones, and premium smartphones.
By sales channel, the market is segmented into mobile operators, device OEMs and retailers, and others.
By coverage, the market is categorized into physical damage, internal component failure, theft & loss protection, virus & data protection, and others.
By end user, the market is divided into business and individuals.
Region wise, the market is segmented into North America, Europe, Asia-Pacific, and RoW.
Regional Analysis
Asia-Pacific is expected to hold a dominant share of the market by 2030
Increase in use of high premium smartphones, owing to rise in disposable income of people and presence of local mobile phone manufactures including Realme, Vivo, and Oppo in China that provide insurance while buying cell phones boost growth of the market.
In addition, increase in partnerships between mobile phone companies and service providers of MPI to deliver protection against all forms of damages including accidental damage, mobile theft, and virus and data protection drives the market growth.
For instance, in October 2020, Bolttech announced its partnership with Samsung in Thailand. Through this partnership boltech provides mobile device repair services to owners of Samsung Galaxy smartphones and tablets through the Samsung Care+ programme
Key Market Players
Emerging and efficient key players in mobile phone insurance research include companies such as:
• Apple Inc.
• American International Group Inc
• Assurant Inc
• Asurion Group Inc
• CHUBB
• Boltech
• Singtel
• Amtrust Financial Services
• Securranty Assurance for TomorrowS
• Square Trade Inc
Recent Developments
October 2022
Apple Inc launched AppleCare+ that provides warranty of one year and 90 days of technical support with the option to purchase plans for longer service periods
September 2022
Assurant Inc launched a multiyear extension of its long-standing partnership with T-Mobile to continue providing comprehensive mobile device protection solutions.
December 2021
Bolttech partnered with Samsung and announced the expansion of their device protection partnership into six additional markets in Europe. Through this partnership bolttech aims to help customers to protect their smartphone, tablet and wearable devices against accidental physical and liquid breakage for up to two years
November 2021
Asurion launched mobile smart phone insurance in Australia, these includes repair, replace, restore and resolve insurance
September 2021
Securranty Assurance for TomorrowS introduced iPhone warranty and protection programmes that guard against cracked or broken phones. Also, it protects against damaging spills, cracks, and drops, and thus giving customers peace of mind.
KEY BENEFITS
• The report provides quantitative analysis and estimations of the mobile phone insurance market from 2023 to 2030, which assists in identifying the prevailing market opportunities.
• The study comprises a deep dive analysis of the mobile phone insurance market including the current and future trends to depict prevalent investment pockets in the market.
• Information related to key drivers, restraints, and opportunities and their impact on the mobile phone insurance market is provided in the report.
• Competitive analysis of the players, along with their market share is provided in the report.
• SWOT analysis and Porters Five Forces model is elaborated in the study.
• Value chain analysis in the market study provides a clear picture of roles of stakeholders.
- 1. Introduction
- 1.1. Report Description
- 1.2. Who Should Read This Report
- 1.3. Key Market Segments
- 1.4. Key Market Players
- 1.5. Research Methodology
- 1.5.1 Secondary Research
- 1.5.2 Data Analysis Framework
- 1.5.3 Market Size Estimation
- 1.5.4 Forecasting
- 1.5.5 Primary Research And Data Validation
- 2. Mobile Phone Insurance Market- Executive Summary
- 2.1. Market Snapshot, 2021 - 2030, Million Usd
- 3. Market Overview
- 3.1. Market Definition And Scope
- 3.2. Market Dynamics
- 3.2.1 Drivers
- 3.2.1.1 Surge In Adoption Of High-quality Smartphones Across The Globe
- 3.2.1.2 Rising Incidents Of Accidental Damage And Phone Thefts Across The World
- 3.2.1.3 Rising Initiatives By Various Mobile Insurance Companies
- 3.2.2 Restraints
- 3.2.2.1 High Premium Packages
- 3.2.3 Opportunities
- 3.2.3.1 Introduction Of Artificial Intelligence (Ai) In Insurance Companies
- 4. Market Share Analysis
- 4.1. Market Share Analysis Of Top Mobile Phone Insurance, 2021
- 5. Global Mobile Phone Insurance Market, By Phone Type
- 5.1. Overview
- 5.2. Budget Phones
- 5.2.1 Budget Phones Market, By Region
- 5.3. Mid & High-end Phones
- 5.3.1 Mid & High-end Phones Market, By Region
- 5.4. Premium Smartphones
- 5.4.1 Premium Smartphones Market, By Region
- 6. Global Mobile Phone Insurance Market, By Sales Channel
- 6.1. Overview
- 6.2. Mobile Operators
- 6.2.1 Mobile Operators Market, By Region
- 6.3. Device Oems
- 6.3.1 Device Oems Market, By Region
- 6.4. Retailers & Others
- 6.4.1 Retailers & Others Market, By Region
- 7. Global Mobile Phone Insurance Market, By Coverage Type
- 7.1. Overview
- 7.2. Physical Damage
- 7.2.1 Physical Damage Market, By Region
- 7.3. Internal Component Failure
- 7.3.1 Internal Component Failure Market, By Region
- 7.4. Theft & Loss Protection
- 7.4.1 Theft & Loss Protection Market, By Region
- 7.5. Virus & Data Protection
- 7.5.1 Virus & Data Protection Market, By Region
- 7.6. Others
- 7.6.1 Others Market, By Region
- 8. Global Mobile Phone Insurance Market, By End-user
- 8.1. Overview
- 8.2. Businesses
- 8.2.1 Businesses Market, By Region
- 8.3. Individuals
- 8.3.1 Individuals Market, By Region
- 9. Global Mobile Phone Insurance Market, By Region
- 9.1. Overview
- 9.2. North America
- 9.2.1 North America Mobile Phone Insurance Market, By Phone Type
- 9.2.2 North America Mobile Phone Insurance Market, By Sales Channel
- 9.2.3 North America Mobile Phone Insurance Market, By Coverage Type
- 9.2.4 North America Mobile Phone Insurance Market, By End-user
- 9.2.5 North America Mobile Phone Insurance Market, By Country
- 9.2.5.1. U.S.
- 9.2.5.1.1. U.S. Mobile Phone Insurance Market, By Phone Type
- 9.2.5.1.2. U.S. Mobile Phone Insurance Market, By Sales Channel
- 9.2.5.1.3. U.S. Mobile Phone Insurance Market, By Coverage Type
- 9.2.5.1.4. U.S. Mobile Phone Insurance Market, By End-user
- 9.2.5.2. Canada
- 9.2.5.2.1. Canada Mobile Phone Insurance Market, By Phone Type
- 9.2.5.2.2. Canada Mobile Phone Insurance Market, By Sales Channel
- 9.2.5.2.3. Canada Mobile Phone Insurance Market, By Coverage Type
- 9.2.5.2.4. Canada Mobile Phone Insurance Market, By End-user
- 9.2.5.3. Mexico
- 9.2.5.3.1. Mexico Mobile Phone Insurance Market, By Phone Type
- 9.2.5.3.2. Mexico Mobile Phone Insurance Market, By Sales Channel
- 9.2.5.3.3. Mexico Mobile Phone Insurance Market, By Coverage Type
- 9.2.5.3.4. Mexico Mobile Phone Insurance Market, By End-user
- 9.3. Europe
- 9.3.1 Europe Mobile Phone Insurance Market, By Phone Type
- 9.3.2 Europe Mobile Phone Insurance Market, By Sales Channel
- 9.3.3 Europe Mobile Phone Insurance Market, By Coverage Type
- 9.3.4 Europe Mobile Phone Insurance Market, By End-user
- 9.3.5 Europe Mobile Phone Insurance Market, By Country
- 9.3.5.1. Germany
- 9.3.5.1.1. Germany Mobile Phone Insurance Market, By Phone Type
- 9.3.5.1.2. Germany Mobile Phone Insurance Market, By Sales Channel
- 9.3.5.1.3. Germany Mobile Phone Insurance Market, By Coverage Type
- 9.3.5.1.4. Germany Mobile Phone Insurance Market, By End-user
- 9.3.5.2. Uk
- 9.3.5.2.1. Uk Mobile Phone Insurance Market, By Phone Type
- 9.3.5.2.2. Uk Mobile Phone Insurance Market, By Sales Channel
- 9.3.5.2.3. Uk Mobile Phone Insurance Market, By Coverage Type
- 9.3.5.2.4. Uk Mobile Phone Insurance Market, By End-user
- 9.3.5.3. France
- 9.3.5.3.1. France Mobile Phone Insurance Market, By Phone Type
- 9.3.5.3.2. France Mobile Phone Insurance Market, By Sales Channel
- 9.3.5.3.3. France Mobile Phone Insurance Market, By Coverage Type
- 9.3.5.3.4. France Mobile Phone Insurance Market, By End-user
- 9.3.5.4. Spain
- 9.3.5.4.1. Spain Mobile Phone Insurance Market, By Phone Type
- 9.3.5.4.2. Spain Mobile Phone Insurance Market, By Sales Channel
- 9.3.5.4.3. Spain Mobile Phone Insurance Market, By Coverage Type
- 9.3.5.4.4. Spain Mobile Phone Insurance Market, By End-user
- 9.3.5.5. Italy
- 9.3.5.5.1. Italy Mobile Phone Insurance Market, By Phone Type
- 9.3.5.5.2. Italy Mobile Phone Insurance Market, By Sales Channel
- 9.3.5.5.3. Italy Mobile Phone Insurance Market, By Coverage Type
- 9.3.5.5.4. Italy Mobile Phone Insurance Market, By End-user
- 9.3.5.6. Netherlands
- 9.3.5.6.1. Netherlands Mobile Phone Insurance Market, By Phone Type
- 9.3.5.6.2. Netherlands Mobile Phone Insurance Market, By Sales Channel
- 9.3.5.6.3. Netherlands Mobile Phone Insurance Market, By Coverage Type
- 9.3.5.6.4. Netherlands Mobile Phone Insurance Market, By End-user
- 9.3.5.7. Denmark
- 9.3.5.7.1. Denmark Mobile Phone Insurance Market, By Phone Type
- 9.3.5.7.2. Denmark Mobile Phone Insurance Market, By Sales Channel
- 9.3.5.7.3. Denmark Mobile Phone Insurance Market, By Coverage Type
- 9.3.5.7.4. Denmark Mobile Phone Insurance Market, By End-user
- 9.3.5.8. Finland
- 9.3.5.8.1. Finland Mobile Phone Insurance Market, By Phone Type
- 9.3.5.8.2. Finland Mobile Phone Insurance Market, By Sales Channel
- 9.3.5.8.3. Finland Mobile Phone Insurance Market, By Coverage Type
- 9.3.5.8.4. Finland Mobile Phone Insurance Market, By End-user
- 9.3.5.9. Norway
- 9.3.5.9.1. Norway Mobile Phone Insurance Market, By Phone Type
- 9.3.5.9.2. Norway Mobile Phone Insurance Market, By Sales Channel
- 9.3.5.9.3. Norway Mobile Phone Insurance Market, By Coverage Type
- 9.3.5.9.4. Norway Mobile Phone Insurance Market, By End-user
- 9.3.5.10. Sweden
- 9.3.5.10.1. Sweden Mobile Phone Insurance Market, By Phone Type
- 9.3.5.10.2. Sweden Mobile Phone Insurance Market, By Sales Channel
- 9.3.5.10.3. Sweden Mobile Phone Insurance Market, By Coverage Type
- 9.3.5.10.4. Sweden Mobile Phone Insurance Market, By End-user
- 9.3.5.11. Russia
- 9.3.5.11.1. Russia Mobile Phone Insurance Market, By Phone Type
- 9.3.5.11.2. Russia Mobile Phone Insurance Market, By Sales Channel
- 9.3.5.11.3. Russia Mobile Phone Insurance Market, By Coverage Type
- 9.3.5.11.4. Russia Mobile Phone Insurance Market, By End-user
- 9.3.5.12. Rest Of Europe
- 9.3.5.12.1. Rest Of Europe Mobile Phone Insurance Market, By Phone Type
- 9.3.5.12.2. Rest Of Europe Mobile Phone Insurance Market, By Sales Channel
- 9.3.5.12.3. Rest Of Europe Mobile Phone Insurance Market, By Coverage Type
- 9.3.5.12.4. Rest Of Europe Mobile Phone Insurance Market, By End-user
- 9.4. Asia-pacific
- 9.4.1 Asia-pacific Mobile Phone Insurance Market, By Phone Type
- 9.4.2 Asia-pacific Mobile Phone Insurance Market, By Sales Channel
- 9.4.3 Asia-pacific Mobile Phone Insurance Market, By Coverage Type
- 9.4.4 Asia-pacific Mobile Phone Insurance Market, By End-user
- 9.4.5 Asia-pacific Mobile Phone Insurance Market, By Country
- 9.4.5.1. China
- 9.4.5.1.1. China Mobile Phone Insurance Market, By Phone Type
- 9.4.5.1.2. China Mobile Phone Insurance Market, By Sales Channel
- 9.4.5.1.3. China Mobile Phone Insurance Market, By Coverage Type
- 9.4.5.1.4. China Mobile Phone Insurance Market, By End-user
- 9.4.5.2. Japan
- 9.4.5.2.1. Japan Mobile Phone Insurance Market, By Phone Type
- 9.4.5.2.2. Japan Mobile Phone Insurance Market, By Sales Channel
- 9.4.5.2.3. Japan Mobile Phone Insurance Market, By Coverage Type
- 9.4.5.2.4. Japan Mobile Phone Insurance Market, By End-user
- 9.4.5.3. India
- 9.4.5.3.1. India Mobile Phone Insurance Market, By Phone Type
- 9.4.5.3.2. India Mobile Phone Insurance Market, By Sales Channel
- 9.4.5.3.3. India Mobile Phone Insurance Market, By Coverage Type
- 9.4.5.3.4. India Mobile Phone Insurance Market, By End-user
- 9.4.5.4. Australia
- 9.4.5.4.1. Australia Mobile Phone Insurance Market, By Phone Type
- 9.4.5.4.2. Australia Mobile Phone Insurance Market, By Sales Channel
- 9.4.5.4.3. Australia Mobile Phone Insurance Market, By Coverage Type
- 9.4.5.4.4. Australia Mobile Phone Insurance Market, By End-user
- 9.4.5.5. South Korea
- 9.4.5.5.1. South Korea Mobile Phone Insurance Market, By Phone Type
- 9.4.5.5.2. South Korea Mobile Phone Insurance Market, By Sales Channel
- 9.4.5.5.3. South Korea Mobile Phone Insurance Market, By Coverage Type
- 9.4.5.5.4. South Korea Mobile Phone Insurance Market, By End-user
- 9.4.5.6. Thailand
- 9.4.5.6.1. Thailand Mobile Phone Insurance Market, By Phone Type
- 9.4.5.6.2. Thailand Mobile Phone Insurance Market, By Sales Channel
- 9.4.5.6.3. Thailand Mobile Phone Insurance Market, By Coverage Type
- 9.4.5.6.4. Thailand Mobile Phone Insurance Market, By End-user
- 9.4.5.7. Singapore
- 9.4.5.7.1. Singapore Mobile Phone Insurance Market, By Phone Type
- 9.4.5.7.2. Singapore Mobile Phone Insurance Market, By Sales Channel
- 9.4.5.7.3. Singapore Mobile Phone Insurance Market, By Coverage Type
- 9.4.5.7.4. Singapore Mobile Phone Insurance Market, By End-user
- 9.4.5.8. Rest Of Asia-pacific
- 9.4.5.8.1. Rest Of Asia-pacific Mobile Phone Insurance Market, By Phone Type
- 9.4.5.8.2. Rest Of Asia-pacific Mobile Phone Insurance Market, By Sales Channel
- 9.4.5.8.3. Rest Of Asia-pacific Mobile Phone Insurance Market, By Coverage Type
- 9.4.5.8.4. Rest Of Asia-pacific Mobile Phone Insurance Market, By End-user
- 9.5. Rest Of World
- 9.5.1 Rest Of World Mobile Phone Insurance Market, By Phone Type
- 9.5.2 Rest Of World Mobile Phone Insurance Market, By Sales Channel
- 9.5.3 Rest Of World Mobile Phone Insurance Market, By Coverage Type
- 9.5.4 Rest Of World Mobile Phone Insurance Market, By End-user
- 9.5.5 Rest Of World Mobile Phone Insurance Market, By Country
- 9.5.5.1. Latin America
- 9.5.5.1.1. Latin America Mobile Phone Insurance Market, By Phone Type
- 9.5.5.1.2. Latin America Mobile Phone Insurance Market, By Sales Channel
- 9.5.5.1.3. Latin America Mobile Phone Insurance Market, By Coverage Type
- 9.5.5.1.4. Latin America Mobile Phone Insurance Market, By End-user
- 9.5.5.2. Middle East
- 9.5.5.2.1. Middle East Mobile Phone Insurance Market, By Phone Type
- 9.5.5.2.2. Middle East Mobile Phone Insurance Market, By Sales Channel
- 9.5.5.2.3. Middle East Mobile Phone Insurance Market, By Coverage Type
- 9.5.5.2.4. Middle East Mobile Phone Insurance Market, By End-user
- 9.5.5.3. Africa
- 9.5.5.3.1. Africa Mobile Phone Insurance Market, By Phone Type
- 9.5.5.3.2. Africa Mobile Phone Insurance Market, By Sales Channel
- 9.5.5.3.3. Africa Mobile Phone Insurance Market, By Coverage Type
- 9.5.5.3.4. Africa Mobile Phone Insurance Market, By End-user
- 10. Company Profiles
- 10.1. Apple Inc.
- 10.1.1 Company Overview
- 10.1.2 Company Snapshot
- 10.1.3 Operating Business Segments
- 10.1.4 Product Portfolio
- 10.1.5 Business Performance
- 10.1.6 Sales By Business Segment
- 10.1.7 Sales By Geographic Segment
- 10.1.8 Key Strategic Moves & Developments
- 10.1.9 Primary Market Competitors
- 10.2. American International Group Inc.
- 10.2.1 Company Overview
- 10.2.2 Company Snapshot
- 10.2.3 Product Portfolio
- 10.2.4 Operating Business Segments
- 10.2.5 Business Performance
- 10.2.6 Sales By Business Segment
- 10.2.7 Sales By Geographic Segment
- 10.2.8 Key Strategic Moves & Developments
- 10.2.9 Primary Market Competitors
- 10.3. Assurant Inc,
- 10.3.1 Company Overview
- 10.3.2 Company Snapshot
- 10.3.3 Operating Business Segments
- 10.3.4 Product Portfolio
- 10.3.5 Business Performance
- 10.3.6 Sales By Business Segment
- 10.3.7 Sales By Geographic Segment
- 10.3.8 Key Strategic Moves & Developments
- 10.3.9 Primary Market Competitors
- 10.4. Asurion Group Inc
- 10.4.1 Company Overview
- 10.4.2 Company Snapshot
- 10.4.3 Product Portfolio
- 10.4.4 Key Strategic Moves & Developments
- 10.4.5 Primary Market Competitors
- 10.5. Amtrust Financial Services Inc
- 10.5.1 Company Overview
- 10.5.2 Company Snapshot
- 10.5.3 Product Portfolio
- 10.5.4 Key Strategic Moves & Developments
- 10.5.5 Primary Market Competitors
- 10.6. Boltech
- 10.6.1 Company Overview
- 10.6.2 Company Snapshot
- 10.6.3 Product Portfolio
- 10.6.4 Key Strategic Moves & Developments
- 10.6.5 Primary Market Competitors
- 10.7. Chubb
- 10.7.1 Company Overview
- 10.7.2 Company Snapshot
- 10.7.3 Operating Business Segments
- 10.7.4 Product Portfolio
- 10.7.5 Business Performance
- 10.7.6 Sales By Geographic Segment
- 10.7.7 Sales By Geographic Segment
- 10.7.8 Key Strategic Moves & Developments
- 10.7.9 Primary Market Competitors
- 10.8. Singtel
- 10.8.1 Company Overview
- 10.8.2 Company Snapshot
- 10.8.3 Operating Business Segments
- 10.8.4 Product Portfolio
- 10.8.5 Business Performance
- 10.8.6 Sales By Business Segment
- 10.8.7 Key Strategic Moves & Developments
- 10.8.8 Primary Market Competitors
- 10.9. Securranty Assurance For Tomorrows
- 10.9.1 Company Overview
- 10.9.2 Company Snapshot
- 10.9.3 Product Portfolio
- 10.9.4 Key Strategic Moves & Developments
- 10.9.5 Primary Market Competitors
- 10.10. Square Trade
- 10.10.1 Company Overview
- 10.10.2 Company Snapshot
- 10.10.3 Product Portfolio
- 10.10.4 Key Strategic Moves & Developments
- 10.10.5 Primary Market Competitors
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