Portland, OR, Dec. 09, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global mobile phone insurance market was estimated at $25.77 billion in 2020 and is expected to hit $76.1 billion by 2030, registering a CAGR of 11.5% from 2020 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.
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Increase in incidents of accidental damage, phone thefts, virus infection, device malfunctions, and surge in adoption of high quality smartphones fuel the growth of the mobile phone insurance market. On the other hand, decline in sale of mobile phones in the recent times impedes the growth to some extent. However, surge in demand for innovative products is expected to pave the way for an array of opportunities in the industry.
COVID-19 Scenario
- The outbreak of the pandemic led to decrease in production of mobile phones due to shortage of raw materials, distorted supply chain, and absence of other important parameters required for seamless production of mobile phones. This, in turn, led to dwindled demand for mobile phone insurance from the end users, thereby impacting the market negatively.
- However, as the global situation is gradually getting better, the market is anticipated to revive soon.
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The global mobile phone insurance market is analyzed across phone type, distribution mode, coverage, end user, and geography. By phone type, the premium smartphones segment contributed to nearly three-fifths of the total market share in 2020, and is projected to dominate by 2030. The mid & high-end phones segment, on the other hand, would cite the fastest CAGR of 13.0% throughout the forecast period.
By distribution mode, the offline segment generated nearly two-thirds of the total market revenue in 2020, and is projected to lead the trail by 2030. The online segment, however, would manifest the fastest CAGR of 13.0% during the forecast period.
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By region, the market across North America held the major share in 2020, garnering more than one-third of the global market. Simultaneously, the Asia-Pacific region would manifest the fastest CAGR of 13.5% throughout the forecast period. The other provinces discussed in the report include Europe and LAMEA.
The key market players analyzed in the global mobile phone insurance market report include SquareTrade, Inc., Asurion, AT&T Inc., Brightstar Corp., GoCare Warranty Group, Assurant, Inc., Apple Inc., AmTrust Financial, and American International Group, Inc. These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
