Dublin, May 17, 2023 (GLOBE NEWSWIRE) -- The "Mobile Phone Insurance Market by Phone Type, Sales Channel, Coverage, and End User: Global Opportunity Analysis and Industry Forecast 2023-2030" report has been added to ResearchAndMarkets.com's offering.
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.
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.
Key Topics Covered:
1. Introduction
2. Mobile Phone Insurance Market- Executive Summary
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
10. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/jmnjt8
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