Market Overview:

The mobile phone insurance market is experiencing rapid growth, driven by rising smartphone costs, eco-conscious repair trends, and embedded insurance growth. According to IMARC Group’s latest research publication, ”Mobile Phone Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2025-2033″. The global mobile phone insurance market size was valued at USD 40.28 Billion in 2024. Looking forward, IMARC Group estimates the market to reach USD 83.1 Billion by 2033, exhibiting a CAGR of 8.4% during 2025-2033.

This detailed analysis primarily encompasses industry size, business trends, market share, key growth factors, and regional forecasts. The report offers a comprehensive overview and integrates research findings, market assessments, and data from different sources. It also includes pivotal market dynamics like drivers and challenges, while also highlighting growth opportunities, financial insights, technological improvements, emerging trends, and innovations. Besides this, the report provides regional market evaluation, along with a competitive landscape analysis.

Grab a sample PDF of this report: https://www.imarcgroup.com/mobile-phone-insurance-market/requestsample

Our report includes: 

• Market Dynamics
• Market Trends And Market Outlook
• Competitive Analysis
• Industry Segmentation
• Strategic Recommendations

Factors Affecting the Growth of the Mobile Phone Insurance Industry:

• Rising Smartphone Costs:

Hormones of flagship smartphones continuing to increase, are driving the demand for mobile phone insurance. Devices such as the new iPhone and Galaxy models, are priced at more than $1,000. Consumers want protection from theft, loss, or damage for their devices. Insurance distributes have bundled insurance with bundled protection, or plans offered on a monthly subscription, to lure customers with concerns about budgets. It's a trend that's more prevalent with customers who care for devices, primarily young customers. These customers want to keep their devices secure, without having to pay a high up-front cost.

• Eco-Conscious Repair Trends:

Sustainability factors are influencing behavior in the mobile insurance market. Consumers now seem to prefer policies which cover repairs rather than replacements. This limits e-waste, and typically increases device lifespan. Insurers are partnering with certified repair networks to facilitate environmentally favorable claims, whether from loss, theft, or damage. These options are appealing to consumers who are environmentally conscious. Additionally, this trend makes progress toward global sustainability goals. Thus, within an increasingly competitive insurance market, understanding "green insurance" is critical.

• Embedded Insurance Growth:

Verizon and some other retailers and carriers are providing insurance at the point of sale. Customers can purchase a new phone and immediately get coverage. It maximizes convenience by eliminating the separate purchase, which encourages more customers to buy insurance, especially the less tech-savvy ones. Rapid developments between manufacturers, insurer partners, and telecoms are accelerating the growth and adoption of this trend. Embedded insurance will be the primary distribution model.

Leading Companies Operating in the Global Mobile Phone Insurance Industry:

• American International Group, Inc
• Allianz SE
• AmTrust International Limited
• Apple Inc., AT&T Inc.
• AXA Group
• Deutsche Telekom AG
• Liberty Mutual Insurance Group
• Pier Insurance Managed Services Ltd.
• Samsung Electronics Co. Ltd.
• SoftBank Group Corp.
• Sprint Corporation
• Telefónica Insurance S.A.
• Verizon Communications Inc.
• Vodafone Group Plc
• Xiaomi Corporation
• Orange S.A.

Mobile Phone Insurance Market Report Segmentation:

By Phone Type:

• New Phone
• Refurbished

The new phone represented the largest segment due to the rising need to reduce high replacement costs.

By Coverage:

• Physical Damage
• Electronic Damage
• Virus Protection
• Data Protection
• Theft Protection

Physical damage accounted for the largest market share as it provides protection for mobile phones against external harm, such as accidental drops and spills.

By Distribution Channel:

• Mobile Operators
• Device OEMs
• Retailers
• Online
• Others

Online exhibits a clear dominance in the market on account of the increasing focus on enhanced convenience and accessibility.

By End User:

• Corporate
• Personal

Personal holds the biggest market share as mobile phone insurance provides protection against numerous risks, such as accidental damage, theft, loss, and damage caused by environmental factors.

Regional Insights:

• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

North America enjoys the leading position in the mobile phone insurance market due to the presence of numerous insurance providers.

Research Methodology:

The report employs a comprehensive research methodology, combining primary and secondary data sources to validate findings. It includes market assessments, surveys, expert opinions, and data triangulation techniques to ensure accuracy and reliability.

Note: If you require specific details, data, or insights that are not currently included in the scope of this report, we are happy to accommodate your request. As part of our customization service, we will gather and provide the additional information you need, tailored to your specific requirements. Please let us know your exact needs, and we will ensure the report is updated accordingly to meet your expectations.

About Us:

IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.

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