Mobile Phone Insurance Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030

Published Date : Apr 2021 | No. of Pages : 250 Pages | Category : ICT

The global Mobile Phone Insurance market size is expected to be worth around US$ 69.97 billion by 2030, according to a new report by Vision Research Reports.

The global Mobile Phone Insurance market size was valued at US$ 33.3 billion in 2020 and is anticipated to grow at a CAGR of 22.6% during forecast period 2021 to 2030.

Growth Factors

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.

Report Highlights

Based on coverage, the market is categorized into physical damage, internal coverage failure, theft and loss protection, virus and protection, and others. The physical damage segment accounted for the highest market share of more than 37% in 2020. Physical damage protection is the most prominent damage protection plan insured by maximum users since mobile phone devices are highly prone to physical damages such as cracks in the circuit board, screen damages, and so on. Therefore, in recent years, several mobile phone insurance companies have started offering insurance cover for such damages under physical damage plans, which help users avoid paying huge amounts for repair and maintenance.

Loss and theft protection is expected to emerge as the second fastest-growing segment over the forecast period owing to the rapidly increasing incidences of smartphone theft. According to the International Telecommunication Union (ITU), every day around 4,700 to 6,000 smartphones are stolen in Argentina and Peru, respectively. Furthermore, every year, approximately 70 million smartphone theft cases are reported globally. The plans under this segment offer protection against replacement cost, high repair cost, accidental damage, liquid damage, malfunctioning, and display/camera issues.

The internal coverage failure segment is anticipated to witness considerable growth over the forecast period. The electronic damages are caused by overcharging and voltage fluctuations, among others. The plans in this segment also offer protection against the gradual deterioration of electronic coverages, parts, and accessories. Potential cyberattack threats, such as trojans and botnets are compelling users to secure their devices, leading to considerable growth of the virus and protection segment.

Mobile phone insurance companies offer several insurance policies depending on the type of mobile phones such as budget phones, mid and high-end smartphones, and premium smartphones. Premium smartphones are prone to technical and physical damages, which lead to huge losses. To protect their smartphone from these losses, users opt for mobile phone insurance. The premium smartphone segment held a market share of over 60% in 2020. Technical damages such as malfunction of software are common in premium smartphones. In addition to technical damages, theft, and hardware damages incur enormous losses for users. The users pay high amounts for the repair of such damages and maintenance of these phones. All the above-mentioned factors are expected to result in increased adoption of mobile phone insurance by premium smartphone users.

Though the premium smartphone segment witnessed the highest market share in 2020, the mid-end smartphone segment is anticipated to emerge as the fastest-growing segment over the forecast period owing to the growing penetration of mid-end smartphones globally. The rapid advancements in technology and decreasing costs of mid-end smartphones are encouraging users to opt for mid-end smartphones than premium smartphones. Thus, mobile phone insurance companies are now heavily capitalizing on insurance plans specific to mid and high-end smartphones. This is expected to drive the growth of the segment over the forecast period.

North America is anticipated to account for a market share of over 34% by 2028. The regional market growth can be attributed to the presence of a large number of mobile phone insurance providers and the rising incidences of crimes committed using smartphones in Canada and the U.S. According to the Bureau of Justice Assistance, on average, more than one million smartphones are stolen in the U.S. every year. Furthermore, the availability of insurance plans that offer additional protection for software malfunctioning and replacement of stolen devices is expected to fuel the regional market growth over the forecast period.

E-tailors such as Flipkart are collaborating with insurance service providers such as Bajaj Allianz to offer mobile phone insurance cover to customers. These initiatives are projected to substantially drive the growth of the Asia Pacific market over the forecast period. Furthermore, China, India, Singapore, and Japan are expected to contribute to regional market growth over the coming years. This regional growth can be attributed to the substantial increase in personal disposable income. In 2020, China accounted for the highest market share in the Asia Pacific region.

Key Players

  • Apple Inc.

  • American International Group, Inc.

  • Assurant, Inc.

  • Asurion

  • AT&T Inc.

  • AmTrust Financial

  • Brightstar Corp.

  • GoCare Warranty Group

  • SquareTrade, Inc.

  • Taurus Insurance Services Limited

Market Segmentation

  • Coverage Outlook

    • Physical Damage

    • Internal Component Failure

    • Theft & Loss Protection

    • Virus & Data Protection

    • Others

  • Phone Type Outlook 

    • Budget Phones

    • Mid & High-end Phones

    • Premium Smartphones

  • Regional Outlook 

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

    • Asia Pacific

      • China

      • India

      • Japan

    • Latin America

    • Middle East & Africa (MEA)

The Mobile Phone Insurance market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Mobile Phone Insurance market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Mobile Phone Insurance market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Mobile Phone Insurance market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Mobile Phone Insurance market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Mobile Phone Insurance capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Mobile Phone Insurance by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Mobile Phone Insurance market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Mobile Phone Insurance market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Mobile Phone Insurance market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Mobile Phone Insurance industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

The Mobile Phone Insurance market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Mobile Phone Insurance market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Mobile Phone Insurance market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Mobile Phone Insurance market. These factors have benefited the growth of the global market for Mobile Phone Insurance. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Mobile Phone Insurance. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Mobile Phone Insurance are as follows:

  • Historic Year: 2017-2020
  • Base Year: 2021
  • Forecast Year 2021 to 2030

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

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