Global Mobile Phone Insurance Market Size study & Forecast, by Phone Type, by Coverage, and Regional Analysis, 2023-2030

Description

List of Tables

Global Mobile Phone Insurance Market is valued at approximately USD 28.74 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 12.5% during the forecast period 2023-2030. Mobile phone insurance provides repair services for various components of phones sold by retailers and service providers. This coverage typically extends beyond basic repairs, encompassing additional protections such as unauthorized usage, malicious damage, e-wallet payments, or theft. Moreover, mobile phone insurance addresses the costs and inconveniences associated with mechanical and electrical failures, ensuring comprehensive coverage for device owners. The market growth is driven by key factors such as increasing incidents of accidental damage, increasing the use of smartphones for storing personal information and digital transactions, and increasing adoption of Business Intelligence (BI) tools.

The rising occurrences of accidental damage, thefts, virus infections, and device malfunctions are forecast to propel market expansion in the coming years. These incidents have prompted consumers to seek measures to protect their mobile phones, leading to the adoption of mobile phone insurance policies. Such insurance assists users in mitigating the financial impact of potential losses or breakdowns of their mobile devices. Generally, mobile phone insurance policies offer coverage for physical damage, internal component failures, theft, and loss protection, as well as virus and data protection. As per Statista, in 2023, Italians report mentioned that damages to the battery and screen were the primary causes of smartphone breakage, comprising approximately 33.5% and nearly 33% of incidents, respectively. Conversely, damage to the back screen was relatively rare. Furthermore, the growing reliance on smartphones for storing personal data and conducting digital transactions has heightened the necessity for protecting these mobile devices. This trend is anticipated to drive market expansion in the forecast period. According to GSMA (Global System for Mobile Communications), an estimated 75% of internet users are projected to utilize smartphones for internet access by 2025. In response, mobile phone insurance service providers are forging partnerships with smartphone manufacturers to explore the effectiveness of insurance policies or schemes offered at the time of mobile phone purchases. However, the decline in the sale of mobile phones stifles market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Mobile Phone Insurance Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America is leading the regional market share. The region's market growth is fueled by the presence of numerous mobile phone insurance providers and the increasing prevalence of smartphone-related crimes in Canada and the U.S. According to the Bureau of Justice Assistance, over one million smartphones are stolen on average in the U.S. annually. Meanwhile, in Asia Pacific, the market is expected to witness the fastest Compound Annual Growth Rate (CAGR) over the forecast period. E-commerce giants such as Flipkart are partnering with insurance service providers such as Bajaj Allianz to offer mobile phone insurance coverage to customers, fostering market growth in the region. This initiative is projected to significantly bolster the Asia Pacific market. Additionally, countries including China, India, Singapore, and Japan are poised to experience substantial market growth in the coming years.

Major market player included in this report are:

AT&T Intellectual Property
Apple Inc.
American International Group, Inc.
Assurant, Inc
Asurion
AmTrust Financial Services
Brightstar Corp.
GoCare Warranty Group
SquareTrade, Inc.
Taurus Insurance Services Limited

Recent Developments in the Market:

In January 2023, Cox Mobile, the mobile phone service offered by Cox Communications, partnered with Asurion to offer device protection and trade-in services to its wireless customers. This collaboration enables Cox Mobile customers to safeguard their smartphones against accidental damage, theft, and loss.
In July 2023, Apple Inc. introduced AppleCare+, an extended warranty plan providing coverage for accidental damage and 24/7 technical support. This service can be purchased within 60 days of acquiring an iPhone in most regions, offering added peace of mind to customers.
In May 2022, Amazon announced a new partnership with Asurion, a device insurance provider, allowing customers to protect all eligible tech purchases through a single plan. Asurion Tech Unlimited offers coverage for accidental damage, theft, and loss, along with round-the-clock tech support.

Global Mobile Phone Insurance Market Report Scope:

Historical Data - 2020 - 2021
Base Year for Estimation - 2022
Forecast period - 2023-2030
Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered - Phone Type, Coverage, Region
Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa
Customization Scope - Free report customization (equivalent up to 8 analyst's working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Phone Type:

Budget phones
Mid & high-end phones
Premium smartphones

By Coverage:

Physical damage
Internal component failure
Theft & loss protection
Virus & data protection
Others

By Region:

North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1.Executive Summary

1.1.Market Snapshot
1.2.Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
- 1.2.1.Mobile Phone Insurance Market, by Region, 2020-2030 (USD Billion)
- 1.2.2.Mobile Phone Insurance Market, by Phone Type, 2020-2030 (USD Billion)
- 1.2.3.Mobile Phone Insurance Market, by Coverage, 2020-2030 (USD Billion)
1.3.Key Trends
1.4.Estimation Methodology
1.5.Research Assumption

Chapter 2.Global Mobile Phone Insurance Market Definition and Scope

2.1.Objective of the Study
2.2.Market Definition & Scope
- 2.2.1.Industry Evolution
- 2.2.2.Scope of the Study
2.3.Years Considered for the Study
2.4.Currency Conversion Rates

Chapter 3.Global Mobile Phone Insurance Market Dynamics

3.1.Mobile Phone Insurance Market Impact Analysis (2020-2030)
- 3.1.1.Market Drivers
  - 3.1.1.1.Increasing incidents of accidental damage
  - 3.1.1.2.Increasing the use of smartphones for storing personal information and digital transactions
  - 3.1.1.3.Increasing adoption of Business Intelligence (BI) tools
- 3.1.2.Market Challenges
  - 3.1.2.1.Decline in sale of mobile phones
- 3.1.3.Market Opportunities
  - 3.1.3.1. Surge in demand for innovative products
  - 3.1.3.2.Growing collaborations among mobile phone manufacturers and insurance providers

Chapter 4.Global Mobile Phone Insurance Market Industry Analysis

4.1.Porter's 5 Force Model
- 4.1.1.Bargaining Power of Suppliers
- 4.1.2.Bargaining Power of Buyers
- 4.1.3.Threat of New Entrants
- 4.1.4.Threat of Substitutes
- 4.1.5.Competitive Rivalry
4.2.Porter's 5 Force Impact Analysis
4.3.PEST Analysis
- 4.3.1.Political
- 4.3.2.Economical
- 4.3.3.Social
- 4.3.4.Technological
- 4.3.5.Environmental
- 4.3.6.Legal
4.4.Top investment opportunity
4.5.Top winning strategies
4.6.COVID-19 Impact Analysis
4.7.Disruptive Trends
4.8.Industry Expert Perspective
4.9.Analyst Recommendation & Conclusion

Chapter 5.Global Mobile Phone Insurance Market, by Phone Type

5.1.Market Snapshot
5.2.Global Mobile Phone Insurance Market by Phone Type, Performance - Potential Analysis
5.3.Global Mobile Phone Insurance Market Estimates & Forecasts by Phone Type 2020-2030 (USD Billion)
5.4.Mobile Phone Insurance Market, Sub Segment Analysis
- 5.4.1.Budget phones
- 5.4.2.Mid & high-end phones
- 5.4.3.Premium smartphones

Chapter 6.Global Mobile Phone Insurance Market, by Coverage

6.1.Market Snapshot
6.2.Global Mobile Phone Insurance Market by Coverage, Performance - Potential Analysis
6.3.Global Mobile Phone Insurance Market Estimates & Forecasts by Coverage 2020-2030 (USD Billion)
6.4.Mobile Phone Insurance Market, Sub Segment Analysis
- 6.4.1. Physical damage
- 6.4.2.Internal component failure
- 6.4.3.Theft & loss protection
- 6.4.4.Virus & data protection
- 6.4.5.Others

Chapter 7.Global Mobile Phone Insurance Market, Regional Analysis

7.1.Top Leading Countries
7.2.Top Emerging Countries
7.3.Mobile Phone Insurance Market, Regional Market Snapshot
7.4.North America Mobile Phone Insurance Market
- 7.4.1.U.S. Mobile Phone Insurance Market
  - 7.4.1.1.Phone Type breakdown estimates & forecasts, 2020-2030
  - 7.4.1.2.Coverage breakdown estimates & forecasts, 2020-2030
- 7.4.2.Canada Mobile Phone Insurance Market
7.5.Europe Mobile Phone Insurance Market Snapshot
- 7.5.1.U.K. Mobile Phone Insurance Market
- 7.5.2.Germany Mobile Phone Insurance Market
- 7.5.3.France Mobile Phone Insurance Market
- 7.5.4.Spain Mobile Phone Insurance Market
- 7.5.5.Italy Mobile Phone Insurance Market
- 7.5.6.Rest of Europe Mobile Phone Insurance Market
7.6.Asia-Pacific Mobile Phone Insurance Market Snapshot
- 7.6.1.China Mobile Phone Insurance Market
- 7.6.2.India Mobile Phone Insurance Market
- 7.6.3.Japan Mobile Phone Insurance Market
- 7.6.4.Australia Mobile Phone Insurance Market
- 7.6.5.South Korea Mobile Phone Insurance Market
- 7.6.6.Rest of Asia Pacific Mobile Phone Insurance Market
7.7.Latin America Mobile Phone Insurance Market Snapshot
- 7.7.1.Brazil Mobile Phone Insurance Market
- 7.7.2.Mexico Mobile Phone Insurance Market
7.8.Middle East & Africa Mobile Phone Insurance Market
- 7.8.1.Saudi Arabia Mobile Phone Insurance Market
- 7.8.2.South Africa Mobile Phone Insurance Market
- 7.8.3.Rest of Middle East & Africa Mobile Phone Insurance Market

Chapter 8.Competitive Intelligence

8.1.Key Company SWOT Analysis
8.2.Top Market Strategies
8.3.Company Profiles
- 8.3.1. AT&T Intellectual Property
  - 8.3.1.1.Key Information
  - 8.3.1.2.Overview
  - 8.3.1.3.Financial (Subject to Data Availability)
  - 8.3.1.4.Product Summary
  - 8.3.1.5.Recent Developments
- 8.3.2. Apple Inc.
- 8.3.3.American International Group, Inc.
- 8.3.4.Assurant, Inc
- 8.3.5.Asurion
- 8.3.6.AmTrust Financial Services
- 8.3.7.Brightstar Corp.
- 8.3.8.GoCare Warranty Group
- 8.3.9.SquareTrade, Inc.
- 8.3.10.Taurus Insurance Services Limited

Chapter 9.Research Process

9.1.Research Process
- 9.1.1.Data Mining
- 9.1.2.Analysis
- 9.1.3.Market Estimation
- 9.1.4.Validation
- 9.1.5.Publishing
9.2.Research Attributes
9.3.Research Assumption

LIST OF TABLES

TABLE 1.Global Mobile Phone Insurance Market, report scope
TABLE 2.Global Mobile Phone Insurance Market estimates & forecasts by Region 2020-2030 (USD Billion)
TABLE 3.Global Mobile Phone Insurance Market estimates & forecasts by Phone Type 2020-2030 (USD Billion)
TABLE 4.Global Mobile Phone Insurance Market estimates & forecasts by Coverage 2020-2030 (USD Billion)
TABLE 5.Global Mobile Phone Insurance Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 6.Global Mobile Phone Insurance Market by region, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 7.Global Mobile Phone Insurance Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 8.Global Mobile Phone Insurance Market by region, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 9.Global Mobile Phone Insurance Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 10.Global Mobile Phone Insurance Market by region, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 11.Global Mobile Phone Insurance Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 12.Global Mobile Phone Insurance Market by region, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 13.Global Mobile Phone Insurance Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 14.Global Mobile Phone Insurance Market by region, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 15.U.S. Mobile Phone Insurance Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 16.U.S. Mobile Phone Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 17.U.S. Mobile Phone Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 18.Canada Mobile Phone Insurance Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 19.Canada Mobile Phone Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 20.Canada Mobile Phone Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 21.UK Mobile Phone Insurance Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 22.UK Mobile Phone Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 23.UK Mobile Phone Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 24.Germany Mobile Phone Insurance Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 25.Germany Mobile Phone Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 26.Germany Mobile Phone Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 27.France Mobile Phone Insurance Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 28.France Mobile Phone Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 29.France Mobile Phone Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 30.Italy Mobile Phone Insurance Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 31.Italy Mobile Phone Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 32.Italy Mobile Phone Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 33.Spain Mobile Phone Insurance Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 34.Spain Mobile Phone Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 35.Spain Mobile Phone Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 36.RoE Mobile Phone Insurance Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 37.RoE Mobile Phone Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 38.RoE Mobile Phone Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 39.China Mobile Phone Insurance Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 40.China Mobile Phone Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 41.China Mobile Phone Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 42.India Mobile Phone Insurance Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 43.India Mobile Phone Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 44.India Mobile Phone Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 45.Japan Mobile Phone Insurance Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 46.Japan Mobile Phone Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 47.Japan Mobile Phone Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 48.South Korea Mobile Phone Insurance Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 49.South Korea Mobile Phone Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 50.South Korea Mobile Phone Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 51.Australia Mobile Phone Insurance Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 52.Australia Mobile Phone Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 53.Australia Mobile Phone Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 54.RoAPAC Mobile Phone Insurance Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 55.RoAPAC Mobile Phone Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 56.RoAPAC Mobile Phone Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 57.Brazil Mobile Phone Insurance Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 58.Brazil Mobile Phone Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 59.Brazil Mobile Phone Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 60.Mexico Mobile Phone Insurance Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 61.Mexico Mobile Phone Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 62.Mexico Mobile Phone Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 63.RoLA Mobile Phone Insurance Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 64.RoLA Mobile Phone Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 65.RoLA Mobile Phone Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 66.Saudi Arabia Mobile Phone Insurance Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 67.South Africa Mobile Phone Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 68.RoMEA Mobile Phone Insurance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 69.List of secondary sources, used in the study of global Mobile Phone Insurance Market
TABLE 70.List of primary sources, used in the study of global Mobile Phone Insurance Market
TABLE 71.Years considered for the study
TABLE 72.Exchange rates considered

List of tables and figures and dummy in nature, final lists may vary in the final deliverable

LIST OF FIGURES

FIG 1.Global Mobile Phone Insurance Market, research methodology
FIG 2.Global Mobile Phone Insurance Market, Market estimation techniques
FIG 3.Global Market size estimates & forecast methods
FIG 4.Global Mobile Phone Insurance Market, key trends 2022
FIG 5.Global Mobile Phone Insurance Market, growth prospects 2023-2030
FIG 6.Global Mobile Phone Insurance Market, porters 5 force model
FIG 7.Global Mobile Phone Insurance Market, pest analysis
FIG 8.Global Mobile Phone Insurance Market, value chain analysis
FIG 9.Global Mobile Phone Insurance Market by segment, 2020 & 2030 (USD Billion)
FIG 10.Global Mobile Phone Insurance Market by segment, 2020 & 2030 (USD Billion)
FIG 11.Global Mobile Phone Insurance Market by segment, 2020 & 2030 (USD Billion)
FIG 12.Global Mobile Phone Insurance Market by segment, 2020 & 2030 (USD Billion)
FIG 13.Global Mobile Phone Insurance Market by segment, 2020 & 2030 (USD Billion)
FIG 14.Global Mobile Phone Insurance Market, regional snapshot 2020 & 2030
FIG 15.North America Mobile Phone Insurance Market 2020 & 2030 (USD Billion)
FIG 16.Europe Mobile Phone Insurance Market 2020 & 2030 (USD Billion)
FIG 17.Asia pacific Mobile Phone Insurance Market 2020 & 2030 (USD Billion)
FIG 18.Latin America Mobile Phone Insurance Market 2020 & 2030 (USD Billion)
FIG 19.Middle East & Africa Mobile Phone Insurance Market 2020 & 2030 (USD Billion)