Mobile Phone Insurance Market Analysis and Forecast to 2032: By Phone Type (Budget Phones, Mid and High-End Phones, Premium Smartphones), Sales Channel (Retail, Online), Coverage Type (Physical Damage, Internal Component Failure, Theft and Loss Protection, Others), and Region
The global mobile phone insurance market was valued at USD 24.6 Billion in 2022 and it is anticipated to grow further till USD 98.3 Billion by 2032, at a CAGR of 14.9% during the forecast period.
Mobile phone insurance is a type of insurance that covers the replacement or repair of a mobile phone in the event that it is lost, stolen, or damaged. The insurance may also cover the cost of any additional accessories that were purchased with the phone.
Global Mobile Phone Insurance Market Scope and Report Structure
| Report Attribute | Details |
|---|---|
| Market Size in 2022 | $24.6 Bn |
| Market Size in 2032 | $98.3 Bn |
| Growth Rate (2022-32) | 14.9% |
| Historic Period | 2016-2021 |
| Forecast Period | 2023-2032 |
| Base Year | 2022 |
| Segments Covered | Phone Type, Sales Channel, Coverage Type, and Region |
| Key Companies | Apple Inc., ASSURANT, INC., Asurion, AT&T Intellectual Property, Aviva, bolttech, Chubb, Digital Care sp. z o.o., Servify, Singtel, and U Mobile Sdn Bhd among others. |
| Regional Scope | North America, Europe, Asia Pacific, Central & South America, Middle East & Africa |
| Analysis Coverage | Market Forecast, Competitive Landscape, Drivers, Trends, Restraints, Opportunities, Value-Chain, PESTLE, Key Events and Developments |
Market Driver and Trends
Technology: The mobile phone insurance market is driven by the rapid pace of technological change in the mobile phone industry. Every year, new models of mobile phones are released with ever-more sophisticated features. This means that consumers are increasingly likely to upgrade their phones on a regular basis and to insure their devices against loss, theft, or damage.
Economic factors: The global economic environment is also a key driver of the mobile phone insurance market. Rising incomes and increased consumer confidence mean that people are more likely to purchase expensive items such as mobile phones. In addition, the growth of the mobile phone industry in emerging markets such as China and India is fueling the demand for insurance products.
Regulatory environment: The regulatory environment is another important driver of the mobile phone insurance market. In many countries, mobile phone insurance is compulsory for customers who take out a mobile phone contract. This is because the cost of replacing a stolen or damaged phone can be very high, and insurers are able to spread the risk across a large number of customers.
Market Restraints and Challenges
The key restraints and challenges in the mobile phone insurance market include the following:
1. Lack of awareness: There is lack of awareness about mobile phone insurance among consumers, which is a challenge for the growth of this market.
2. High cost: The cost of mobile phone insurance is high, which is a challenge for the growth of this market.
3. Lack of trust: There is lack of trust among consumers about the efficacy of mobile phone insurance, which is a challenge for the growth of this market.
Global Mobile Phone Insurance Market Segmental Overview
The global mobile phone insurance market is segmented into phone type, coverage type, sales channel, and region.
Global Mobile Phone Insurance Market by Phone Type
Based on phone type, it is segmented into budget phones, mid & high-end phones, and premium smartphones. The premium smartphones segment is anticipated to dominate the market during the forecast period. Similarly, the mid & high end phones segment is anticipated to witness the fastest growth during the forecast period.
Global Mobile Phone Insurance Market by Sales Channel
Based on sales channel, it is segmented into retail, and online. The retail segment is anticipated to dominate the market during the forecast period. Similarly, the online segment is anticipated to witness the fastest growth during the forecast period.
Global Mobile Phone Insurance Market by Coverage Type
Based on coverage type, it is segmented into physical damage, internal component failure, theft & loss protection, and others. The physical damage is anticipated to dominate the market during the forecast period. Similarly, the theft & loss protection is anticipated to witness the fastest growth during the forecast period.
Geographical Analysis of the Global Mobile Phone Insurance Market
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The North American region is anticipated to dominate the market during the forecast period. Similarly, the Asia Pacific region is anticipated to dominate the market during the forecast period.
Major Players in the Global Mobile Phone Insurance Market
The key players studied in the market are Apple Inc., ASSURANT, INC., Asurion, AT&T Intellectual Property, Aviva, bolttech, Chubb, Digital Care sp. z o.o., Servify, Singtel, and U Mobile Sdn Bhd among others.
COVID-19 Impact
Due to economic upheavals and a drop in consumer spending following the COVID-19 global health crisis, the market for mobile phone insurance has been significantly impacted. This has caused a decrease in public interest in purchasing phone insurance premiums. In addition, strict lockdowns around the world, concerns with job loss and wage cuts across numerous industries, and other factors have reduced end consumers’ purchasing power, which has a negative impact on the market’s expansion.
Frequently Asked Questions
Q1. How big is the Mobile Phone Insurance market?
Ans. The global Mobile Phone Insurance market size was USD 24.6 Billion in 2022 and it is anticipated to grow further till USD 98.3 Billion by 2032, at a CAGR of 14.9% from 2023 to 2032.
Q2. What is the Mobile Phone Insurance market growth rate?
Ans. The growth rate of the Mobile Phone Insurance market is 14.9%.
Q3. Which region holds a major market share for the Mobile Phone Insurance market?
Ans. North America holds a major market share of the Mobile Phone Insurance market in 2022.
Q4. Which segment accounted for the largest Mobile Phone Insurance market share?
Ans. By phone type, premium smartphones segment accounted for the largest Mobile Phone Insurance market share.
Q5. Who are the key players in the Mobile Phone Insurance market?
Ans. The global Mobile Phone Insurance market report includes players such as Apple Inc., ASSURANT, INC., Asurion, AT&T Intellectual Property, Aviva, bolttech, Chubb, Digital Care sp. z o.o., Servify, Singtel, and U Mobile Sdn Bhd among others.
Q6. What are the factors driving the Mobile Phone Insurance market growth?
Ans. The major factors driving the growth of the market are the growing market in emerging countries.
Q7. What are the key growth strategies of Mobile Phone Insurance market players?
Ans. The key growth strategies of Mobile Phone Insurance market players are product launch and product approval.
Q8. Which region will provide more business opportunities for the Mobile Phone Insurance market during the forecast period?
Ans. The Asia-Pacific region will provide more business opportunities for the Mobile Phone Insurance market during the forecast period.
Table of Contents
Chapter 1. Market Introduction
1.1. Objectives of the Study
1.2. Market Definition and Research & Scope
1.3. Research Methodologies
1.4. Market Estimation Techniques
Chapter 2. Executive Summary
2.1. Summary
2.2. Key Highlights of the Market
Chapter 3. Mobile Phone Insurance Market Outlook
3.1. Mobile Phone Insurance Market segmentation
3.2. Market Dynamics
3.2.1. Market Drivers
3.2.1.1. Driver 1
3.2.1.2. Driver 2
3.2.1.3. Driver 3
3.2.2. Market Restraints
3.2.2.1. Restraint 1
3.2.2.2. Restraint 2
3.2.3. Market Opportunities
3.2.3.1. Opportunity 1
3.2.3.2. Opportunity 2
3.3. Porter’s Five Forces Analysis
3.3.1. Threat of New Entrants
3.3.2. Threat of Substitutes
3.3.3. Bargaining Power of Buyers
3.3.4. Bargaining Power of Supplier
3.3.5. Competitive Rivalry
3.4. PESTLE Analysis
3.5. Value Chain Analysis
3.5.1. Raw Material Suppliers
3.5.2. Manufacturers
3.5.3. Wholesalers and/or Retailers
3.6. Impact of the Russia and Ukraine War on the Mobile Phone Insurance Market
Chapter 4. Economic Impact of COVID-19
4.1. Overall Impact of COVID-19
4.2. Impact of COVID On the Mobile Phone Insurance Market
4.3. Economic Impact Analysis
Chapter 5. Mobile Phone Insurance Market By Phone Type
5.1. Market Overview
5.2. Budget Phones
5.2.1. Market Size and Forecast, 2021-2031 ($Million)
5.2.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
5.3. Mid and High-End Phones
5.3.1. Market Size and Forecast, 2021-2031 ($Million)
5.3.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
5.4. Premium Smartphones
5.4.1. Market Size and Forecast, 2021-2031 ($Million)
5.4.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
Chapter 6. Mobile Phone Insurance Market By Sales Channel
6.1. Market Overview
6.2. Retail
6.2.1. Market Size and Forecast, 2021-2031 ($Million)
6.2.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
6.3. Online
6.3.1. Market Size and Forecast, 2021-2031 ($Million)
6.3.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
Chapter 7. Mobile Phone Insurance Market By Coverage Type
7.1. Market Overview
7.2. Physical Damage
7.2.1. Market Size and Forecast, 2021-2031 ($Million)
7.2.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
7.3. Internal Component Failure
7.3.1. Market Size and Forecast, 2021-2031 ($Million)
7.3.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
7.4. Theft and Loss Protection
7.4.1. Market Size and Forecast, 2021-2031 ($Million)
7.4.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
7.5. Others
7.5.1. Market Size and Forecast, 2021-2031 ($Million)
7.5.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
Chapter 8. Mobile Phone Insurance Market, by Region
8.1. Overview
8.2. North America
8.2.1. Key Market Trends and Opportunities
8.2.2. North America Mobile Phone Insurance Market Size and Forecast By Phone Type, 2021-2031, ($Million)
8.2.3. North America Mobile Phone Insurance Market Size and Forecast By Coverage Type, 2021-2031, ($Million)
8.2.4. North America Mobile Phone Insurance Market Size and Forecast By Sales Channel, 2021-2031, ($Million)
8.2.5. The U.S.
8.2.5.1. The U.S. Mobile Phone Insurance Market Size and Forecast By Phone Type, 2021-2031, ($Million)
8.2.5.2. The U.S. Mobile Phone Insurance Market Size and Forecast By Coverage Type, 2021-2031, ($Million)
8.2.5.3. The U.S. Mobile Phone Insurance Market Size and Forecast By Sales Channel, 2021-2031, ($Million)
8.2.6. Canada
8.2.6.1. Canada Mobile Phone Insurance Market Size and Forecast By Phone Type, 2021-2031, ($Million)
8.2.6.2. Canada Mobile Phone Insurance Market Size and Forecast By Coverage Type, 2021-2031, ($Million)
8.2.6.3. Canada Mobile Phone Insurance Market Size and Forecast By Sales Channel, 2021-2031, ($Million)
8.2.7. Mexico
8.2.7.1. Mexico Mobile Phone Insurance Market Size and Forecast By Phone Type, 2021-2031, ($Million)
8.2.7.2. Mexico Mobile Phone Insurance Market Size and Forecast By Coverage Type, 2021-2031, ($Million)
8.2.7.3. Mexico Mobile Phone Insurance Market Size and Forecast By Sales Channel, 2021-2031, ($Million)
8.3. Europe
8.3.1. Key Market Trends and Opportunities
8.3.2. Europe Mobile Phone Insurance Market Size and Forecast By Phone Type, 2021-2031, ($Million)
8.3.3. Europe Mobile Phone Insurance Market Size and Forecast By Coverage Type, 2021-2031, ($Million)
8.3.4. Europe Mobile Phone Insurance Market Size and Forecast By Sales Channel, 2021-2031, ($Million)
8.3.5. Germany
8.3.5.1. Germany Mobile Phone Insurance Market Size and Forecast By Phone Type, 2021-2031, ($Million)
8.3.5.2. Germany Mobile Phone Insurance Market Size and Forecast By Coverage Type, 2021-2031, ($Million)
8.3.5.3. Germany Mobile Phone Insurance Market Size and Forecast By Sales Channel, 2021-2031, ($Million)
8.3.6. France
8.3.6.1. France Mobile Phone Insurance Market Size and Forecast By Phone Type, 2021-2031, ($Million)
8.3.6.2. France Mobile Phone Insurance Market Size and Forecast By Coverage Type, 2021-2031, ($Million)
8.3.6.3. France Mobile Phone Insurance Market Size and Forecast By Sales Channel, 2021-2031, ($Million)
8.3.7. U.K.
8.3.7.1. U.K. Mobile Phone Insurance Market Size and Forecast By Phone Type, 2021-2031, ($Million)
8.3.7.2. U.K. Mobile Phone Insurance Market Size and Forecast By Coverage Type, 2021-2031, ($Million)
8.3.7.3. U.K. Mobile Phone Insurance Market Size and Forecast By Sales Channel, 2021-2031, ($Million)
8.3.8. Spain
8.3.8.1. Spain Mobile Phone Insurance Market Size and Forecast By Phone Type, 2021-2031, ($Million)
8.3.8.2. Spain Mobile Phone Insurance Market Size and Forecast By Coverage Type, 2021-2031, ($Million)
8.3.8.3. Spain Mobile Phone Insurance Market Size and Forecast By Sales Channel, 2021-2031, ($Million)
8.3.9. Italy
8.3.9.1. Italy Mobile Phone Insurance Market Size and Forecast By Phone Type, 2021-2031, ($Million)
8.3.9.2. Italy Mobile Phone Insurance Market Size and Forecast By Coverage Type, 2021-2031, ($Million)
8.3.9.3. Italy Mobile Phone Insurance Market Size and Forecast By Sales Channel, 2021-2031, ($Million)
8.3.10. Rest of Europe
8.3.10.1. Rest of Europe Mobile Phone Insurance Market Size and Forecast By Phone Type, 2021-2031, ($Million)
8.3.10.2. Rest of Europe Mobile Phone Insurance Market Size and Forecast By Coverage Type, 2021-2031, ($Million)
8.3.10.3. Rest of Europe Mobile Phone Insurance Market Size and Forecast By Sales Channel, 2021-2031, ($Million)
8.4. Asia-Pacific
8.4.1. Key Market Trends and Opportunities
8.4.2. Asia-Pacific Mobile Phone Insurance Market Size and Forecast By Coverage Type, 2021-2031, ($Million)
8.4.3. Asia-Pacific Mobile Phone Insurance Market Size and Forecast By Phone Type, 2021-2031, ($Million)
8.4.4. Asia-Pacific Mobile Phone Insurance Market Size and Forecast By Sales Channel, 2021-2031, ($Million)
8.4.5. China
8.4.5.1. China Mobile Phone Insurance Market Size and Forecast By Phone Type, 2021-2031, ($Million)
8.4.5.2. China Mobile Phone Insurance Market Size and Forecast By Coverage Type, 2021-2031, ($Million)
8.4.5.3. China Mobile Phone Insurance Market Size and Forecast By Sales Channel, 2021-2031, ($Million)
8.4.6. India
8.4.6.1. India Mobile Phone Insurance Market Size and Forecast By Phone Type, 2021-2031, ($Million)
8.4.6.2. India Mobile Phone Insurance Market Size and Forecast By Coverage Type, 2021-2031, ($Million)
8.4.6.3. India Mobile Phone Insurance Market Size and Forecast By Sales Channel, 2021-2031, ($Million)
8.4.7. Japan
8.4.7.1. Japan Mobile Phone Insurance Market Size and Forecast By Phone Type, 2021-2031, ($Million)
8.4.7.2. Japan Mobile Phone Insurance Market Size and Forecast By Coverage Type, 2021-2031, ($Million)
8.4.7.3. Japan Mobile Phone Insurance Market Size and Forecast By Sales Channel, 2021-2031, ($Million)
8.4.8. South Korea
8.4.8.1. South Korea Mobile Phone Insurance Market Size and Forecast By Phone Type, 2021-2031, ($Million)
8.4.8.2. South Korea Mobile Phone Insurance Market Size and Forecast By Coverage Type, 2021-2031, ($Million)
8.4.8.3. South Korea Mobile Phone Insurance Market Size and Forecast By Sales Channel, 2021-2031, ($Million)
8.4.9. Rest of APAC
8.4.9.1. Rest of APAC Mobile Phone Insurance Market Size and Forecast By Phone Type, 2021-2031, ($Million)
8.4.9.2. Rest of APAC Mobile Phone Insurance Market Size and Forecast By Coverage Type, 2021-2031, ($Million)
8.4.9.3. Rest of APAC Mobile Phone Insurance Market Size and Forecast By Sales Channel, 2021-2031, ($Million)
8.5. Rest of the World
8.5.1. Key Market Trends and Opportunities
8.5.2. Rest of the World Mobile Phone Insurance Market Size and Forecast By Phone Type, 2021-2031, ($Million)
8.5.3. Rest of the World Mobile Phone Insurance Market Size and Forecast By Coverage Type, 2021-2031, ($Million)
8.5.4. Rest of the World Mobile Phone Insurance Market Size and Forecast By Sales Channel, 2021-2031, ($Million)
8.5.5. Latin America
8.5.5.1. Latin America Mobile Phone Insurance Market Size and Forecast By Phone Type, 2021-2031, ($Million)
8.5.5.2. Latin America Mobile Phone Insurance Market Size and Forecast By Coverage Type, 2021-2031, ($Million)
8.5.5.3. Latin America Mobile Phone Insurance Market Size and Forecast By Sales Channel, 2021-2031, ($Million)
8.5.6. Middle East
8.5.6.1. Middle East Mobile Phone Insurance Market Size and Forecast By Phone Type, 2021-2031, ($Million)
8.5.6.2. Middle East Mobile Phone Insurance Market Size and Forecast By Coverage Type, 2021-2031, ($Million)
8.5.6.3. Middle East Mobile Phone Insurance Market Size and Forecast By Sales Channel, 2021-2031, ($Million)
8.5.7. Africa
8.5.7.1. Africa Mobile Phone Insurance Market Size and Forecast By Phone Type, 2021-2031, ($Million)
8.5.7.2. Africa Mobile Phone Insurance Market Size and Forecast By Coverage Type, 2021-2031, ($Million)
8.5.7.3. Africa Mobile Phone Insurance Market Size and Forecast By Sales Channel, 2021-2031, ($Million)
Chapter 9. Competitive Landscape
9.1. Market Overview
9.2. Market Share Analysis/Key Player Positioning
9.3. Developmental Strategy Benchmarking
9.3.1. New Product Development
9.3.2. Product Launches
9.3.3. Business Expansions
9.3.4. Partnerships, Joint Ventures, and Collaborations
9.3.5. Mergers and Acquisitions
Chapter 10. Company Profiles
10.1. Apple Inc.
10.1.1. Company Snapshot
10.1.2. Financial Performance
10.1.3. Product Offerings
10.1.4. Key Strategic Initiatives
10.1.5. SWOT Analysis
10.2. ASSURANT Inc.
10.2.1. Company Snapshot
10.2.2. Financial Performance
10.2.3. Product offerings
10.2.4. Key Strategic Initiatives
10.2.5. SWOT Analysis
10.3. Asurion
10.3.1. Company Snapshot
10.3.2. Financial Performance
10.3.3. Product offerings
10.3.4. Key Strategic Initiatives
10.3.5. SWOT Analysis
10.4. AT&T Intellectual Property
10.4.1. Company Snapshot
10.4.2. Financial Performance
10.4.3. Product offerings
10.4.4. Key Strategic Initiatives
10.4.5. SWOT Analysis
10.5. Aviva
10.5.1. Company Snapshot
10.5.2. Financial Performance
10.5.3. Product offerings
10.5.4. Key Strategic Initiatives
10.5.5. SWOT Analysis
10.6. Bolttech
10.6.1. Company Snapshot
10.6.2. Financial Performance
10.6.3. Product offerings
10.6.4. Key Strategic Initiatives
10.6.5. SWOT Analysis
10.7. Chubb
10.7.1. Company Snapshot
10.7.2. Financial Performance
10.7.3. Product offerings
10.7.4. Key Strategic Initiatives
10.7.5. SWOT Analysis
10.8. Digital Care sp. z o.o
10.8.1. Company Snapshot
10.8.2. Financial Performance
10.8.3. Product offerings
10.8.4. Key Strategic Initiatives
10.8.5. SWOT Analysis
10.9. Servify
10.9.1. Company Snapshot
10.9.2. Financial Performance
10.9.3. Product offerings
10.9.4. Key Strategic Initiatives
10.9.5. SWOT Analysis
10.10. Singtel
10.10.1. Company Snapshot
10.10.2. Financial Performance
10.10.3. Product offerings
10.10.4. Key Strategic Initiatives
10.10.5. SWOT Analysis
*The list of company is subject to change during the final compilation of the report
Key Players
Market Segments
- By Phone Type
- Budget Phones
- Mid & High-End Phones
- Premium Smartphones
- By Sales Channel
- Retail
- Online
- By Coverage Type
- Physical Damage
- Internal Component Failure
- Theft & Loss Protection
- Others
- By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- The UK
- Germany
- France
- Spain
- Rest of Europe
- The Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- Latin America
- The Middle East
- Africa
- North America