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(Wireless-NewsWire.Com, August 17, 2018 ) Rising Incidents of Physical Damage, Technological Damage and Theft to Accentuate the Demand for Mobile Phone Insurance Market at a CAGR of 12.5%
Latest market study on Mobile Phone Insurance Market 2025 by Phone Types (New Phone and Refurbished); Coverage (Physical Damage, Electronic Damage, Virus Protection, and Theft Protection); Sales Channel (Mobile Operators, Device OEMs, Retailers, and Others); and End Users (Corporate and Personal) – Global Analysis and Forecast”, the Mobile Phone Insurance market is estimated to reach US$ 43,448.6 Mn by 2025 from US$ 16,962.7 Mn in 2017. The report includekey understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.
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The global mobile phone insurance market is experiencing an intense growth with regards to the innovations and up gradations of policies and schemes being carried out by the market players and procurement of insurance policies for future in the current scenario. The market for mobile phone insurance consists of some well-established players across the globe, which invest huge amounts in order to deliver the most enhanced insurance solutions to the customers. The mobile phone insurance market is concentrated with mobile network operators, device OEMs, retailers and others. These market participants enhance their schemes as per the requirements of the customers. In addition, the smartphones market is significantly growing in respect to new phones as well as refurbished phones across geographies. The demand for smartphones have increased the demand for smartphone insurance owing to the fact that, the smartphones are prone to various damages such as physical damage and technological damage. The physical damages are caused by accident, liquid spillage, and drop among others. The technological / electronic damages are caused by overcharging, and voltage fluctuations among other. Another potential threat to these smartphones is the theft or loss of the devices. These factors are major concerns for the smartphone users and attributing to the threats, the users are opting for mobile insurance in the current scenario.
The smartphones nowadays are much expensive and need protection. However, the technological damages are common among the high-end phones owing to malfunctionality of the software or hardware. In addition, physical damage and theft or loss of smartphones are also usual in the current times. Moreover, the expensive smartphones lock the owner into long-term financial contracts and owing to this factor, the owner doesn’t switch to another phone in case of any sort of damages. The mobile insurance companies offer the smartphone owners with several types of mobile phone insurance solutions and services which covers theft insurance, accidental damage insurance, technological/electronic damage protection, and virus protection among others. Majority of the insurers offer their policy buyers with repairing schemes and replacement with a refurbished phone, whereas some of the insurers also cover replacement policy where the company replaces the owner with a new handset depending upon the damage and insurance scheme held by the owner. The rising number of incidents related to physical, technological damages and theft or loss is heavily driving the market for mobile phone insurance. In the current scenario, the smartphone owners in the economically and technologically developed geographies cover their phone with insurance owing to increasing trend of damage and theft. This factor is positively influencing the insurance providers to offer enhanced solutions to their clients, thereby increasing the customer base and ultimately driving the market.
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The global mobile phone insurance market has been segmented by two phone types namely new phone and refurbished phone. The market is also broken down by different coverage as physical damage, electronic damage, virus protection, and theft protection. The various sales channel through which the insurance policies are sold includes mobile operators, device OEMs, retailers and others. Further, the market is broken down by end user into corporate and personal.
The top companies operating in the field of Mobile Phone Insurance include Blackberry Limited, American International Group, Inc., Assurant, Inc., Asurion, LLC, Pier Insurance, Brightstar Corp, AT&T INC., Trov, Vodafone, and Three. Various other companies are also operating in the market and are coming up with new technologies and offerings which is helping the market for Mobile Phone Insurance to expand over the years in terms of revenue and subscription.
The report segments the Global Mobile Phone Insurance Market as follows:
Global Mobile Phone Insurance Market – By Phone Type
New Phone
Refurbished
Global Mobile Phone Insurance Market – By Coverage
Physical Damage
Electronic Damage
Virus Protection
Theft Protection
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Global Mobile Phone Insurance Market – By Sales Channel
Mobile Operators
Device OEMs
Retailers
Others
Global Mobile Phone Insurance Market – By End Users
Corporate
Personal
Global Mobile Phone Insurance Market – By Geography
North America
U.S.
Canada
Mexico
Europe
France
Germany
Netherlands
Spain
UK
Rest of Europe
Asia Pacific (APAC)
Australia
China
India
Japan
Rest of Asia Pacific
Middle East and Africa
South Africa
Saudi Arabia
UAE
Rest of Middle East and Africa
South America
Brazil
Rest of South America
The Insight Partners
Sameer Joshi
+1-646-491-9876
sam@theinsightpartners.com
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