Report : Mobile Phone Insurance Market to 2025 - Global Analysis and Forecasts by Phone Type (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)
According to the new research report published by The Insight Partners, titled “Mobile Phone Insurance Market - Global Analysis and Forecast to 2025”, the global mobile phone insurance market is expected to reach US$ 43,448 million in 2025, registering a CAGR of 12.5% during the forecast period 2018-2025.
In 2017, North America accounted for the largest revenue share of more than half of the total market share, followed by Europe.
The growth in the Asia Pacific region is highly attributed to the increasing adoption of smartphones and huge population base in developing countries such as India, China, and others.
The global mobile phone insurance market is a highly fragmented and evolving market worldwide. Leading players in the market capture merely ~50% of the market, whereas the rest of the market is occupied by region players including mobile operators, retailer’s operating in that region. The market operates in a highly competitive marketplace. As leading companies in this market continue to broaden their addressable market, by expanding its current product portfolio, diversifying its client base, and developing new applications and markets, all the prominent players face an increasing level of competition, both from start-ups as well the leading global technology and industrial companies in the world. Also, various companies in the value chain are acquiring other local players and operating through joint ventures with retailers in the market to maintain their position in the market and provide efficient solutions to its customers. Also, due to the moderate entry barrier to the industry, tier-2, and tier-2 companies are entering the market to compete with existing players. Key service providers in the industry are based in North America and Europe region. However, the market is penetrating at a high growth rate in APAC and MEA region in especially in countries such as the Philippines, Indonesia, Kenya, etc.
The global mobile phone insurance market has been segmented based on coverage, i.e., physical damage, electronic damage, virus protection, and theft protection. The virus protection segment is expected to be the fastest growing segment in the mobile phone insurance market during the forecast period.
Key findings of the study:
North America is anticipated to account the largest market share of the mobile phone insurance market and is expected to register a CAGR of 12.5%
Based on the phone type, the refurbished phone segment is expected to witness high year on year growth during the forecast period
Countries such as China, Brazil, and India are witnessing high demand for mobile phone insurance due to the increasing adoption of smartphones.
Europe holds the second largest market share. The insurance companies operating in the region is also delivering insurance coverage for mobile phones, and these insurance companies sell their insurance products or scheme either by themselves or through various retailers. The Europe market for mobile phone insurance is anticipated to increase in the coming years attributing to the fact that advanced consumer behavior towards the insurance sector.
The key companies profiled in this report include American International Group, Inc., Assurant, Inc., Asurion, LLC, Blackberry Limited, AT&T Inc., Brightstar Device Protection, LLC, Pier Insurance Managed Services Ltd., Vodafone Group Plc, Three Ireland (Hutchison) Limited, and Tr?v, Inc.
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