Global Mobile Phone Insurance Market to Exhibit 10% CAGR from 2017 to 2030

Published Date : Nov 21, 2017

Albany, New York, Nov 21, 2017: has recently announced the addition of a detailed market research report to its vast portfolio. The report, covering the global market for mobile phone insurance, is titled “Mobile Phone Insurance Ecosystem: 2017 – 2030 – Opportunities, Challenges, Strategies & Forecasts.”

The report states that the global mobile phone insurance market will exhibit a promising 10% CAGR from 2017 to 2030, rising to a valuation of $27 bn in terms of revenue by the end of 2020 from a valuation of an estimated $20.5 bn by the end of 2017. The report states that the market is chiefly benefitting from the rising prevalence of consumers of purchasing insurance for expensive consumer electronics, household products, and cars. The trend is also increasingly becoming prevalent with expensive mobile phones and smartphones.

The market is steadily witnessing a significant rise in demand from the consumer-end and a number of companies are offering wide varieties of insurance covering several aspects related to smartphones. The global mobile phone insurance market presently has several insurance specialists, mobile operators, device OEMs, banks, and retailers offering coverage for damage of parts, malfunction, loss, and theft of mobile phones. A number of insurance policies have also started clubbing together additional protection facilities such as data backup along with enhanced technical support as a way of attracting consumers.

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The market is becoming increasingly competitive and in an effort to expand their consumer bases, insurance providers and mobile operators have started enhancing their offerings, providing a number of insurance plans with attractive features such as integrated device security applications, coverage of multiple devices, prioritized technical support, secured data storage options for personal data, and door-to-door repair services. To expand operations and expedite adoption in developing markets, mobile operators are experimenting with a vast set of strategies such as insurance bundled with high-cost smartphones for security purposes and complimentary insurance schemes.

A large number of OEMs including Samsung, Apple, HTC, Motorola Mobility, Acer, and Xiaomi are already offering their own insurance and protection plans across a number of countries globally and several others are likely to soon follow suit. The report states that by the end of 2020, mobile insurance plans provided by OEMs will account for over $4.5 bn of the overall mobile phone insurance market.

The report presents a detailed assessment of the mobile phone insurance ecosystem across the globe and presents an overview of the key drivers, challenges, future roadmap, value chain, opportunities, case studies, and a detailed reports of the business profiles and strategies of the key players in the ecosystem.

Market forecasts pertaining to the market have been presented by segmenting the market into criteria such as sales channels, region, and country. The different kinds of sales and distribution channels providing mobile phone insurance covered in the report include mobile operators, device OEMs, banks, and retailers and other direct-to-consumer channels. From a regional standpoint, the market has been analyzed for Asia Pacific, Europe, Latin and Central America, Middle East and Africa, and North America. 25 countries across these regions have also been analyzed in detail to gain a comprehensive reports of the market for mobile phone insurance.

The report also analyzes the competitive landscape of the global mobile phone insurance market and includes detailed business profiles of several companies operating in the market. Several case studies associated with the market are also included in the report to provide the reader an understanding of the various strategies adopted by players as a way of gaining greater grounds in the global market.

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