Dublin, May 17, 2023 (GLOBE NEWSWIRE) — The report “Mobile Phone Insurance Market by Phone Type, Sales Channel, Scope, and End User: Global Opportunity Analysis and Industry Forecast 2023-2030” is added to ResearchAndMarkets.com’s offering.
The Mobile Phone Insurance market size was valued at USD 31.55 billion in 2022, and is forecast to reach USD 75.13 billion by 2030, with a CAGR of 11.7% during the forecast period, 2023 to 2030.
The growth in incidents of injuries involving accidental damage handling and loss protection, along with the surge in cases of phone thefts across the world is driving the growth of the mobile phone insurance market.
However, the high cost of premium packages is restraining the growth of the market. On the contrary, growing advancements in mobile insurance technologies such as artificial intelligence, machine learning, and deep learning technology are creating ample growth opportunities for the market.
Segment Overview
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The global mobile phone insurance market is segmented on the basis of phone type, sales channel, coverage, end user, and region.
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By phone type, the market is classified into budget phones, mid and high-end phones, and premium smartphones.
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By sales channel, the market is segmented into mobile operators, device OEMs and retailers, and others.
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By scope, the market is categorized into physical damage, internal component failure, theft and loss protection, virus and data protection, and others.
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By end user, the market is divided into business and individual.
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Region-wise, the market is segmented into North America, Europe, Asia-Pacific, and RoW.
Regional Analysis
Asia-Pacific is expected to hold the dominant market share by 2030
Increasing use of high premium smartphones, due to increasing disposable income of people and presence of local mobile phone factories including Realme, Vivo, and Oppo in China providing insurance while purchasing cell phones is boosting market growth.
In addition, the increase in partnerships between mobile phone companies and MPI service providers to deliver protection against all types of damage including accidental damage, mobile theft, and virus and data protection is driving to market growth.
For example, in October 2020, Bolttech announced its partnership with Samsung in Thailand. Through this partnership, boltech provides mobile device repair services to Samsung Galaxy smartphone and tablet owners through the Samsung Care+ program.
Key Market Players
Emerging and well-established key players in mobile phone insurance research include companies such as:
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Apple Inc.
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American International Group Inc
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Assurant Inc
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The Asurion Group Inc
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CHUBB
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Boltech
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Singtel
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Amtrust Financial Services
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Securranty Assurance for TomorrowS
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Square Trade Inc
Recent Developments
October 2022
Apple Inc has launched AppleCare+ which provides a one-year warranty and 90 days of technical support with an option to purchase plans for longer service periods
September 2022
Assurant Inc has launched a multiyear extension of its long-standing partnership with T-Mobile to continue providing a comprehensive mobile device protection solution.
SIGNIFICANT BENEFITS
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The report provides quantitative analysis and estimates of the mobile phone insurance market from 2023 to 2030, which helps identify existing market opportunities.
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The study consists of an in-depth analysis of the mobile phone insurance market including current and future trends to depict the prevalent investment pockets in the market.
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Information related to key drivers, restraints, and opportunities and their impact on the mobile phone insurance market is provided in the report.
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The competitive analysis of the players, along with their market share is provided in the report.
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SWOT analysis and Porters Five Forces model are described in the study.
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Analyzing the value chain in market research provides a clear picture of the roles of stakeholders.
Main Topics Covered:
1. Introduction
2. Mobile Phone Insurance Market- Executive Summary
3. Market Overview
3.1. Market Definition and Scope
3.2. Market Dynamics
3.2.1 Drivers
3.2.1.1 Surge in Adoption of High Quality Smartphones Across the Globe
3.2.1.2 Increasing Incidence of Accidental Damage and Theft of Phones Worldwide
3.2.1.3 Rising Initiatives of Various Mobile Insurance Companies
3.2.2 Withholding
3.2.2.1 High Premium Packages
3.2.3 Opportunities
3.2.3.1 Introduction of Artificial Intelligence (Ai) in Insurance Companies
4. Market Share Analysis
4.1. Market Share Analysis of Leading Mobile Phone Insurance, 2021
5. Global Mobile Phone Insurance Market, by Phone Type
5.1. Overview
5.2. Budget Phones
5.2.1 Budget Phones Market, by Region
5.3. Mid and High-End Phones
5.3.1 Mid and High-End Phones Market, by Region
5.4. Premium Smartphones
5.4.1 Premium Smartphones Market, by Region
6. Global Mobile Phone Insurance Market, by Sales Channel
6.1. Overview
6.2. Mobile Operators
6.2.1 Mobile Operator Market, by Region
6.3. Device OEMs
6.3.1 Device OEMs Market, by Region
6.4. Retailers and Others
6.4.1 Retailers and Others Market, by Region
7. Global Mobile Phone Insurance Market, by Type of Coverage
7.1. Overview
7.2. Physical Injury
7.2.1 Physical Injury Market, by Region
7.3. Internal Component Failure
7.3.1 Internal Component Failure Market, by Region
7.4. Theft and Loss Protection
7.4.1 Theft and Loss Protection Market, by Region
7.5. Virus and Data Protection
7.5.1 Virus and Data Protection Market, by Region
7.6. The others
7.6.1 Other Markets, by Region
8. Global Mobile Phone Insurance Market, by End-User
8.1. Overview
8.2. Businesses
8.2.1 Business Market, by Region
8.3. Individuals
8.3.1 Individual Markets, by Region
9. Global Mobile Phone Insurance Market, by Region
10. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/jmnjt8
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