Mobile Phone Insurance Market Share to Reach $53.16 Billion, Globally, by 2028 at 10.4% CAGR with Physical Damage Segment Driving Growth During 2022–2028 | The Insight Partners
Asia Pacific region is the fastest growing region in the global mobile phone insurance market. Surge in uptake of high-quality smartphone and increasing cases of accidental damage, phone theft, and gadget failure are the key factors driving the growth of the market during 2022–2028.
Pune, India., Aug. 11, 2023 (GLOBE NEWSWIRE) — The Insight Partners published latest research study on “Mobile Phone Insurance Market Size Report, Share, Revenue, Growth Strategy, Industry Trends and Forecast to 2028 – COVID-19 Impact and Global Analysis By Coverage, Sales Channel, Phone Type, End User, and Geography”, the global mobile phone insurance market value is expected to grow from USD 27.29 Billion in 2021 to USD 53.16 Billion by 2028; the market is estimated to grow at a CAGR of 10.4% from 2022 to 2028. The surge in adoption of high quality smartphones, and high replacement cost of various parts of mobile phones. However, the high cost of mobile phone insurance is expected hinder the growth of the market.
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China’s leadership in the mobile phone insurance market in the Asia Pacific region can be attributed to several key factors. Firstly, the country’s enormous consumer market, the largest in the world, provides a significant opportunity for mobile phone insurance providers to offer their services. With a large population of mobile phone users, there is a substantial demand for insurance coverage to protect valuable devices. Secondly, China has experienced a rapid increase in smartphone penetration over the past decade. This development can be attributed to the availability of affordable smartphones and improved internet connectivity. As more people in China own smartphones, the demand for mobile phone insurance has also increased, further solidifying China’s dominant position in the market. China’s thriving e-commerce sector has also played a pivotal role in expanding the mobile phone insurance market.
The rise of online platforms, led by companies like Alibaba and JD.com, has provided a convenient channel for consumers to purchase insurance policies. Chinese consumers, who have embraced online shopping, including insurance products, have significantly contributed to the market’s growth. China’s well-developed mobile payment infrastructure contributes to its mobile phone insurance market’s success. Platforms such as Alipay and WeChat Pay have made it easy for consumers to pay for insurance premiums, facilitating the adoption of mobile phone insurance. Mobile payments’ widespread usage and convenience have further supported the market’s growth. China’s reputation for technological innovation has also played a significant role in its market dominance.
Mobile Phone Insurance Market Report Scope, Segmentations, Regional & Country Scope:
|Market Size Value in||USD 27.29 Billion in 2021|
|Market Size Value by||USD 53.16 Billion by 2028|
|Growth rate||CAGR of 10.4% from 2022 to 2028.|
|Forecast Period||2022- 2028|
|No. of Pages||189|
|No. of Tables||119|
|No. of Charts & Figures||94|
|Historical data available||Yes|
|Segments covered||Coverage, Sales Channel, Phone Type, and End User|
Global Mobile Phone Insurance Market Analysis: Competitive Landscape and Key Developments
Allianz; American International Group, Inc.; Apple Inc.; AT&T Inc.; Aviva; Gadget Cover; Pier Insurance Managed Services Ltd.; and TelefÃ³nica Limited are a few of the key companies operating in the mobile phone insurance market. The market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.
In Oct 2022: Apple Inc launched AppleCare+ that provides warranty of one year and 90 days of technical support with the option to purchase plans for longer service periods.
In September 2022: Assurant Inc launched a multiyear extension of its long-standing partnership with T-Mobile to continue providing comprehensive mobile device protection solutions.
In September 2021: Apple introduced a new AppleCare+ plan for iPhone that offers coverage for up to five years, the longest coverage period available in the market. The plan covers accidental damage, including up to two incidents of theft or loss per year, and includes 24/7 priority access to Apple support. The move is aimed at increasing customer loyalty and retention, as well as addressing the growing demand for longer-term coverage and protection for mobile devices. The plan is available to customers who purchase a new iPhone, or within 60 days of their iPhone purchase.
In November 2021: Asurion launched mobile smart phone insurance in Australia, these includes repair, replace, restore and resolve insurance.
Browse key market insights spread across 189 pages with 119 list of tables & 94 list of figures from the report, “Mobile Phone Insurance Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Coverage (Physical Damage, Electronic Damage, Virus Protection, and Theft Protection), Sales Channel (Mobile Operators, Device OEMs, Retailers, and Others), Phone Type (New Phones and Refurbished Phones), and End User (Corporate and Personal), and Geography” in detail along with the table of contents: https://www.theinsightpartners.com/reports/mobile-phone-insurance-market/
Rise in e-commerce and digital channels Provides Lucrative Opportunities for Global Mobile Phone Insurance Market:
The rise of e-commerce and digital channels has transformed how people shop and interact with businesses. This trend has also affected mobile phone insurance, as consumers seek convenient and accessible services. Mobile phone insurance companies can leverage digital channels to reach new customers and offer more convenient services. For example, companies can offer online enrollment, which allows customers to sign up for coverage from anywhere at any time.
Digital claims processing can also be offered, which enables customers to file claims online and receive prompt responses. Mobile apps can be developed which allow customers to manage their policies, file claims, and receive alerts. By providing these digital services, companies can increase customer satisfaction, loyalty, and retention, while reducing costs associated with manual processes. Additionally, digital channels allow companies to reach customers in new regions or markets, expanding their business and increasing their revenue potential. Overall, the rise of e-commerce and digital channels presents a significant opportunity for mobile phone insurance companies to grow their business, improve customer experience, and increase revenue.
Global Mobile Phone Insurance Market: Segmental Overview
Based on coverage, the market has been segmented into physical damage, electronic damage, virus protection, and theft protection. The physical damage segment held the largest share of the market in 2020, whereas the virus protection segment is anticipated to register the highest CAGR in the market during the forecast period. Based on sales channel, the market is categorized into mobile operators, device OEMs, retailers, and others. The mobile operators segment held the largest share of the mobile phone insurance market in 2020, whereas Retailers segment is anticipated to register the highest CAGR in the market during the forecast period. Based on phone type, the mobile phone insurance market is segmented into new phones and refurbished phones.
The new phone segment held the largest share of the market in 2020, whereas refurbished phones segment is estimated to register the highest CAGR in the market during the forecast period. By end-user, the market is bifurcated into corporate and personal. The personal segment held the largest share of the mobile phone insurance market in 2020, whereas the personal segment is anticipated to register the highest CAGR in the market during the forecast period.
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The country has been at the forefront of mobile and digital advancements, enabling innovative insurance products and services to grow. Chinese insurers have leveraged emerging technologies like artificial intelligence and big data analytics to provide tailored insurance solutions, making their offerings more appealing to consumers. Furthermore, China’s highly competitive market has driven insurers to offer competitive pricing, making insurance policies more affordable. This aspect, coupled with attractive coverage options, has further contributed to the growth of the mobile phone insurance market.
Strategic partnerships with mobile phone manufacturers have also boosted the adoption of mobile phone insurance in China. Insurance companies have collaborated with smartphone manufacturers to offer insurance coverage directly at the point of sale. This integration allows consumers to conveniently purchase insurance while buying their mobile devices, increasing the penetration of mobile phone insurance in the market. Lastly, Chinese insurers have invested in raising awareness and educating consumers about the importance of mobile phone insurance. Through marketing campaigns, advertisements, and partnerships with retailers, they have successfully increased consumer awareness and understanding of the benefits of mobile phone insurance. These efforts have been instrumental in driving the growth of the market. In conclusion, China’s dominance in the Mobile phone insurance market in the Asia Pacific region can be attributed to its large consumer market, high smartphone penetration, e-commerce boom, strong mobile payment infrastructure, technological innovation, competitive pricing, partnerships with mobile phone manufacturers, and enhanced awareness and customer education. Collectively, these factors have propelled China to the forefront of the mobile phone insurance market in the region.
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