Dublin, July 12, 2022 (GLOBE NEWSWIRE) — The Mobile Phone Insurance Market Forecast to 2028 – Impact of COVID-19 and Global Analysis by Coverage, Sales Channel, Phone Type and End User report has been added to ResearchAndMarkets.com supply.
The mobile phone insurance market is expected to grow from USD 27,291.83 million in 2021 to USD 53,161.84 million by 2028; expected to grow at a CAGR of 10.4% from 2021 to 2028.
The US and European markets account for a large portion of the mobile phone insurance market with huge smartphone penetration, developing nations are still in the nascent stage. However, the smartphone penetration trend may vary from region to region based on customer preference and mobile phone penetration.
GSM Arena estimated the mobile phone market for used and refurbished phones to grow at a rate of 15% from 2020 to 2021. Such scenarios are likely to bring new prospects to the mobile insurance market of this mobile phone segment.
The growth of data and virus protection is driving the growth of the mobile phone insurance market as mobile users are looking for these coverage plans alongside physical insurance plans. This unlocks new growth opportunities for bundled protection plans offering complete mobile phone protection in the mobile phone insurance market.
The business of mobile phone insurance providers has grown and become highly volatile due to the increase in mobile exchange volume. Participants in the mobile phone insurance market manage or own different aspects of the value chain, allowing them to design insurance products and services in such a way that they meet the specific requirements of the end user.
The terms and conditions of the mobile phone insurance market are often critical, causing customers to not fully remember the procedures for filing claims. Several vendors offer a defined coverage plan with a fixed premium regardless of the type of smartphone. On the contrary, other sellers have different premiums/amounts to pay for different coverage required by customers.
Sometimes the coverage and premium/amount differs depending on the devices i.e. iOS or Android based phones, which increases the uncertainty among customers regarding taking mobile phone insurance. Therefore, insurers focus on simplifying their terms and conditions and covering the maximum possible insurance policies under a single premium amount.
These initiatives by insurance sellers or insurers are expected to help customers clearly understand the terms and conditions and claim procedures in the near future. The growing focus on simplifying claims procedures is expected to increase the adoption of mobile phone insurance plans among customers in developed countries and developing economies in the coming years.
Main topics covered:
2. Key findings
3. Research methodology
4. Market Landscape of Mobile Phone Insurance Market
4.1 Market Overview
4.2 PEST analysis
5. Mobile Phone Insurance Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Growth in high-end smartphone adoption
5.1.2 Increase in cases of accidental damage, phone theft and gadget damage
5.2 Market Restrictions
5.2.1 Increase in Fraudulent Policies and Claims
5.3 Market Opportunities
5.3.1 Network operators to create a profitable market in Europe
5.4 Future Trends
5.4.1 Simplification of the procedure for submitting insurance claims
5.5 Analysis of the impact of drivers and restraints
6. Mobile Phone Insurance Market – Global Market Analysis
6.1 Global Mobile Phone Insurance Market Overview
6.2 Mobile Phone Insurance Market Forecast and Analysis
6.3 Market Positioning – Top Five Players
7. Analysis of the mobile phone insurance market – by coverage
7.2 Mobile Phone Insurance Market, by Coverage (2021 and 2028)
7.3 Physical Damages
7.4 Electronic Damage
7.5 Virus Protection
7.6 Theft Protection
8. Mobile phone insurance market – by sales channel
8.2 Mobile Phone Insurance Market, By Sales Channel (2021 and 2028)
8.3 Mobile Operators
8.4 OEM Device Manufacturers
9. Mobile Phone Insurance Market – By Phone Type
9.2 Mobile Phone Insurance Market, by Phone Type (2021 and 2028)
9.3 New Phone
9.3.2 New Phone: Mobile Phone Insurance Market – Revenue and Forecast to 2028 (USD Million)
9.4.2 Updated: Mobile Phone Insurance Market – Revenue and Forecast to 2028 (USD Million)
10. Mobile phone insurance market – by end user
10.2 Mobile Phone Insurance Market, by End User (2021 and 2028)
10.3.2 Enterprise: Mobile Phone Insurance Market – Revenue and Forecast to 2028 (USD Million)
10.4.2 Personal: Mobile Phone Insurance Market – Revenue and Forecast to 2028 (USD Million)
11. Mobile Phone Insurance Market – Geographical Analysis
12. Mobile Phone Insurance Market – Analysis of the Impact of COVID-19
13. Mobile Phone Insurance Market – Industry Landscape
13.2 Marketing Initiative
The mentioned companies
- American International Group, Inc.
- Allianz SE
- Apple Inc.
- AT&T Inc.
- Aviva Insurance Limited
- Better Buy Insurance
- Widget cover
- Telefonica Limited
- Pier Insurance Managed Services Ltd.
- AQILO Business Consulting Gmb
For more information on this report, visit https://www.researchandmarkets.com/r/lw05v0
Global Mobile Phone Insurance Market