The mobile phone insurance market is anticipated to witness steady growth during the forecast period of 2021-2031. The incidents of accidental damage, virus infection, phone theft, malfunctions, etc have increased phenomenally over the years. This factor will bring tremendous growth prospects for the mobile phone insurance market.
A smartphone, today, is not a privilege anymore. It has become a necessity. With deep penetration of the internet in everyday life of the global populace and the growing need for smartphones, the demand for mobile phone insurance is estimated to increase. According to Pew Research, 85% of the individuals in the U.S. own a smartphone. The same survey conducted in 2011 found out that only 35% owned a smartphone. The jump in smartphone ownership by nearly 50% shows the expanding influence of the smartphone. Thus, these factors offer considerable growth opportunities for the mobile phone insurance market.
Mobile phone insurance is a type of insurance policy that offers coverage for replacement and repair costs of numerous smartphone brands. The insurance is offered by third-party providers at an extra cost over the purchase price of a product. Along with new phones, mobile phone insurance also includes refurbished phones. Mobile phone insurance covers theft and loss protection, virus and data protection, physical damage, internal component failure, etc. On the basis of phone type, the mobile phone insurance market can be segmented into budget phones, mid and high-end phones, and premium smartphones.
Smartphones and mobile phones are highly prone to damages, be it technical or physical. This aspect increases the demand for mobile phone insurance to a considerable extent as a policy ensures full reimbursement of the product damage. Thus, these factors prove to be growth generators for the mobile phone insurance market.
The research conducted on the global market for mobile phone insurance by Transparency Market Research (TMR) is a treasure of information for the stakeholders and CXOs. All the information has been compiled systematically in a report which provides valuable insights to the stakeholders about the recent trends, competitive landscape, regional aspects, and many other touch points that describe the growth trajectory of the mobile phone insurance market. The COVID-19 impact has also been included in the report.
The mobile phone insurance market has numerous players in the fray for acquiring a good consumer base. Strategic collaborations play a crucial role in improving the overall growth of the mobile phone insurance market. The players in the mobile phone insurance market collaborate with telecommunication operators for expanding their influence across different regions. Furthermore, collaborations with e-commerce operators also prove to be fruitful as many consumers purchase smartphones from these platforms.
Some well-established players in the mobile phone insurance market are AmTrust Financial, American International Group, Inc., Taurus Insurance Services Limited, Brightstar Corp., and Assurant, Inc.
Manufacturers in the smartphone industry are targeting the middle-income population for increasing their revenues. They are developing cost-effective smartphones that appeal more to the individuals having middle income. Thus, the rising demand for these smartphones will automatically increase the growth rate of the mobile phone insurance market too.
Growing Incidences of Smartphone Theft
Smartphone theft has become a common phenomenon around the world. The rising cases of smartphone theft are urging many individuals to equip with mobile phone insurance policies. These policies protect the smartphone from the damage caused due to smartphone theft Thus, these factors help in boosting the demand for mobile phone insurance policies.
North America’s mobile phone insurance market is prognosticated to observe a dominating stance between 2021 and 2031. The presence of numerous mobile phone insurance providers will bring considerable growth opportunities. Furthermore, the rising smartphone usage will also prove to be a boon.