Mobile Phone Insurance Market to Grow at 12% CAGR, Reaching USD 76 Billion by 2030

Mobile Phone Insurance Market to Grow at 12% CAGR, Reaching USD 76 Billion by 2030

According to Next Move Strategy Consulting, the global Mobile Phone Insurance (MPI) Market, is projected to experience significant growth, reaching USD 76 billion by 2030. This expansion is expected at a compound annual growth rate (CAGR) of 12% from 2024 to 2030. Mobile phone insurance offers coverage for replacement and repair costs, ensuring that smartphones remain protected against a variety of risks, including theft, physical damage, and internal component failure.

Unlike mobile phone warranties, MPI covers damages resulting from accidents and unforeseen incidents, providing extensive protection for both internal and external damage to smartphones. Customers typically pay a premium for coverage periods ranging from six months to a year or more, safeguarding their devices against potential financial loss.

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Market Drivers
The increase in the use of smartphones, which store sensitive personal information and facilitate online transactions, has led to a heightened awareness of the need for mobile phone insurance. As smartphones evolve with advanced features such as high-definition cameras, larger storage capacities, and enhanced battery life, their value continues to rise, further driving the adoption of mobile phone insurance.

A significant factor contributing to the market's growth is the rise in accidental damage, theft, and unauthorized usage. The growing number of incidents of mobile phone theft and damage has prompted consumers to seek out insurance policies as a means of financial protection. The surge in mobile phone theft incidents in major cities like Mumbai, India, which recorded 48,856 thefts in 2021, highlights the growing demand for such insurance.

Technological Advancements and Challenges
Advancements in artificial intelligence (AI) are playing a pivotal role in transforming the MPI market. AI-driven technologies are enabling customers to interact seamlessly with complex insurance processes, enhancing the user experience and providing more efficient claims management.

Despite the market's promising growth, challenges such as high premium packages for premium smartphones and a lack of awareness among consumers regarding different insurance policies pose potential barriers. These factors may hinder broader adoption, especially in cost-sensitive markets.

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Regional Insights
The Asia-Pacific region is projected to hold the largest market share for mobile phone insurance due to rising adoption of mobile device protection plans. Countries like China and India are seeing rapid growth, driven by increased mobile thefts and the demand for comprehensive coverage. For instance, Finger Motion, Inc. launched mobile protection products in China, offering a tiered protection plan for accidental damage, mechanical breakdown, and trade-in options.

North America, led by key players like Apple Inc., also witnessed substantial growth in mobile phone insurance. Apple's AppleCare+ and other similar service offerings have driven the demand for extended protection plans, catering to both premium and mid-range smartphone users.

Competitive Landscape
The global MPI market is highly competitive, with key players such as Apple Inc., American International Group Inc., Assurant Inc., Asurion Group Inc., Amtrust Financial Services Inc., and CHUBB leading the charge. Companies are increasingly adopting product launches, partnerships, and regional expansions to expand their market share. For example, Assurant Inc. extended its partnership with T-Mobile in 2022 to provide comprehensive device protection solutions, while Asurion introduced its mobile smartphone insurance in Australia in 2021.

Mobile Phone Insurance Market Key Segments

  • By Phone Type: Budget Phones, Mid & High-End Phones, Premium Smartphones
  • By Sales Channel: Mobile Operators, Device OEMs & Retailers, Others
  • By Coverage: Physical Damage, Internal Component Failure, Theft & Loss Protection, Virus & Data Protection, Others
  • By End User: Business, Individuals
  • By Region: North America, Europe, Asia-Pacific, Rest of World

Conclusion
The global Mobile Phone Insurance market is poised for substantial growth driven by increasing smartphone adoption, technological advancements, and rising incidents of accidental damage and theft. As consumers recognize the importance of safeguarding their devices, mobile phone insurance has become a critical tool for financial security and device protection. Despite certain challenges such as high premiums and lack of awareness, the market continues to expand, with key regions like Asia-Pacific and North America leading the way.

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Next Move Strategy Consulting is a premier market research and management consulting firm that has been committed to provide strategically analysed well documented latest research reports to its clients. The research industry is flooded with many firms to choose from, what makes Next Move different from the rest is its top-quality research and the obsession of turning data into knowledge by dissecting every bit of it and providing fact-based research recommendation that is supported by information collected from over 500 million websites, paid databases, industry journals and one on one consultations with industry experts across a diverse range of industry sectors. The high-quality customized research reports with actionable insights and excellent end-to-end customer service help our clients to take critical business decisions that enables them to move beyond time and have competitive edge in the industry.

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