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Global Mobile Phone Insurance Market to reach USD 53.46 billion by 2027.

Global Mobile Phone Insurance Market Size study, by Coverage (Physical Damage, Internal Component Failure, Theft & Loss Protection and Others), Phone Type (Budget Phones, Mid & High-end Phones and Premium Smartphones) and Regional Forecasts 2020-2027

Product Code: BAFB_75355607
Publish Date: 8-11-2020
Page: 200

Global Mobile Phone Insurance Market is valued approximately USD 20.69 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 12.6 % over the forecast period 2020-2027. Mobile phones serve as a platform for entertainment, education, and also an effective platform for storing important personal information. Increasing use of smartphones for digital transactions and protecting personal data has led to the need for safeguarding mobile devices. For instance, according to GSMA, by 2025, approximately 75% of the total mobile phone owners are expected to own a smartphone. There has been increasing incidents of accidental damage, phone thefts, virus infections, and device malfunction. Further, increasing costs of smartphones and increasing collaborations among mobile phone manufacturers and insurance providers has led the adoption of Mobile phone insurance across the forecast period. For instance, E-tailors such as Flipkart are collaborating with insurance service providers such as Bajaj Allianz to offer mobile phone insurance cover to customers. In 2018, Assurant, Inc. partnered with KDDI Corporation, a Japanese telecommunications operator to provide insurance services to Apple-certified devices. However, complex terms and conditions of insurance policies making it difficult for consumers to understand and coverage plans with a fixed premium & the coverage amount irrespective of the nature of the damages covered may impede the growth of the market over the forecast period of 2020-2027. Also, with the provision of direct-to-consumer insurance assistance, simplification of claiming procedures and increasing smartphone users, the adoption & demand for mobile phone insurance is likely to increase.

The regional analysis of global Mobile Phone Insurance market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading region across the world in terms of market share owing to presence of a large number of mobile insurance providers and the rising incidences of crimes related to smartphones. For instance, according to the Bureau of Justice Assistance, on average, more than one million smartphones are stolen in the U.S. every year. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate over the forecast period 2020-2027. Factors such as rising disposable income, rising incidences of thefts damage and increasing importance of expensive mobile phones would create lucrative growth prospects for the Mobile Phone Insurance market across Asia-Pacific region.

Major market player included in this report are:
Apple Inc.
American International Group, Inc.
Assurant, Inc.
AT&T Inc.
AmTrust Financial
Brightstar Corp.
GoCare Warranty Group
SquareTrade, Inc.
Taurus Insurance Services Limited

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Coverage:
Physical Damage
Internal Component Failure
Theft & Loss Protection
By Phone Type:
Budget Phones
Mid & High-end Phones
Premium Smartphones
By Region:
North America

Asia Pacific
South Korea
Latin America
Rest of the World

Furthermore, years considered for the study are as follows:

Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027

Target Audience of the Global Mobile Phone Insurance Market in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers

Chapter 1.Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2018-2027 (USD Billion)
1.2.1. Mobile Phone Insurance Market, by Region, 2018-2027 (USD Billion)
1.2.2. Mobile Phone Insurance Market, by Coverage, 2018-2027 (USD Billion)
1.2.3. Mobile Phone Insurance Market, by Phone Type, 2018-2027 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Mobile Phone Insurance Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Mobile Phone Insurance Market Dynamics
3.1. Mobile Phone Insurance Market Impact Analysis (2018-2027)
3.1.1. Market Drivers Increasing digital transaction Increasing incidents of accidental damage
3.1.2. Market Challenges Complex terms and conditions of insurance policies Fixed premium plans
3.1.3. Market Opportunities Simplification of claiming procedures Increasing smartphones users
Chapter 4. Global Mobile Phone Insurance Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter’s 5 Force Model (2017-2027)
4.2. PEST Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
Chapter 5. Global Mobile Phone Insurance Market, by Coverage
5.1. Market Snapshot
5.2. Global Mobile Phone Insurance Market by Coverage, Performance – Potential Analysis
5.3. Global Mobile Phone Insurance Market Estimates & Forecasts by Coverage 2017-2027 (USD Billion)
5.4. Mobile Phone Insurance Market, Sub Segment Analysis
5.4.1. Physical Damage
5.4.2. Internal Component Failure
5.4.3. Theft & Loss Protection
5.4.4. Others
Chapter 6. Global Mobile Phone Insurance Market, by Phone Type
6.1. Market Snapshot
6.2. Global Mobile Phone Insurance Market by Phone Type, Performance – Potential Analysis
6.3. Global Mobile Phone Insurance Market Estimates & Forecasts by Phone Type 2017-2027 (USD Billion)
6.4. Mobile Phone Insurance Market, Sub Segment Analysis
6.4.1. Budget Phones
6.4.2. Mid & High-end Phones
6.4.3. Premium Smartphones
Chapter 7. Global Mobile Phone Insurance Market, Regional Analysis
7.1. Mobile Phone Insurance Market, Regional Market Snapshot
7.2. North America Mobile Phone Insurance Market
7.2.1. U.S. Mobile Phone Insurance Market Coverage breakdown estimates & forecasts, 2017-2027 Phone Type breakdown estimates & forecasts, 2017-2027
7.2.2. Canada Mobile Phone Insurance Market
7.3. Europe Mobile Phone Insurance Market Snapshot
7.3.1. U.K. Mobile Phone Insurance Market
7.3.2. Germany Mobile Phone Insurance Market
7.3.3. France Mobile Phone Insurance Market
7.3.4. Spain Mobile Phone Insurance Market
7.3.5. Italy Mobile Phone Insurance Market
7.3.6. Rest of Europe Mobile Phone Insurance Market
7.4. Asia-Pacific Mobile Phone Insurance Market Snapshot
7.4.1. China Mobile Phone Insurance Market
7.4.2. India Mobile Phone Insurance Market
7.4.3. Japan Mobile Phone Insurance Market
7.4.4. Australia Mobile Phone Insurance Market
7.4.5. South Korea Mobile Phone Insurance Market
7.4.6. Rest of Asia Pacific Mobile Phone Insurance Market
7.5. Latin America Mobile Phone Insurance Market Snapshot
7.5.1. Brazil Mobile Phone Insurance Market
7.5.2. Mexico Mobile Phone Insurance Market
7.6. Rest of The World Mobile Phone Insurance Market

Chapter 8. Competitive Intelligence
8.1. Top Market Strategies
8.2. Company Profiles
8.2.1. Apple Inc. Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
8.2.2. American International Group, Inc.
8.2.3. Assurant, Inc.
8.2.4. Asurion
8.2.5. AT&T Inc.
8.2.6. AmTrust Financial
8.2.7. Brightstar Corp.
8.2.8. GoCare Warranty Group
8.2.9. SquareTrade, Inc.
8.2.10. Taurus Insurance Services Limited
Chapter 9. Research Process
9.1. Research Process
9.1.1. Data Mining
9.1.2. Analysis
9.1.3. Market Estimation
9.1.4. Validation
9.1.5. Publishing
9.2. Research Attributes
9.3. Research Assumption

The study of the market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to breakdown the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geographies to provide a better regional outlook. In the report, country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. Our analysts contact company executives, managers, key opinion leaders, and industry experts. This enables our analyst to derive the closest possible figures without any major deviations in the actual number.

Primary Research Sources:

  • Interview conducted with raw material suppliers & manufacturers.
  • Interview conducted with manufacturers, suppliers & distributors, researchers, & representatives of regulatory bodies.
  • Interview conducted with market players, industry experts, & independent consultants.
  • Secondary Research Sources:
  • Purchased Database: D&B Hoovers, Bloomberg, Inc., Business Information Industry Association, NAICS Association.
  • Internal Database: White papers, Certified Publications, Articles by Recognized Authors and Regulatory Bodies.
  • Government Databases: Food and Agriculture Organization (FAO), European Industrial Hemp Association (EIHA), World Health Organization (WHO), Food and Drug Administration (FDA), International Telecommunication Union (ITU), United States Department of Agriculture (USDA), International organization of Motor Vehicle Manufacturers (OICA).

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