Mobile-Phone Insurance Market is expected to grow at a CAGR of 12.67% through 2030F
The
global Mobile-Phone Insurance Market is expected to be led by the increasing
demand for Theft and Loss Protection as mobile phones become more essential and
vulnerable to theft and damage during the forecast period 2026-2030F
According to TechSci Research report, “Mobile-Phone Insurance Market -
Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2030F,
The Global Mobile-Phone Insurance Market was valued at USD 33.45 billion in
2024 and is expected to reach USD 68.42 billion by 2030 with a CAGR of 12.67%
through 2030.
Technological
advancements in mobile phones are playing a pivotal role in expanding the Mobile-Phone
Insurance Market. Manufacturers continuously introduce new features, enhancing
the capabilities and complexity of smartphones. These innovations have
transformed mobile phones into highly advanced devices that combine
entertainment, communication, and business functionalities. However, the
sophistication of modern mobile phones also makes them more susceptible to
damage and malfunction, further driving the need for insurance coverage. The
introduction of new features such as foldable screens, enhanced camera
technology, 5G connectivity, and biometric security measures has made mobile
phones more fragile and expensive. While these innovations bring great value to
users, they also create a greater risk of expensive repairs or replacements if
the devices are damaged. For example, foldable screens are more delicate and
prone to malfunctioning when compared to traditional smartphone displays. As a
result, consumers are increasingly seeking insurance policies that can cover
the high repair costs associated with such advanced devices. The growing focus
on durability and premium design in mobile phone manufacturing has led to the
development of highly valuable smartphones. High-end models from brands like
Apple and Samsung feature advanced materials like ceramic or reinforced glass,
which contribute to their premium pricing. Consumers who invest in these
devices are more inclined to protect their investments through mobile phone
insurance, ensuring they are covered in case of unforeseen damage or
malfunction. As mobile phone technology continues to evolve, the demand for
mobile phone insurance will continue to rise. Insurance providers are now
offering specialized policies to address the unique risks associated with these
new features, including accidental damage, theft, or loss of devices.
Consequently, as technology advances and mobile phones become more expensive
and sophisticated, the need for insurance coverage has become more essential
than ever before.
As the demand
for mobile phone insurance continues to grow, consumers are increasingly
seeking more customizable and flexible insurance plans that align with their
individual needs. This trend reflects a broader shift in the insurance
industry, where consumers are looking for personalized coverage options rather
than one-size-fits-all policies. Mobile phone insurance providers are
responding to this demand by offering flexible plans that allow consumers to
select coverage levels based on the type of mobile phone they own, the risks
they are most concerned about, and their budget. For instance, a consumer with
a high-end smartphone might opt for a more comprehensive plan that covers
accidental damage, theft, loss, and even liquid damage, while someone with a
lower-cost device might select a more basic plan. This level of customization
enables consumers to only pay for the coverage they truly need, making
insurance more affordable and appealing. Some insurers are offering pay-per-use
or subscription-based models, where customers can adjust their coverage on a
monthly or annual basis.
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Based
on Coverage, Theft & Loss Protection segment will witness the fastest
growth in the Mobile-Phone Insurance Market throughout the forecast period. This
surge in demand is primarily driven by the increasing value and portability of
mobile devices, making them more susceptible to theft and loss. As smartphones
become integral to daily life, serving as essential communication, work, and
entertainment tools, their theft or loss can result in significant personal and
financial disruptions. Consequently, consumers are increasingly seeking
comprehensive insurance coverage that includes protection against such risks. The
rise in theft and loss incidents, particularly in urban areas, has further
emphasized the need for specialized insurance plans. With mobile phones
becoming valuable assets, their theft is not only an inconvenience but also a
costly affair, as replacing high-end smartphones can be prohibitively
expensive. Theft & Loss Protection coverage helps mitigate this financial
burden, offering consumers peace of mind that they will not face an
overwhelming financial loss if their device is stolen or lost. The convenience
of modern mobile phones, which often contain sensitive data, personal
information, and valuable apps, adds another layer of importance to this type
of coverage. The loss of a device can lead to privacy risks, identity theft, or
the exposure of sensitive financial information. As a result, insurance
products that offer theft and loss protection often go beyond simple device
replacement, providing additional services such as data recovery or remote
locking features to protect against data breaches.
Asia
Pacific is the fastest-growing region in the global Mobile-Phone Insurance
Market due to the rapid increase in mobile phone penetration, especially in
emerging economies like China, India, and Southeast Asia. The growing adoption
of smartphones, particularly high-end models, has driven the demand for
insurance coverage against theft, loss, and accidental damage. Additionally,
the rise of digital and mobile-first consumers, along with affordable and
customizable insurance options, is fueling market growth. Increasing disposable
income, evolving consumer awareness, and the expansion of e-commerce platforms
offering mobile insurance contribute significantly to the region’s fast-paced
market expansion.
Key
market players in the Mobile-Phone Insurance Market are:
-
- Apple Inc.
- Verizon Communications Inc.
- Samsung Electronics Co., Ltd.
- Assurant, Inc.
- SquareTrade, Inc.
- Allianz SE
- Asurion, LLC
- American International Group, Inc.
- T-Mobile US, Inc.
- CPP Assistance Services Pvt Limited
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“The
Mobile-Phone Insurance Market is expected to grow significantly in the future
due to the increasing dependence on smartphones for communication, work, and
entertainment. As the value of mobile devices rises, consumers will seek
comprehensive protection plans to cover theft, damage, and accidental loss.
Advancements in technology, such as AI and digital platforms, will enhance the
efficiency and accessibility of insurance services, driving market expansion. The
rise of embedded insurance models, partnerships with mobile carriers and
retailers, and growing awareness of mobile phone protection will further boost
market growth. The shift toward customizable and flexible plans will also
attract more customers.” said Mr. Karan Chechi, Research Director of TechSci
Research, a research-based global management consulting firm.
“Mobile-Phone Insurance
Market – Global Industry Size, Share, Trends, Opportunity, and Forecast,
Segmented By Phone Type (Budget Phones, Mid & High-end Phones, Premium
Smartphones), By Coverage (Physical Damage, Internal Component Failure, Theft
& Loss Protection, Virus & Data Protection, Others), By Region, By
Competition, 2020-2030F” has
evaluated the future growth potential of Mobile-Phone Insurance Market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Mobile-Phone Insurance Market.
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