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How has the mobile phone insurance market grown in recent years?

There has been swift expansion in the size of the mobile phone insurance market in the past few years. The market is projected to rise from a valuation of $35.21 billion in 2024 to an estimated $39.72 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 12.8%. The escalation during the historic period is credited to factors such as increasing smartphone usage, soaring prices of mobile gadgets, modifications in consumer habits, offerings from carriers and retailers, and a surge in accidental damage incidents.

How is the mobile phone insurance market size expected to evolve during the forecast period?

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Which key drivers are propelling the mobile phone insurance market’s growth?

The increase in smartphone usage is predicted to stimulate the expansion of the mobile phone insurance market in the future. Smartphones are essentially portable electronic devices with a cellular network connection. A trustworthy mobile phone insurance policy covers all required repairs or replacements, which will contribute to the growth of the market as smartphone adoption increases. For example, a study by Uswitch Limited, a UK-based online and telephone comparison and switching service, revealed that 71.8 million mobile connections were active in 2022. By 2025, the UK’s population is estimated to be 68.3 million, out of which around 95% are projected to own smartphones. Hence, the rising utilization of smartphones is a key contributor to the growth of the mobile phone insurance market.

What are the market segments in the mobile phone insurance industry?

The mobile phone insurance market covered in this report is segmented –

1) By Phone Type: Budget Phones, Mid And High-End Phones, Premium Smartphones

2) By Coverage: Physical Damage, Internal Component Failure, Theft And Loss Protection, Virus And Data Protection, Other Coverages

3) By Distribution Channel: Mobile Operators, Device OMEs (Original Equipment Manufacturer), Retailers, Online, Other Distribution Channels

4) By End-User: Corporate, Personal

Subsegments:

1) By Budget Phones: Entry-Level Smartphones, Feature Phones

2) By Mid and High-End Phones: Mid-Range Smartphones, Upper Mid-Range Smartphones, High-End Smartphones

3) By Premium Smartphones: Flagship Models, Luxury Smartphones, Limited Edition Smartphones

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Which leading companies are shaping the growth of the mobile phone insurance market?

Major companies operating in the mobile phone insurance market include Apple Inc., AT&T Inc., American International Group Inc., SoftBank Corp, Liberty Mutual Insurance Company, Orange S.A., The Chubb Corporation, Xiaomi Corporation, Singapore Telecommunications Limited, Assurant Inc., Brightstar Corp, Telefónica Brasil S.A., AmTrust Financial, Asurion LLC, Taurus Insurance Services Limited, Bolttech Management Limited, U Mobile Sdn Bhd., Servify, Digital Care Sp. z o.o., CoverCloud Insurance, GoCare Warranty Group, OPPO Electronics Corp, Better Buy Insurance Co, Pier Insurance Managed Services Ltd.

What key trends are currently impacting the mobile phone insurance market’s development?

Prominent businesses in the mobile phone insurance market include Apple Inc., AT&T Inc., American International Group Inc., SoftBank Corp, Liberty Mutual Insurance Company, Orange S.A., The Chubb Corporation, Xiaomi Corporation, Singapore Telecommunications Limited, Assurant Inc., Brightstar Corp, Telefónica Brasil S.A., AmTrust Financial, Asurion LLC, Taurus Insurance Services Limited, Bolttech Management Limited, U Mobile Sdn Bhd., Servify, Digital Care Sp. z o.o., CoverCloud Insurance, GoCare Warranty Group, OPPO Electronics Corp, Better Buy Insurance Co, and Pier Insurance Managed Services Ltd.

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Which geographic areas are influencing the growth of the mobile phone insurance market?

North America was the largest region in the mobile phone insurance market in 2024. Asia-Pacific is expected to be the fastest-growing region in the global mobile phone insurance market during the forecast period. The regions covered in the mobile phone insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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