The global Mobile Phone Insurance market accounted for US$ 16,962.7 Mn in 2017 and is expected to grow at a CAGR of 12.5% during the forecast period 2018 – 2025, to account for US$ 43,448 Mn in 2025. The global mobile phone insurance market is experiencing an intense growth with regards to the innovations and up gradations of policies and schemes being carried out by the market players and procurement of insurance policies for future in the current scenario. The mobile phone insurance market consists of some well-established players across the globe as well as small firms offering single coverage type as well. The mobile phone insurance market is concentrated with mobile network operators, device OEMs, retailers, and others. These market participants enhance their schemes as per the requirements of the customers. In addition, the smartphones market is significantly growing in respect to new phones as well as refurbished phones across geographies.
The global mobile phone insurance market is a highly fragmented and evolving market worldwide. Leading players in the market capture merely ~50% of the market, whereas the rest of the market is occupied by region players including mobile operators, retailer’s operating in that region. The market operates in a highly competitive marketplace. As leading companies in this market continue to broaden their addressable market, by expanding its current product portfolio, diversifying its client base, and developing new applications and markets, all the prominent players face an increasing level of competition, both from start-ups as well the leading global technology and industrial companies in the world. Also, various companies in the value chain are acquiring other local players and operating through joint ventures with retailers in the market to maintain their position in the market and provide efficient solutions to its customers.
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The key companies profiled in this report include American International Group, Inc., Assurant, Inc., Asurion, LLC, Blackberry Limited, AT&T Inc., Brightstar Device Protection, LLC, Pier Insurance Managed Services Ltd., Vodafone Group Plc, Three Ireland (Hutchison) Limited, and Tr?v, Inc.
Also, due to the moderate entry barrier to the industry, tier-2, and tier-2 companies are entering the market to compete with existing players. Key service providers in the industry are based in North America and Europe region. However, the market is penetrating at a high growth rate in APAC and MEA region in especially in countries such as the Philippines, Indonesia, Kenya, etc. The global mobile phone insurance market has been segmented based on coverage, i.e., physical damage, electronic damage, virus protection, and theft protection. The virus protection segment is expected to be the fastest growing segment in the mobile phone insurance market during the forecast period.
Key findings of the study:
North America is anticipated to account the largest market share of the mobile phone insurance market and is expected to register a CAGR of 12.5%
Based on the phone type, the refurbished phone segment is expected to witness high year on year growth during the forecast period
Countries such as China, Brazil, and India are witnessing high demand for mobile phone insurance due to the increasing adoption of smartphones.
Europe holds the second largest market share. The insurance companies operating in the region is also delivering insurance coverage for mobile phones, and these insurance companies sell their insurance products or scheme either by themselves or through various retailers. The Europe market for mobile phone insurance is anticipated to increase in the coming years attributing to the fact that advanced consumer behavior towards the insurance sector.
Reason To Buy:
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global mobile phone insurance market
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the mobile phone insurance market, thereby allowing players across the value chain to develop effective long term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
- Examine the political, economic, social and technology impact of the five regions namely: North America, Europe, Asia Pacific, Middle East & Africa and South America.
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This post was originally published on Info Street Wire