Overview:

The global mobile phone insurance ecosystem market is valued for more than US$ XXX.X Mn in 2019 and expected to reach a value of US$ XXX.X Mn by 2029 with a significant CAGR of around XX.X% over the forecast period of 2019-2029. Mobile phone plays an important role in day to day activities. Introduction of technologically advanced mobile phones for various daily needs is resulted in high market penetration.

However, these phones are high cost associated and hence demand for mobile insurance is increased recently. Mobile phone users need insurance to protect the device in case of physical damage, lost or stolen devices, and malfunctions.

Market Dynamics:

Increasing number of smart phone users, rising number of phone theft cases, and growing cost of devices is resulting in demand for mobile insurance across the globe. This is a major factor expected to drive growth of the global mobile phone insurance ecosystem market. For instance, according to the data released by the Government Railway Police (GRP), a total of 24,010 phone theft cases were registered at 17 GRP police stations in the year 2019 in India.

In addition, changing lifestyle pattern and increased spending capacity are key factors resulting in growing demand for mobile insurance, which is further expected to support growth of the target market.

Moreover, major players approach towards business expansion in developing countries in order to enhance the customer base is among the other factor expected to boost growth of the target market.

Key Trends:

Rising focus on innovative solution offering by the players in order to increase the customer base is key trend observed in the global mobile phone insurance ecosystem market. In November 2018, Lydia a developer of mobile payment platform has launched insurance plan for mobile phone. This plan instantly covers mobile phone against screen cracks, accidental damage, and liquid damage.

Regional Analysis:

For detailed understanding of market dynamics, the global mobile phone insurance ecosystem market is analyzed across key regions viz. North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North America region is accounted for the major revenue share in 2019, owing to strong presence of key players and high awareness about mobile insurance in countries in the region.

In addition, Asia Pacific region is expected to witness significant growth over the forecast period. Rapid urbanization in developing countries, presence of major phone manufacturers and growing income level of individuals are factors expected to support the growth of target market in the region.

Scope of the Report:

Detailed Segmentation:

Global Mobile Phone Insurance Ecosystem Market, By Coverage Type:

• Accidental Physical Damage
• Electrical or Mechanical Failure
• Theft or Loss Protection
• Others

Global Mobile Phone Insurance Ecosystem Market, By Phone Type:

• Budget Phones
• Mid and High-end Smartphones
• Premium Smartphones

Global Mobile Phone Insurance Ecosystem Market, By Distribution Channel:

• Mobile Providers
• Retailers
• Online

Key Players Covered:

Key players operating in the global mobile phone insurance ecosystem market includes, Allstate Corporation, Aon plc, Apple Inc., Assurant, Inc., Asurion, LLC, AT&T Inc., Avast Software s.r.o., Aviva plc, BBVA Seguros, and Brightstar Corp.

Key Features of the Study:

Foresight Market Research provides detailed analysis on global market in our report- Global Mobile Phone Insurance Ecosystem Market by coverage type, phone type, distribution channel, and region. The report provides market size (US$ Mn) and compounded annual growth rate (%) for the forecast period: 2019 – 2029, considering 2018 as the actual year. The report also contains in-depth analysis about market drivers, restraints, opportunities, new product launches, product approval, ongoing trends, and regional outlook. The report delivers competitive analysis about leading players in the global mobile phone insurance ecosystem market based on various parameters such as company overview, product portfolio, regional presence, financial performance, distribution strategies, key developments, marketing strategies, and future plans. The analysis from the report would acquaint the marketers and management authorities of companies to make the appropriate decision with respect to their future product launch, market expansion, and marketing tactics used overall the globe.