The global cell phone insurance market will reach $53.16 billion

The global cell phone insurance market will reach $53.16 billion

Tech Highlights:

  • Phone Type (New Phones and Refurbished Phones), and End User (Corporate and Personal)” The global mobile phone insurance market growth is driven by surge in uptake of high-quality smartphone and increasing cases of accidental damage, phone theft, and gadget failure. Request Sample PDF Brochure of Mobile Phone Insurance Market Size – COVID-19 Impact and Global Analysis with Strategic Developments at:

  • The market for mobile phone insurance is anticipated to increase at a CAGR of 10.4% from 2022 to 2028, from US$ 27.29 billion in 2021 to US$ 53.16 billion in 2028. “Mobile Phone Insurance Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Coverage (Physical Damage, Electronic Damage, Virus Protection, and Theft Protection), Sales Channel,” a new research paper from The Insight Partners (Mobile Operators, Device OEMs, Retailers, and Others).

Country scope US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina. Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends Telecommunications technologies have advanced significantly in recent years, which has resulted in unprecedented levels of connectedness. In terms of smartphone adoption, the US is one of the most advanced countries globally. Samsung and Apple are the most popular smartphone brands in this country. At the same time, Google’s Android and Apple’s iOS are the most popular smartphone operating systems/platforms in this market. Other operating systems, such as Symbian, Blackberry OS, Bada, and Windows, have failed to maintain market share while iOS and Android dominate.

Further, it was found that the majority of mobile users in North America stay away from their phones for less than four hours. This has subsequently increased the chances of accidents that might hamper the functioning of mobile phones. For instance, the consumers who carry their phones to the water-prone areas are most likely to face liquid damage to their phones. Similarly, the large screen size poses a screen damage threat to smartphone owners. In the past two years, the theft cases of high-end, expensive devices have increased remarkably. The increase in such mishaps is driving the mobile phone insurance market in North America.

As the smartphone penetration in North America approaches maturity, the average revenue per unit (ARPU) of the telecom industry is also anticipated to plummet in the coming years. In response to these market conditions, telecom companies are projected to adopt novel approaches to boost their margins and attain leadership in the already saturated marketplaces. The leading telecom service providers, such as AT&T and Verizon, have begun to provide mobile phone insurance services at competitive prices. In addition, US Cellular or Sprint customers have direct access to insurance coverage, which they can add to their monthly payments. The insurance is reasonably priced, the claims process is simple, and consumers are generally satisfied. As a result of the increased accessibility of services, more consumers opt for mobile insurance, resulting in mobile phone insurance market growth.

The high volatility of the mobile phone insurance market is also influenced by the value of the mobile phones which, when collected by the insurance companies might plummet beyond the prices the companies have guaranteed or paid. This can avidly affect the insurance company service providers’ profitability. For the mobile phone insurance industry the service providers carry their own inventory in order to attain their delivery requirements of some of the clients and facilitate guaranteed buyback of mobile and tablets as a fashion of their upgrade and trade-in offerings. Further the devices that are collected by the insurance companies while buyback are ultimately disposed through sales to the third parties.

 

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