Global Mobile Phone Insurance Market Is Valued At About 20.22 Billion USD In 2017
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The global Mobile Phone Insurance market is valued at about 20.22 billion USD in 2017 and is expected to reach about 44 billion USD by the end of 2025, growing at a forecast CAGR of 10.20% between 2017 and 2025.
Based on regions, North America and Europe are relatively mature market which are navigating the market. In 2018, total North America Mobile Phone Insurance Market Size is estimated to be 10625 Million USD, growing at a CAGR of 10.43% from 2013 to 2018. Total Europe Mobile Phone Insurance Market Size is estimated to be 6795 Million USD, growing at a CAGR of 11.72% from 2013 to 2018. APAC is expected to be the fastest growing market, especially for the rapid growing China and India market. In 2018, total APAC Mobile Phone Insurance Market Size is estimated to be 4111 Million USD, growing at a CAGR of 20.73% from 2013.
Based on Applications, the market is segmented into Physical?Damage, Theft?&?Loss and Other Insurances. Physical?Damage is the major application of Mobile Phone Insurance Ecosystem, in 2017, the Mobile Phone Insurance revenue in Physical?Damage was 15656 million USD, and it is forecast to reach 33579 million USD in 2025.
Based on sales channels, in an effort to boost the uptake of mobile phone insurance, wireless carriers and insurance providers have extensively enhanced their insurance offerings with the addition of location tracking, data protection/recovery features and integrated technical support. The success of mobile phone insurance plans has driven several wireless carriers, to invest in the sales of other insurance products through mobile phones and their retail outlets. New insurance models are also beginning to emerge. Device OEMs are beginning to invest in tailored plans to suit the specific requirements of certain regional markets.
The market is very disparate in global view, Major players in this market are Asurion, Apple, Assurant, SoftBank, AIG, Chubb (ACE), AmTrust, Allianz Insurance, AXA and Aviva. Leading Network Operators like Vodafone, T-Mobile, MTN Group, Orange, Etisalat, Verizon Wireless, AT&T Mobility, Ooredoo and many others are also playing very important roles in Mobile Phone Insurance market stage.