Dublin, June 03, 2025 (GLOBE NEWSWIRE) -- The "Mobile Phone Insurance Market Opportunities and Strategies to 2034" has been added to ResearchAndMarkets.com's offering.
In 2024, the market is projected to achieve a valuation of $35.21 billion, reflecting a CAGR of 4.49% since 2019. A further expansion is anticipated, reaching $60.98 billion by 2029 with a CAGR of 11.61% and ultimately $103.03 billion by 2034 at a 11.06% CAGR.
Growth drivers during the historical period included rising smartphone thefts, increased disposable income, cybersecurity concerns, heightened awareness of insurance benefits, and expanding internet penetration, despite data privacy posing a challenge. Looking ahead, factors such as smartphone proliferation, urbanization, digitalization, and insurtech and e-commerce growth will fuel market expansion, although economic challenges could impede progress.
The mobile phone insurance market remains fragmented. In 2023, leading players combined for 13.95% of the market, with Asurion LLC at the forefront (3.06% share), followed by Apple Inc. (3.04%), Allianz SE (2.28%), and others. North America dominated the market in 2024, accounting for 35.29% of revenue, with Asia Pacific and South America expected to experience the fastest growth in subsequent years, at CAGRs of 13.74% and 12.53%, respectively.
New opportunities abound for premium smartphones ($18.69 billion by 2029), physical damage coverage ($9.53 billion), online channels ($9.51 billion), and the personal end-user segment ($21.1 billion). The United States could witness a $7.17 billion increase in market size.
Strategic recommendations for industry stakeholders include enhancing insurance packages, collaborating with insurers, carriers, and manufacturers, boosting service offerings with advanced features, and embracing digital marketing and online distribution channels. Companies should also target the premium smartphones segment and expand in emergent markets.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 334 |
| Forecast Period | 2024 - 2034 |
| Estimated Market Value (USD) in 2024 | $35.21 Billion |
| Forecasted Market Value (USD) by 2034 | $103.03 Billion |
| Compound Annual Growth Rate | 11.3% |
| Regions Covered | Global |
Market Segmentation Highlights
- By phone type, premium smartphones held the largest share (54.26%) in 2024 and are projected to grow fastest (CAGR 14.62% from 2024-2029).
- By coverage, physical damage led the market with a 37.26% share, while virus and data protection coverage is expected to grow rapidly (CAGR 13.11% from 2024-2029).
- By distribution channel, mobile operators accounted for the largest segment (41.13%), but online distribution is poised for the fastest growth (CAGR 22.63% from 2024-2029).
- By end-user, the personal segment dominated (78.60%) and is set for robust growth (CAGR 12.00% from 2024-2029).
Major Market Trends
- Growth in Demand for Device Protection
- Affordable Plans with Enhanced Coverage
- Comprehensive Coverage for Devices
- Improved Coverage Options
- New Partnerships for Seamless Insurance Services
Companies Featured
- Asurion LLC.
- Apple Inc.
- Allianz SE
- Allstate
- AmTrust Financial Services Inc.
- The Chubb Corporation
- Orange S.A.
- Progressive Corporation
- Aviva plc
- Telefonica S.A.
- Bajaj Finserv Ltd.
- Igloo Pte. Ltd.
- FingerMotion, Inc.
- Epic Device Insurance
- Smart Communications Inc
- Kingfisher
- Airtel Payments Bank
- ICICI Lombard
- Taurus Insurance Services Limited
- FingerMotion, Inc.
- Ping An Insurance (Group) Company of China, Ltd
- ZhongAn Online P&C Insurance Co., Ltd
- Kakaopay Insurance Corp.
- Taurus Insurance Services
- Bouygues Telecom
- Currys plc
- Deutsche Telekom
- Lloyds Banking Group
- Leocare
- Wakam Societe Anonyme
- N26
- P&V Verzekeringen, Bolttech
- Epic Systems Corporation
- Zurich Insurance Group
- Tre Sverige
- Mobile Garantie AG
- Generali Ceska pojistovna a.s.
- Powszechny Zaklad Ubezpieczen
- Allianz-Tiriac Asigurari SA
- Uniqa
- Groupama
- Sogaz
- Rosgosstrakh
- Flip
- Brightstar Device Protection LLC
- AIG Mobile Insurance
- Seguro Telcel
- Verizon Mobile Protect
- AIG Seguros Seguros Atlas S.A.
- Verizon Mobile Protect
- Brightstar Device Protection LLC
- Brightstar Corporation
- Minuto Seguros
- AXA Gulf
- Old Mutual Limited
- Vodacom Business
For more information about this report visit https://www.researchandmarkets.com/r/29cu3v
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