Cell Phone Insurance Market Expected To Reach $ 76.1

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Portland, OR, September 21, 2021 (GLOBE NEWSWIRE) – According to the report published by Allied Market Research, the cell phone insurance market was estimated at $ 25.76 billion in 2020 and is expected to reach $ 76.1 billion by 2030, registering a CAGR of 11.5% from 2020 to 2030. The report provides in-depth analysis of the major pockets of investment, top winning strategies, drivers and opportunities, market size and estimates, competitive scenario and varying market trends.

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Rising number of incidents of accidental damage, phone theft, viral infections, device malfunctions and skyrocketing adoption of high-quality smartphones are driving growth in the insurance market for mobile phones. On the other hand, the decline in cell phone sales in recent times is holding back growth to some extent. However, increasing demand for innovative products is expected to create a range of opportunities in the industry.

COVID-19 scenario-

  • The outbreak of the pandemic led to a decrease in the production of mobile phones due to a shortage of raw materials, a distorted supply chain and the absence of other important parameters required for transparent production of phones. mobile. This, in turn, has led to a decrease in demand for cell phone insurance from end users, which has negatively impacted the market.
  • However, as the global situation gradually improves, the market is expected to recover soon.

The global mobile phone insurance market is analyzed on the basis of phone type, mode of distribution, coverage, end user, and geography. Based on phone type, the premium smartphone segment accounted for almost three-fifths of the total market share in 2020 and is expected to reign on the roost by 2030. The mid and high-end phone segment, however , would collect the fastest CAGR of 13.0% throughout the forecast period.

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Based on the mode of distribution, the offline segment contributed almost two-thirds of the total market revenue in 2020 and is expected to lead the way by 2030. The online segment, on the other hand, is said to have the fastest CAGR by 13.0% over the forecast period.

Depending on the region, the market in North America holds the important part in 2020, representing nearly two-fifths of the global market. Simultaneously, the Asia-Pacific region would post the fastest CAGR of 13.5% throughout the forecast period. Other provinces discussed in the report include Europe and LAMEA.

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Major market players analyzed in the Global Mobile Phone Insurance Market report include American International Group, Inc., AmTrust Financial, Asurion, AT&T Inc., Brightstar Corp., GoCare Warranty Group, Assurant, Inc., Apple Inc. and SquareTrade, Inc. These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures and others to prove their flair in the industry.

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About Us:

Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global businesses as well as medium and small businesses with unmatched quality of “market research reports” and “business intelligence solutions”. AMR has a focused vision to provide business information and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.

Pawan Kumar, CEO of Allied Market Research, leads the organization towards delivering high quality data and information. We have professional relationships with various companies, which helps us extract market data which helps us generate accurate research data tables and confirm the highest accuracy in our market forecast. Each of the data presented in the reports we publish is extracted through primary interviews with senior officials of the main companies in the field concerned. Our secondary data sourcing methodology includes in-depth online and offline research and discussions with industry-savvy professionals and analysts.


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