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The United States mobile phone insurance market size was approximately USD 11.40 billion in 2023. The market is projected to grow at a CAGR of 8.3% between 2024 and 2032, reaching a value of around USD 23.97 billion by 2032.
Mobile phone insurance serves as a preventive measure that enables users to mitigate substantial replacement costs associated with the loss or breakdown of their mobile phones. Such insurance policies generally encompass protection against physical damage, theft and loss, internal coverage failures, as well as virus and data threats.
The rising occurrences of accidental damage, phone thefts, virus infections, and device malfunctions have prompted consumers to seek means of protecting their mobile phones, leading to an increasing adoption of mobile phone coverage policies.
Based on phone type, the market is segmented into budget phones, mid and high-end phones, and premium smartphones. By coverage type, the United States mobile phone insurance market segmentation includes physical damage, internal component failure, and theft and loss protection, among others. The major regional markets for mobile phone insurance in the United States are New England, Mideast, Great Lakes, Plains, Southeast, Southwest, Rocky Mountain, and Far West.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the United States mobile phone insurance market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans.
As per the United States mobile phone insurance market analysis, the demand for insurance solutions for premium smartphones is significantly increasing. This can be attributed to the growing focus by users to protect their phones from accidental damage and reduce overall costs associated with repair and replacement.
The growing partnerships between third-party insurance companies and smartphone manufacturers to provide extended-term service plans and services like accurate device assessments, accidental damage protection, and subscription pricing options are further propelling the segment’s growth.
Physical damage accounts for a significant portion of the United States mobile phone insurance market share as this coverage addresses accidental damages encountered by smartphone owners. As smartphones play an increasingly vital role in daily life, the likelihood of incidents such as dropping, cracking, or otherwise damaging these valuable devices significantly rises.
By offering protection against such mishaps, physical damage coverage provides consumers with the confidence that their smartphones are safeguarded, thereby alleviating the financial strain associated with expensive repairs or replacements.
This coverage option holds a particular appeal for owners of premium smartphones, given the substantial costs associated with repairing or replacing sophisticated devices. With physical damage coverage in effect, consumers can use their smartphones confidently, secure in the knowledge that they have a safety net to rely on in the event of accidents.
Apple Inc., founded in 1976, is a company that specialises in personal computers, smartphones, tablet computers, computer peripherals, and software. Renowned for its widely embraced consumer electronics, Apple's lineup includes iconic devices like iPhone, iPad, Mac computers, Apple Watch, and Apple TV. The company is also recognised for its diverse range of software offerings, encompassing operating systems such as iOS, macOS, watchOS, tvOS, and audioOS, along with the popular iCloud cloud storage service.
American International Group, Inc., established in 1919, stands as a leading insurance and financial services entity, operating across over 70 countries and jurisdictions worldwide. AIG's member companies provide an extensive array of insurance products and services catering to both businesses and individuals. These offerings encompass property casualty insurance, life insurance, retirement products, mortgage insurance, and various other financial services, solidifying AIG's position as a comprehensive provider in the insurance and financial industry.
Assurant, Inc. is a company that offers comprehensive risk management solutions for use in the automotive, housing protection, and lifestyle sectors. Its protection and insurance products are aimed at supporting businesses to manage the risk of financial loss, property damage, and theft, among others.
Other market players operating in the United States mobile phone insurance market include AT&T Inc., Worth Ave. Group, L.L.C., SquareTrade, Inc., AKKO, LLC, and Asurion, LLC, among others.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Phone Type |
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Breakup by Coverage Type |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 North America Mobile Phone Insurance Market Overview
8.1 Key Industry Highlights
8.2 North America Mobile Phone Insurance Historical Market (2018-2023)
8.3 North America Mobile Phone Insurance Market Forecast (2024-2032)
8.4 North America Mobile Phone Insurance Market Breakup by Country
8.4.1 United States
8.4.2 Canada
9 United States Mobile Phone Insurance Market Overview
9.1 Key Industry Highlights
9.2 United States Mobile Phone Insurance Historical Market (2018-2023)
9.3 United States Mobile Phone Insurance Market Forecast (2024-2032)
10 United States Mobile Phone Insurance Market by Phone Type
10.1 Budget Phones
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Mid and High-end Phones
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Premium Smartphones
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
11 United States Mobile Phone Insurance Market by Coverage Type
11.1 Physical Damage
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Internal Component Failure
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Theft and Loss Protection
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 Others
12 United States Mobile Phone Insurance Market by Region
12.1 New England
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Mideast
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Great Lakes
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Plains
12.4.1 Historical Trend (2018-2023)
12.4.2 Forecast Trend (2024-2032)
12.5 Southeast
12.5.1 Historical Trend (2018-2023)
12.5.2 Forecast Trend (2024-2032)
12.6 Southwest
12.6.1 Historical Trend (2018-2023)
12.6.2 Forecast Trend (2024-2032)
12.7 Rocky Mountain
12.7.1 Historical Trend (2018-2023)
12.7.2 Forecast Trend (2024-2032)
12.8 Far West
12.8.1 Historical Trend (2018-2023)
12.8.2 Forecast Trend (2024-2032)
13 Market Dynamics
13.1 SWOT Analysis
13.1.1 Strengths
13.1.2 Weaknesses
13.1.3 Opportunities
13.1.4 Threats
13.2 Porter’s Five Forces Analysis
13.2.1 Supplier’s Power
13.2.2 Buyer’s Power
13.2.3 Threat of New Entrants
13.2.4 Degree of Rivalry
13.2.5 Threat of Substitutes
13.3 Key Indicators for Demand
13.4 Key Indicators for Price
14 Competitive Landscape
14.1 Market Structure
14.2 Company Profiles
14.2.1 Apple Inc.
14.2.1.1 Company Overview
14.2.1.2 Product Portfolio
14.2.1.3 Demographic Reach and Achievements
14.2.1.4 Certifications
14.2.2 AT&T Inc.
14.2.2.1 Company Overview
14.2.2.2 Product Portfolio
14.2.2.3 Demographic Reach and Achievements
14.2.2.4 Certifications
14.2.3 Worth Ave. Group, L.L.C.
14.2.3.1 Company Overview
14.2.3.2 Product Portfolio
14.2.3.3 Demographic Reach and Achievements
14.2.3.4 Certifications
14.2.4 American International Group, Inc.
14.2.4.1 Company Overview
14.2.4.2 Product Portfolio
14.2.4.3 Demographic Reach and Achievements
14.2.4.4 Certifications
14.2.5 SquareTrade, Inc.
14.2.5.1 Company Overview
14.2.5.2 Product Portfolio
14.2.5.3 Demographic Reach and Achievements
14.2.5.4 Certifications
14.2.6 Assurant, Inc.
14.2.6.1 Company Overview
14.2.6.2 Product Portfolio
14.2.6.3 Demographic Reach and Achievements
14.2.6.4 Certifications
14.2.7 AKKO, LLC
14.2.7.1 Company Overview
14.2.7.2 Product Portfolio
14.2.7.3 Demographic Reach and Achievements
14.2.7.4 Certifications
14.2.8 Asurion, LLC
14.2.8.1 Company Overview
14.2.8.2 Product Portfolio
14.2.8.3 Demographic Reach and Achievements
14.2.8.4 Certifications
14.2.9 Others
15 Key Trends and Developments in the Market
List of Key Figures and Tables
1. North America Mobile Phone Insurance Market: Key Industry Highlights, 2018 and 2032
2. United States Mobile Phone Insurance Market: Key Industry Highlights, 2018 and 2032
3. United States Mobile Phone Insurance Historical Market: Breakup by Phone Type (USD Billion), 2018-2023
4. United States Mobile Phone Insurance Market Forecast: Breakup by Phone Type (USD Billion), 2024-2032
5. United States Mobile Phone Insurance Historical Market: Breakup by Coverage Type (USD Billion), 2018-2023
6. United States Mobile Phone Insurance Market Forecast: Breakup by Coverage Type (USD Billion), 2024-2032
7. United States Mobile Phone Insurance Historical Market: Breakup by Region (USD Billion), 2018-2023
8. United States Mobile Phone Insurance Market Forecast: Breakup by Region (USD Billion), 2024-2032
9. United States Mobile Phone Insurance Market Structure
In 2023, the market reached an approximate value of USD 11.40 billion.
The market is projected to grow at a CAGR of 8.3% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach around USD 23.97 billion by 2032.
The key market drivers are the growing threat of cyberattacks and increasing incidents of accidental damage, phone thefts, virus infection, and device malfunction.
The key trends supporting the market expansion include rise in smartphone financing and lease programmes and increase in mobile phone ownership among the younger generation.
The major regional markets include New England, Mideast, Great Lakes, Plains, Southeast, Southwest, Rocky Mountain, and Far West.
Budget phones, mid and high-end phones, and premium smartphones are the different phone types considered in the market report.
The key players in the market include Apple Inc., American International Group, Inc., Assurant, Inc., AT&T Inc., Worth Ave. Group, L.L.C., SquareTrade, Inc., AKKO, LLC, and Asurion, LLC, among others.
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