APAC a major driver of mobile phone insurance market’s CAGR by 2028

Growing phone theft incidents also contribute to market growth, as victims seek protection through coverage.

Forecasts show a rapid growth in the mobile phone insurance market, reaching $56.6b by 2028 at a compound annual growth rate (CAGR) of 12.5%.

North America led the mobile phone insurance market in 2023, whilst Asia-Pacific is expected to be the fastest-growing region during the forecast period. 

Several factors contribute to this growth, including ongoing innovations in smartphones, expansion of mid-range and premium device segments, availability of customised insurance plans, surge in e-commerce and online device sales, and increased digitalization and connectivity trends, findings from the "Mobile Phone Insurance Global Market Report 2024," by ResearchAndMarkets.com identified.

Key trends expected during this period include coverage for digital wallets and cybersecurity, flexibility in premium payment models, focus on sustainability and eco-friendly practices, integration of artificial intelligence in risk assessment, and exploration of global expansion opportunities, particularly in emerging markets.

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The rising adoption of smartphones significantly drives market expansion, with reliable mobile phone insurance plans offering coverage for repairs or replacements. Phone theft incidents also contribute to market growth, as victims seek financial protection through insurance coverage against theft-related losses.

Product innovation is another notable trend, with companies developing novel insurance products to meet evolving consumer needs. Strategic partnerships are also becoming common to enhance the accessibility of insurance products and address emerging risks associated with customers' digital lifestyles.

The report covers various regions and countries, including Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The mobile phone insurance market caters to various phone types, including budget, midrange, high-end, and premium smartphones, offering coverage for physical damage, internal component failure, theft and loss, virus and data protection, amongst others. Distribution channels include mobile operators, device OEMs, retailers, online platforms, and others, with end-users ranging from corporate to personal relationships seeking device coverage.