Mobile phone insurance market slated for 12.8% annual growth

The market is forecasted to bag $39.29b in 2024.

The global mobile phone insurance market was valued at $34.83b in 2023 and is projected to reach $39.29b in 2024, with further growth to $102.98b by 2032 at a compound annual growth rate (CAGR) of 12.8%, according to Market Data Forecast.

The market is driven by increasing smartphone penetration and the rising costs of device repairs, particularly in key markets such as the United States, the United Kingdom, Japan, and South Korea.

According to Statista, global smartphone ownership is expected to reach 4.88 billion in 2024, reflecting an increase of 635 million users within a year.

As of 2023, there were an estimated 6.8 billion smartphone users worldwide, with developing markets such as India seeing significant growth. India’s smartphone penetration rate increased from 33% in 2018 to 48% in 2020, and continued adoption is expected to drive mobile phone insurance demand.  

Asia Pacific offers expansion opportunities, particularly in China, India, and Japan, where government initiatives, economic growth, and increasing adoption of cloud-based services are supporting market development.

China’s digital insurance market has doubled in size, surpassing 1 trillion yuan, while India’s rapid digital transformation is extending into rural areas. 

However, cybersecurity concerns are rising alongside digital penetration. 

According to the Indian Computer Emergency Response Team (CERT-In), cyber incidents in rural regions now account for 10% of reported online security attacks, a figure expected to grow as digital adoption continues.