Mobile phone insurance is the insurance given for the mobile device in case it gets damaged; it is recovered with in the phone warranty time. Mobile phone claims can be made to the insurance companies for various risks. The Mobile Phone Insurance Market with different types of insurances for different period of time across the globe by various companies during 2015-2020.
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Scope and Regional Forecast of the Mobile Phone Insurance Market:
The Mobile Phone Insurance Market is dominant in the North America region with many mobile owners signing for phone insurance. Asurion is the one of the prominent mobile phone insurance company in the North America. Likewise NTT DoCoMo is dominating Japan’s market for insuring mobile phones.
The APAC region is the largest region for the Mobile Phone Insurance Market. India and China are very potential regions for this market owing to high population in the APAC region. The population in this region is not much into mobile phone insurance yet. Thus, there is a great scope in the APAC region. It is expected to grow at a CAGR of nearly 10% over the next five years, eventually accounting for over $48 Billion in revenue by the end of 2020.
The Europe, both eastern and western Europe is expected to witness high use of the mobile insurance to safeguard their devices against various risks. The Mobile Phone Insurance Market in Europe is expected to witness high growth in upcoming years.
The Mobile Phone Insurance Market is segmented into various categories by risks covered, by distribution channels and by geography.
By risks covered: accidental, malicious or liquid damage, electrical or mechanical breakdown, theft or loss, unauthorized calls and access, data backup facilities, overseas cover, accessories and others
By distribution channels: wireless carrier brands, OEM provided, associated with bank accounts, retailers and other direct to customer
By geography: Asia Pacific, Eastern Europe, Middle East and Africa, North America, Latin and Central America, Rest of Western Europe
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Some of the prolific players in the Mobile Phone Insurance Market are as follows:
- NTT DoCoMo
The Mobile Phone Insurance Market is a rapidly growing market with rise of mobile phone buyers in the world. This market is expected to witness high growth with rise in mobile phone users and different types of recovery options that a mobile phone gets during 2015-2020.
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