Mobile phone insurance market Size and Growth Rate:
Mobile phone
insurance market is estimated to reach USD 32.24 billion by 2025, growing at a
CAGR of 12.5%. It is worth to claim insurance for the mobile phones as we are
spending lot of money on purchasing. The policies include for accidental
damage, water damage and screen cracking.
Browse 140 Pages of Research Report developed on Mobile Phone
Insurance market @ https://www.researchcosmos.com/reports/mobile-phone-insurance-market/199557834
Mobile phone insurance market Growth Drivers and Restraints:
Growing
utilization of smart phones and also rise in the incidences of phone thefts are
key driving factors for the market to grow. Additionally, increasing awareness
towards the terms and condition among consumers is also boosting up the demand
of the market.
However, rise in
the fraud activities by insurance companies is slowly hampering the demand of
the market. Lack of complete knowledge in claiming the insurance is remained as
a challenging factor for the market.
Coupling of
mobile insurance managers and manufacturers is surging growth opportunities for
the market growth. Launch of new policies in favor to the users such as data
protection and increasing customer services are ascribed to bolster the demand
of the market.
Mobile phone insurance market Geographical Segmentation:
Geographically,
the market is segmented into North America, Asia pacific, Europe, Middle East
and Africa. North America is ascribed to lead the highest shares of the market
by owing to rise in the development of new technologies and increased sales of
mobile phones. Asia Pacific and Europe are positioned next to the North America
in accounting highest shares of the market with the rise in accidental damages
of mobile phones and also changes in the policies by mangers. Middle East and
Africa is expected to have huge growth opportunities in the foreseen years.
Key Players of the Mobile phone insurance market:
Some of the
leading players in the mobile phone insurance market are Allianz, AmTrust
International, Apple Inc., ASSURANT, INC., Asurion, Aviva, Brightstar Corp.,
American International Group, Inc., Geek Squad and GoCare Warranty Group.
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