Global Mobile Phone Insurance Ecosystem Market Size 2017 by Type (Accidental, Malicious or Liquid Damage, Electrical or Mechanical Breakdown, Theft or Loss, Others), By Region and Forecast 2018 to 2025
Mobile phone insurance is the insurance cover provided for safeguarding the mobile phone against theft or if it is damaged mechanically. Cumulative growth of standard of living and large spending on comfortable customer electronics is the factor responsible for the advancement of global mobile phone insurance ecosystem market. Smartphones and mobile phones are the trending markets with the technological developments expected to experience huge growth over the forecast period.
In the historic year 2017, the size of the global mobile phone insurance ecosystem market accounted at USD 16.9 Bn. Mobile phone insurance ecosystem market is increasing because of the growing importance of costly consumer electronics and household goods. Rising cost of smartphones to drive the global mobile phone insurance ecosystem market growth at an anticipated CAGR of 11.7% between 2018 and 2025
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Mobile insurance involves the protection coverage for the devices in contradiction of malfunctions, physical damage and stolen or lost devices. Mobile phone insurance ecosystem is the interconnected or network systems or the interconnected set of services permitting users to accomplish various needs in the integrated experience and involves insurance customers and providers. An ecosystem is mostly utilized by insurers for delivering timely and improved services to the consumers. This is very helpful for customers for checking the significant information online.
Factors that are driving the growth of the global mobile phone insurance ecosystem market is the rise in using smartphones and region. Because of the increase in prices of mobile phones are focusing on choosing the insurance policies and the factors are anticipated to hamper the global mobile phone insurance ecosystem market growth to some amount.
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It is observed that the rising population and the huge amount of sales for mobile phones or smartphones, the rate of theft has substantially increased the making up of around 33% of complete market share. The segment produced the revenues costs around USD 5.6 Bn because of the penetration amongst the sector of consumer electronics. The proportion of mechanical and electrical segment will substantially increase because of the manufacturing of smartphones that is required to be handled with maximum care. Increase in the sales of mobile phones is anticipated to increase the growth of the global mobile phone insurance ecosystem market.
The global mobile phone insurance ecosystem market is divided based on application type, product type and region. Considering the application type, global mobile phone insurance ecosystem market is divided into loss, theft, physical damage and many more. Based on product type, global mobile phone insurance ecosystem market is distributed into retailers, insurance specialists and wireless carriers.
Topographically, regions involved in increasing global mobile phone insurance ecosystem industry are Europe, North America, Asia Pacific, Middle East & Africa and Latin America. The market of Europe is anticipated to trail the US market based on contributing revenue, an increase in the trend of mobile insurance in the countries. The market of Europe is anticipated to show the highest CAGR because of revenue in the coming years.
Key players playing major role in developing the mobile phone insurance ecosystem industry are Assurant, Apple, Geek Squad, Aviva, Allianz Insurance and more.
Key segments of the global mobile phone insurance ecosystem market
Type Overview, 2013-2025 (USD billion)
- Accidental, Malicious or Liquid Damage
- Electrical or Mechanical Breakdown
- Theft or Loss
Regional Overview, 2013-2025 (USD billion)
· North America
o Rest of Europe
· Asia Pacific
o South Korea
o Rest of Asia Pacific
· Latin America
o Rest of Latin America
· Middle East & Africa
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