United States Mobile Phone Insurance Market Size, Industry Growth, Forecast 2024-2032
United States Mobile Phone Insurance Market Overview 2024-2032
The latest report by IMARC Group, titled “United States mobile phone insurance Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032“, offers a comprehensive analysis of the industry, which comprises insights on the United States mobile phone insurance market growth. The market size reached US$ 11.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 28.0 Billion by 2032, exhibiting a growth rate (CAGR) of 10.7% during 2024-2032 .
Mobile phone insurance offers financial protection against unforeseen events that could render the phone inoperable or unusable. It encompasses basic plans that cover accidental damage and theft and more comprehensive plans that may also cover loss, unauthorized calls, and overseas incidents. It ensures that unexpected repair or replacement costs do not financially burden owners. It provides mobile phone owners peace of mind, knowing that their device is protected against damage, theft, or loss. It simplifies the process of dealing with unforeseen events by providing a straightforward claims process and quick resolution of issues. It helps preserve the value of mobile phones by facilitating timely repairs or replacements, thereby extending their lifespan and usability.
United States Mobile Phone Insurance Market Trends and Drivers:
At present, the rising employment of insurance against damage or loss to avoid the hefty cost of replacement due to the growing price of premium smartphones represents one of the key factors propelling the market growth in the United States. Furthermore, the increasing volume of data stored in mobile devices, such as photos, contacts, and personal information, is driving the demand for insurance policies in the country that offer data recovery or backup services in addition to hardware coverage. In addition, the growing availability of innovative and comprehensive insurance products that cover a wide range of incidents, including water damage, screen damage, and even unauthorized calls, are making these policies more attractive to people. Besides this, the rising availability of affordable and customizable insurance plans is allowing individuals to select coverage that best fits their needs and budget, encouraging broader adoption. Moreover, the increasing proliferation of digital sales channels and targeted marketing strategies is making mobile phone insurance more accessible and appealing to buyers. Online platforms enable easy comparison of different insurance products, simplifying the decision-making process for individuals. Additionally, the rising financial risk associated with losing a phone or falling victim to fraud, as smartphones become key tools for financial transactions through mobile banking and payment apps, is catalysing the demand for insurance policies that cover financial losses due to unauthorized use.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/united-states-mobile-phone-insurance-market/requestsample
United States Mobile Phone Insurance Market 2024-2032 Analysis and Segmentation:
The report segmented the market on the basis of phone type, coverage, distribution channel, and end user.
Breakup by Phone Type:
- New Phone
- Refurbished
Breakup by Coverage:
- Physical Damage
- Electronic Damage
- Virus Protection
- Data Protection
- Theft Protection
Breakup by Distribution Channel:
- Mobile Operators
- Device OEMs
- Retailers
- Online
- Others
Breakup by End User:
- Corporate
- Personal
Breakup by Region:
- Northeast
- Midwest
- South
- West
Key highlights of the report:
- Market Performance (2018-2023)
- Market Outlook (2024- 2032)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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