MPI Market size is expected to reach USD 75.13 billion by 2030
Increase in the demand of Mobile Phone Insurance (MPI) is due to the rising demand for premium segment smartphone across the globe which are associated with high repair cost is driving the MPI market growth.
According to a new research report by Next Move Strategy Consulting, the Global Mobile Phone Insurance (MPI) Market size was valued at USD 31.55 billion in 2022, and is expected to reach USD 75.13 billion by 2030, with a CAGR of 11.7% during the forecast period, 2023-2030.
The growing incidences of accidental damages as modern smartphones are commonly made of glass which doesn’t provide drop protection, is driving the growth of mobile phone insurance market. Moreover, increasing repair prices and the high cost of parts are further driving the growth of the market. Premium smartphones feature high end technology to increase their performance and enhance user experience, and equipped with costly parts to perform adequately. The majority of these components can only be replaced, which is associated with high after sells costs. These factors are influencing consumers to adopt mobile phone insurance, in turn driving the growth of the market.
On the contrary, the rising costs of mobile insurance policies, especially for premium mobile phones hinders the growth of the market. However, introduction of artificial intelligence in the insurance industry that delivers human-like interactions and makes it easier for customers to complete complex insurance processes is expected to create ample opportunities for the market in the coming years.
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According to the report, the leading market players in the manufacturing of Mobile Phone Insurance (MPI) are Apple Inc., American International Group Inc, Assurant Inc, Asurion Group Inc, CHUBB, Boltech, Singtel, Amtrust Financial Services, Securranty Assurance for TomorrowS and Square Trade Inc.
Key Insights from the Mobile Phone Insurance (MPI) Market Report:
The information related to key drivers, restraints, and opportunities and their impact on the is provided in the report.
Value chain analysis in the market study provides a clear picture of the stakeholders’ roles.
The market share of the players in the global MPI market along with their competitive analysis.