Feb 12, 2020: The global mobile phone insurance market is estimated to experience intense growth by the year 2028 with regards to the altering government policies. Mobile phones from being an item of luxury have undergone massive changes to become a necessity. A mobile phone insurance is designed to protect smartphones against any thefts or loss, accidental damage or an electrical breakdown outside of the manufacturer’s guarantee period.
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“A key trend which will predominantly affect the growth of the mobile phone insurance market is the set of premium amounts offering that includes the family insurance at reduced charges.”
The high operation and investment costs are hampering the market growth. The growing progression of e-commerce and social media branding strategies is set to help the industry participants overcome geographical limitations.
Based on product type, mobile phone insurance market can be split into a wireless carrier, banks, and OEM providers. Based on application, the market has been divided into damaged, lost, theft, and others. Market division by sales channels has identified the direct channel and distribution channel as its two main categories.
The geographical study has identified North America, Asia Pacific, the Middle East & Africa, Europe, and South America as the key regions. North America has accounted for a major mobile phone insurance share due to the thriving presence of key players and the availability of additional coverage against hardware damage, software crash, etc. Numerous players operating in this region have maintained a compulsory norm for cell phone insurance purchased under their brand name.
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The competitive landscape of mobile phone insurance market encompasses an array of highly acclaimed contenders like AIG, AmTrust International Underwriters, AT&T, Deutsche Telekom, Liberty Mutual Insurance Group, SoftBank Corporation, Telefonica Insurance S.A, Vodafone Group, Orange, Allianz Insurance, Apple Inc., AXA, Pier Insurance Managed Services, Samsung Electronics, Sprint Corporation, Verizon Communications, Xiaomi, and Aviva among others.
Vodaphone had launched a worldwide coverage plan up to £200 worth against mechanical or electrical breakdown, damage or theft. AppsDaily offers 14 support features that facilitate call management, battery optimizer and cloud scan for any predicted deceitful activities. 4. Times Global Insurance offers ‘no claim bonus’ facility for those customers who did not raise any claims against phone damage or theft within a year.
The mobile phone insurance market offers a multitude of challenges for the industry participants and the gaining decisive understanding of these challenges have impelled the players to pander strategic merger & acquisition activities with their fellow contenders.