Mobile phone owners often express concerns about the safety of their phones post the expiration of their warranty. The costs associated with the repair and maintenance of damaged smartphones prove to be expensive after the warranty expires. Providing an insurance cover to smartphones saves a lot of money of consumers as the burden of repair cost is delegated to insurance providers. This is the reason the North America mobile phone insurance market is expected to reach $12.82 billion in 2025, growing by 10.36% over the next years due to a rising demand for protecting mobile phones in the region. Many different factors affect the consumer and create demand for this product firstly, mobile phones are highly susceptible to physical and technical damages, such as damaged casing, and excessive dust and dirt, which may have a detrimental effect on the Printed Circuit Board (PCB) and coverages. Such damages may also incur enormous losses for users and hence, are expected to increase the demand for mobile phone insurance over the forecast period. The increasing costs of smartphones are also compelling consumers to opt for mobile phone coverage policies. Furthermore, the increasing collaborations among mobile phone manufacturers and insurance providers are also anticipated to drive market growth over the forecast period. Moreover, the provision of direct-to-consumer insurance assistance is expected to create substantial growth opportunities for market players over the forecast period. The direct-to-consumer insurance assistance model provides improved customer experience as opposed to insurance selling through traditional distribution channels. Strategic business intelligence is used for monitoring Key Performance Indicators (KPIs) about policy growth, incurred claims ratio, the average time to settle a claim, and so on. KPIs also help evaluate the development of the insurance companies and also enable potential investors to determine the effectiveness of a company’s operational strategies. Furthermore, the implementation of BI tools helps companies track data about customer buying behavior and gain insights on consumer trends, thereby helping them make informed decisions in terms of the services that can be introduced in the mobile phone insurance market.
Impacts of the COVID-19 Pandemic:
Most industries across the world have been negatively impacted over the last few months. This can be attributed to significant disruptions experienced by their respective manufacturing and supply-chain operations as a result of various precautionary lockdowns, as well as other restrictions that were enforced by governing authorities across the globe. The same applies to the global Mobile Phone Insurance market. Moreover, consumer demand has also subsequently reduced as individuals are now more keen on eliminating non-essential expenses from their respective budgets as the general economic status of most individuals have been severely affected by this outbreak. These aforementioned elements are expected to burden the revenue trajectory of the global Mobile Phone Insurance market over the forecast timeline. However, as respective governing authorities begin to lift these enforced lockdowns, the global Mobile Phone Insurance market is expected to recover accordingly.
All of the above mentioned information has been analysed deeply and Highlighted with 21 tables and 35 figures, this 99-page report “North America Mobile Phone Insurance Market 2019-2026 by Coverage, Phone Type, Distribution Channel, End-user, and Country: Trend Forecast and Growth Opportunity” is based on a comprehensive research of the entire North America mobile phone insurance market and all its sub-segments through extensively detailed classifications. Profound analysis and assessment are generated from premium primary and secondary information sources with inputs derived from industry professionals across the value chain. The report provides historical data for 2016-2019 with 2019 as the base year, estimates for 2020, and forecasts for 2020-2026. (Please Note: The report will be updated before delivery to make sure that the latest historical year is the base year and the forecast covers at least 5 years over the base year.)
In-depth qualitative analyses include identification and investigation of the following aspects:
• Market Structure
• Growth Drivers
• Restraints and Challenges
• Emerging Product Trends & Market Opportunities
• Porter’s Fiver Forces
The trend and outlook of North America market is forecast in optimistic, balanced, and conservative view. The balanced (most likely) projection is used to quantify North America mobile phone insurance market in every aspect of the classification from perspectives of Coverage, Phone Type, Distribution Channel, End-user, and Country.
• Physical Damage
• Electronic Damage
• Theft Protection
• Virus & Data Protection
• Other Coverage
By Phone type:
• High-end Phones
• Mid-grade Phones
• Low-end Phones
By Distribution channel:
• Mobile Providers
• Phone OEMs
• Retail Stores
• Other Channels
For each of the countries, market analysis and revenue data are available for 2016-2026. The breakdown of major national markets by Coverage, Phone Type, and Distribution Channel over the study years (2016-2026) is included. The report also covers current competitive scenario and the predicted trend; and profiles key vendors including market leaders and important emerging playersSpecifically, potential risks associated with investing in North America mobile phone insurance market are assayed quantitatively and qualitatively through GMD’s Risk Assessment System. According to the risk analysis and evaluation, Critical Success Factors (CSFs) are generated as a guidance to help investors & stockholders identify emerging opportunities, manage and minimize the risks, develop appropriate business models, and make wise strategies and decisions.
Key Players: AIG, Allianz Insurance, Apple Inc, Assurant, Inc., Asurion, LLC, At&T Inc., Aviva, Better Buy Insurance, Blackberry Limited, Brightstar Corp., Gadget Cover, Insurance2go, Liberty Mutual Insurance Group, O2 Mobile Insurance, Pier Insurance Managed Services, ProtectCELL, Protect your Bubble, Salt, Sunrise, Swisscom, Switched on Insurance, Tinhat, Trov, Inc.
(Please Note: The report will be updated before delivery to make sure that the latest historical year is the base year and the forecast covers at least 5 years over the base year.)
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