The mobile handset protection market is accelerating with a CAGR of 11.6% in the global market during the forecast period. The mobile handset protection market is likely to be valued at a market revenue of USD 6,789.2 million in 2023 and is anticipated to cross USD 22,446.3 million by 2033.
Operators offering various plans, including bundled voice and data services at discounted prices, grow the mobile handset protection market share. Bring your own device (BYOD), and enterprise mobility broadens applications of smartphones to use them for a wide range of business activities increasing demand for mobile handset protection.
Monthly fees for protection services witness growth with a market share of 60%, compared to one-time fees expanding the mobile handset protection market size.
Also, an increasing amount of mobile data on smartphones drives the sales of mobile handset protection. Consumers opting for extended warranty and theft security anticipate the growth of the mobile handset protection market trend further.
| Attributes | Details |
|---|---|
| Mobile Handset Protection Market Size (2023) | USD 6,789.2 million |
| Mobile Handset Protection Market Size (2033) | USD 22,446.3 million |
| Mobile Handset Protection Market CAGR | 11.6% |
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Safeguarding phones against loss, misuse, and potential damage increased demand for mobile handset protection. Further, the rise in the use of smartphones, along with development in device and network technologies, surges the adoption of mobile handset protection.
The cost efficiency of purchasing mobile protection compared to buying replacement drives the mobile handset protection market share. Mobile handset protection services are adopted for large-screen devices such as tablets or phablets.
Adoption of mobile handset protection services assets in enhancing client satisfaction.
The option to reclaim phones in a short period after the loss, damage, or malfunctioning of handsets drives the sales of mobile handset protection. The high quality of OEM (Original Equipment Manufacturer) accessories, as opposed to generic accessories, bolsters the demand for mobile handset protection further.
Customer care services for customers to aid in their queries grow the mobile headset protection market size. Further, the threat of exposure to harmful content and third-party applications that causes damage to the device escalates the demand for mobile handset protection.
Providing accurate information on consumer bandwidth and assisting consumers and providers grows the mobile handset protection market trends. Furthermore, the adoption of mobile handset protection services can be applied for both business and personal use.
Low-priced handsets acquiring minimal cost benefits obstruct the global mobile handset protection market share. Reducing the cost of smartphones guarantees replacement expedition, further lowering the adoption of mobile handset protection.
Minimal cost assistance provided for inexpensive smartphones curbs the demand for mobile handset protection. Additionally, sales of mobile handset protection reduce as the services do not cover theft. Further, high subscription charges for post-protection services restrain the global mobile handset protection market share.
The popularity of personal smartphones to access corporate networks owing to mobile malware entering the enterprise networks further promises demand for mobile handset protection. The high growth of the global insurance market expands the mobile handset protection market size.
Innovations in the benefits of handset protection reduce the need for replacing a smartphone with a new one, further growing the sales of mobile handset protection.
Investing in research and development activities to develop and launch novel product processes growth of the mobile handset protection market size.
Several enterprises developing interest in merger and acquisition activities escalate the demand for mobile handset protection. Assigning protection services costs according to the smartphone price increases the mobile handset protection market share.
Numerous handset protection companies taking initiatives to improve and expand the quality and quantity of their product range surge demand for mobile handset protection. Mobile phones receiving financial security provided by insurance plans elevates the adoption of mobile handset protection.
North America dominated the mobile handset protection market with a share of 25.1% in 2022. The technological advancements in communication and high-quality infrastructure in telecom expand the global mobile handset protection market size further.
Moreover, youngsters increasing the saturation of usage of smartphones in the demographics rises the sales of mobile handset protection in the region.
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Europe held a share of 18.9% of the global market in 2022. The current shareholding is attributed to the growing number of smartphone users.
Increasing penetration of 3G and LTE and rising demand for mobile internet services and applications contribute to the mobile handset protection market share. Additionally, telecom service providers increasing their investments increasing demand for mobile handset protection.
Asia Pacific region is predicted to grow rapidly in the future decades. The growing proportion of smartphone owners, together with increasing demands for internet connectivity services and applications, is credited to the growth.
In addition, the increasing ubiquity of 3G and LTE connectivity has resulted in a huge increase in consumer information usage, creating a requirement for protection policies.
Expanding telecom service company investments are also predicted to fuel regional market expansion throughout the forecast period. China Telecom Corporation Ltd., KT Corporation (KT), and NTT Docomo Inc. are a few examples. Also, the key countries in this region are growing significantly. Further, India is expected to secure a CAGR of 13.2% over the forecast period.
The direct-to-consumer services segment in the protection provider category is expected to increase at a substantial rate and post a CAGR of 12% over the projection period.
This segment is likely to dominate the global market with a substantial share of the market as a result of a growing proportion of consumers opting for mobile device protection services rather than depending on the manufacturer's offerings. Further, several people use different mobile protection policies to defend their interests.
Multiple new players are entering the mobile handset protection market. One of the high-potential start-up players in the mobile handset protection market is Lydia. Lydia is a French-based start-up. It is one of the most prominent peer-to-peer payment applications in Europe.
Lydia has recently announced the launch of an insurance product for mobile handset protection. End users can get insurance for their handsets for 4.29 Euros per month.
In addition to this, the mobile handset protection market is crowded with another significant yet high-potential start-up, Pitzi. Pitzi is a Brazil-based company, which acts as a reseller for insurance companies for offering products that are related to mobile handset protection.
Some of the key participants present in the mobile handset protection market are Asurion LLC, CAN Financial Corp., Liberty Mutual Holding Company Inc., American International Group Inc., Verizon Wireless, Sprint Corporation, T-Mobile, Apple Inc., Walmart, AT&T Mobility, and T-Mobile.
Key players in the market are innovating with new features and functions to stay at the top of their revenue game.
Some of the Recent Developments in Mobile Handset Protection
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 11.6% from 2023 to 2033 |
| The base year for estimation | 2022 |
| Historical data | 2018 to 2022 |
| Forecast period | 2023 to 2033 |
| Mobile Handset Protection Market Size (2023) | USD 6,789.2 million |
| Mobile Handset Protection Market Size (2033) | USD 22,446.3 million |
| Quantitative units | Revenue in USD million and CAGR from 2023 to 2033 |
| Report Coverage | Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends, Pricing Analysis |
| Segments Covered | Protection Provider, Pricing Model, Sales Channel, and Region. |
| Regional scope | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific East Asia; Middle East and Africa |
| Country scope | The United States, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, Poland, Russia, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC Countries, South Africa, Israel |
| Key companies profiled | Asurion LLC; CAN Financial Corp.; Liberty Mutual Holding Company Inc.; American International Group Inc.; Verizon Wireless; Sprint Corporation; T-Mobile; Apple Inc.; Walmart; AT&T Mobility; T-Mobile. |
| Customization scope | Free report customization (equivalent to up to 8 analysts' working days) with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and purchase options | Avail customized purchase options to meet your exact research needs. |
The market is estimated to secure a valuation of USD 6,789.2 million in 2023.
The market is estimated to reach USD 22,446.3 million by 2033.
The industry is estimated to expand at a 11.6% CAGR.
Europe has a market share of 18.9% globally.
With a 25.1% market share, North America rules over.
| Estimated Market Size, 2024 | USD 7,30,843.3 million |
|---|---|
| Projected Market Size, 2034 | USD 23,66,892.7 million |
| Value-based CAGR (2024 to 2034) | 12.5% CAGR |
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Mobile Handset Protection Market
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