The worldwide mobile handset protection market is predicted to expand at a CAGR of 11.6% during the projection period. The mobile handset protection market is expected to generate USD 6,789.2 million in sales in 2023 and will surpass USD 22,446.3 million by 2033.
Operators increasing their market share in the mobile handset protection market by offering different packages, such as bundled voice and data services at subsidized costs. BYOD and enterprise mobility widen the applications of handsets to use them for a broad spectrum of business tasks, resulting in high demand for mobile handset protection.
Monthly prices for protection services are expanding at a 60% market share, outpacing one-time charges in the mobile handset protection industry. Further, the growing volume of mobile data on smartphones increases mobile handset protection sales.
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Consumers who choose extended warranties and theft protection foresee an increase in the mobile handset protection market trend. Protecting phones against loss, abuse, and potential damage has boosted the demand for mobile cell phone safety.
The increased use of smartphones, combined with advancements in device and network infrastructure, has accelerated the implementation of mobile cell phone protection. Further, the cost-effectiveness of acquiring mobile protection over purchasing replacement drives accelerates the market penetration of mobile handset protection.
Large-screen equipment, including tablets or phablets, are using mobile handset protection services. Further, the deployment of mobile device protection services benefits customer satisfaction.
Key Takeaways
- The market has grown at a CAGR of 9.5% during the last five years.
- North America held a 25.1% proportion of the mobile handset protection market in 2022.
- In 2022, Europe owned 18.9% of the global market.
- India is expected to expand at a 13.2% CAGR.
- The United Kingdom is expected to develop at an 8.7% CAGR.
Competitive Landscape
To remain at the forefront of the industry, market leaders are innovating with new features and functions. For instance,
- In January 2023, the Realme 11 Pro series was announced in India. Realme has launched a new insurance package in India for its novel ‘Number’ series of devices.
- In February 2022, Atom Studios released the latest protection case for Samsung phones in response to the popularity of its Apple series. The newly launched Touch Samsung case was designed with realism in mind and is available for the Samsung Galaxy S22 and S22+ handsets. Atmos Studios used a soft, soft-touch silicon exterior that is meant to be sensed and appears ultra-soft in the hand.
Key Players
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
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More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global Mobile Mobile Handset Protection market presenting a historical analysis from 2018 to 2022 and forecast statistics between 2023 and 2033.
The study reveals essential insights By Protection Provider (Mobile Operator/Carrier, Mobile Device OEM, Direct-to-Consumer Services, Other Channel (Retailers)), By Pricing Model (One Time Fee, Monthly Fee, Billed By Carrier/ OEM), & region.
Market Segmentation
By Protection Provider:
- Mobile Operator/ Carrier
- Mobile Device OEM
- Direct-to-Consumer Services
- Other Channel (Retailers)
By Pricing Model:
- One Time Fee
- Monthly Fee
- Billed By Carrier/ OEM
By Sales Channel:
- Retail Chains
- Brand Stores
- E-Commerce /Online
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East and Africa
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