The North America Mobile Phone Insurance Market continues to demonstrate strong growth, with its valuation reaching USD 6.8 billion in 2023. According to the latest industry analysis, the market is projected to grow at a CAGR of 12.4%, reaching approximately USD 15.2 billion by 2030. This growth is largely fueled by rising smartphone penetration, increasing instances of device damage and loss, and growing consumer awareness about the financial risks associated with high-cost mobile devices, particularly in urban areas where mobile dependency is at an all-time high.
Mobile Phone Insurance provides essential protection against accidental damage, theft, loss, and malfunctions for smartphones and related accessories. Its flexibility in coverage options and integration with device purchases make it increasingly popular among consumers seeking peace of mind in a digital-first world. As technology evolves with 5G adoption and premium device launches, insurers and telecom providers are ramping up innovative policies to address emerging risks like cyber threats and extended warranties.
Download FREE Sample Report: https://www.24chemicalresearch.com/download-sample/126961/north-america-mobile-phone-insurance-market-2022-2016-2026-475
Market Overview & Regional Analysis
The United States holds the largest share in the North America mobile phone insurance market, accounting for over 80% of the regional volume, driven by high smartphone ownership rates exceeding 85% among adults and a robust ecosystem of carriers and retailers offering bundled insurance plans. Factors such as frequent device upgrades and urban lifestyles contribute to heightened demand, while regulatory support for consumer protection policies further bolsters market expansion.
Canada’s market is experiencing steady growth supported by increasing mobile internet usage and partnerships between insurers and major telecom operators, though it lags slightly behind the US due to a smaller population base. Mexico shows promising potential with rapid smartphone adoption in emerging urban centers, yet faces hurdles from economic disparities and informal device markets that limit formal insurance uptake. Overall, North America benefits from advanced digital infrastructure and consumer trust in financial services, positioning it as a leader compared to other regions.
Key Market Drivers and Opportunities
The market is propelled by the surge in premium smartphone sales, escalating repair costs averaging over USD 200 per incident, and the convenience of instant claim processing through mobile apps offered by leading providers. Furthermore, the integration of insurance with device financing plans has made coverage more accessible, especially for younger demographics reliant on smartphones for work and entertainment. Opportunities abound in expanding coverage for emerging technologies like foldable devices and IoT accessories, as well as tailoring policies for small businesses facing higher device loss risks.
Additionally, the rise of embedded insurance models, where coverage is seamlessly added at point-of-sale, presents untapped potential for growth. With e-commerce booming, online platforms for policy purchases are gaining traction, and collaborations between tech giants and insurers could drive further innovation in personalized risk assessment using AI-driven data analytics.
Challenges & Restraints
Despite positive trends, the mobile phone insurance market encounters obstacles such as high claim denial rates due to policy exclusions, consumer skepticism from past experiences, and intense competition leading to price wars that erode margins. Economic uncertainties can also deter uptake among price-sensitive segments, while regulatory scrutiny over transparent terms and data privacy adds compliance burdens for providers. However, proactive measures like simplified claims and enhanced customer education are helping mitigate these issues.
Market Segmentation by Type
- Loss and Theft Insurance
- Damage Insurance
- Other
Download FREE Sample Report: https://www.24chemicalresearch.com/download-sample/126961/north-america-mobile-phone-insurance-market-2022-2016-2026-475
Market Segmentation by Application
- Individual Consumers
- Commercial Users
- Others
Market Segmentation and Key Players
- AIG
- Allianz Insurance
- AmTrust International Underwriters
- Apple
- AT&T
- AXA
- Asurion
- Verizon
- Best Buy
- SquareTrade
- Assurant
- Liberty Mutual
- Softchoice
- Travelers
Report Scope
This report presents a comprehensive analysis of the North America and sub-regional markets for Mobile Phone Insurance, covering the period from 2023 to 2030. It includes detailed insights into the current market status and outlook across various countries, with specific focus on:
-
Sales, sales volume, and revenue forecasts
-
Detailed segmentation by type and application
In addition, the report offers in-depth profiles of key industry players, including:
-
Company profiles
-
Product specifications
-
Production capacity and sales
-
Revenue, pricing, gross margins
-
Sales performance
It further examines the competitive landscape, highlighting the major vendors and identifying the critical factors expected to challenge market growth.
As part of this research, we surveyed Mobile Phone Insurance companies and industry experts. The survey covered various aspects, including:
-
Revenue and demand trends
-
Product types and recent developments
-
Strategic plans and market drivers
-
Industry challenges, obstacles, and potential risks
Get Full Report Here: https://www.24chemicalresearch.com/reports/126961/north-america-mobile-phone-insurance-market-2022-2016-2026-475
About 24chemicalresearch
Founded in 2015, 24chemicalresearch has rapidly established itself as a leader in chemical market intelligence, serving clients including over 30 Fortune 500 companies. We provide data-driven insights through rigorous research methodologies, addressing key industry factors such as government policy, emerging technologies, and competitive landscapes.
- Plant-level capacity tracking
- Real-time price monitoring
- Techno-economic feasibility studies
With a dedicated team of researchers possessing over a decade of experience, we focus on delivering actionable, timely, and high-quality reports to help clients achieve their strategic goals. Our mission is to be the most trusted resource for market insights in the chemical and materials industries.
International: +1(332) 2424 294 | Asia: +91 9169162030
Website: https://www.24chemicalresearch.com/
Follow us on LinkedIn: https://www.linkedin.com/company/24chemicalresearch
- Segment Analysis of Fly Ash-Based Green Cement Market: Products, Applications, and End-Users - September 25, 2025
- Top 10 Companies in the Aerospace Forged Parts Industry (2025): Market Leaders Powering Global Aviation - September 25, 2025
- Intermittent Catheters Market, Global Outlook and Forecast 2025-2032 - September 25, 2025