Global Mobile Handset Protection Market Analysis By Protection Provider (Mobile Operator, Mobile Device OEM, Direct-to-Consumer Services, Others), By Pricing Model (One-time Fee, Monthly Fee, Billed by Carrier), By Sales Channel (Retail Chains, Brand Stores, Online) & Forecast
- PUBLISHED ON
- 4/3/2023
- NO OF PAGES
- 286
- CATEGORY
- Information Communication & Technology
The global Mobile Handset Protection market was valued at USD 6.78 billion in 2022 and expected to grow at a CAGR of 11.6% during the forecast period.
Report Scope
Report Attributes | Description |
Market Size in 2022 | USD 6.78 Billion |
Market Forecast in 2032 | USD 11.34 Billion |
CAGR % 2023-2031 | 11.6% |
Base Year | 2022 |
Historic Data | 2019-2021 |
Forecast Period | 2023-2031 |
Report USP | Production, Consumption, company share, company heatmap, company production capacity, growth factors and more |
Segments Covered | By Protection Provider, By Pricing Model, By Sales Channel |
Regional Scope | North America, Europe, APAC, South America and Middle East and Africa |
Country Scope | U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria |
Key Companies | Apple Inc., American International Group, AT&T, Microsoft, Verizon Wireless, Asurion, Sprint Corp, Squaretrade, Best Buy, T-Mobile, Liberty Mutual Holding, Others |
Covid-19 Impact:
The COVID-19 pandemic has had a significant impact on the mobile handset protection industry.
Reduced demand for mobile phones: With many people facing financial difficulties due to the pandemic, the demand for new mobile phones has decreased. This has resulted in a lower demand for mobile handset protection plans.
Increase in remote work and digital communication: The pandemic has led to an increase in remote work and digital communication, which has resulted in people relying more on their mobile phones for work and personal communication. This increased usage has increased the risk of damage, loss, and theft, leading to a greater need for mobile handset protection plans.
Disruption in supply chains: The pandemic has disrupted global supply chains, leading to delays in the delivery of mobile phones and replacement parts. This has made it more challenging for mobile handset protection providers to fulfill their obligations to customers.
Changes in customer behavior: The pandemic has led to changes in customer behavior, with many people now preferring to shop online rather than in-store. This has led to a shift towards digital sales and support channels for mobile handset protection providers.
Overall, the COVID-19 pandemic has had a mixed impact on the mobile handset protection industry, with some challenges and opportunities arising from the current situation. Providers will need to adapt to the changing needs and behaviors of their customers to remain relevant in a post-pandemic world.
Market Dynamics:
Drivers:
Cost of mobile devices: Mobile phones have become increasingly expensive over the years, with many high-end models costing over $1000. Given the high cost of these devices, consumers are more likely to invest in protection plans to safeguard their investment.
Increase in device usage: With the increasing reliance on mobile phones for both personal and professional use, the risk of damage or loss has also increased. Protection plans provide peace of mind for users and ensure that they are covered in case of any unforeseen events.
Technological advancements: With the advancement in technology, mobile devices have become more sophisticated and complex, making repairs more expensive and difficult. This has increased the need for mobile handset protection plans to cover repair costs.
Competitive landscape: As the competition among mobile network operators and device manufacturers intensifies, offering mobile handset protection has become a key differentiator. Many providers now offer comprehensive protection plans as part of their service offerings to attract and retain customers.
Consumer preferences: Many consumers value the convenience and simplicity of protection plans. With many providers offering easy-to-understand protection plans that cover a variety of damages and losses, consumers are increasingly opting for such plans.
Overall, the increasing cost of mobile devices, coupled with the need for protection against damage and loss, has driven the demand for mobile handset protection plans.
Restraints:
Cost of protection plans: While protection plans offer peace of mind for users, the cost of these plans can be a restraining factor for some. Some users may see the cost of the protection plan as an unnecessary expense, especially for lower-priced devices.
Limited coverage: Some mobile handset protection plans may have limitations and exclusions, which can make it challenging for users to claim for damages or losses. For example, some plans may not cover water damage or accidental drops.
Complex terms and conditions: The terms and conditions of protection plans can be complex and difficult to understand. Some users may find it challenging to navigate the fine print and understand what is covered and what is not.
Duplication of coverage: Some users may already have coverage for their mobile devices through other means, such as their homeowner's or renter's insurance policies. In such cases, purchasing additional protection plans can be seen as duplicative coverage.
Low perceived value: For some users, the perceived value of mobile handset protection plans may be low. They may feel that the likelihood of damage or loss to their device is low, and thus the cost of the protection plan does not justify the potential benefits.
Overall, the cost and coverage limitations of protection plans, as well as the complexity of the terms and conditions, can be restraining factors for some users. Mobile handset protection providers will need to address these concerns to increase the adoption of protection plans among consumers.
Regional Analysis:
North America: North America is a mature market for mobile handset protection, with many mobile network operators and third-party vendors offering comprehensive protection plans. The high cost of mobile devices and the popularity of premium smartphones have driven the demand for protection plans in this region.
Europe: Europe is another mature market for mobile handset protection, with many providers offering protection plans that cover accidental damage, theft, and loss. Some providers also offer additional benefits such as technical support and extended warranties.
Asia-Pacific: The Asia-Pacific region is a rapidly growing market for mobile handset protection, driven by the increasing adoption of smartphones and the rise of digital commerce. Many providers in this region offer low-cost protection plans that cover common damages and losses.
Latin America: Latin America is an emerging market for mobile handset protection, with increasing adoption of smartphones and mobile internet usage. However, the adoption of protection plans in this region is still relatively low, and many providers face challenges such as a lack of consumer awareness and limited distribution channels.
Middle East and Africa: The Middle East and Africa is another emerging market for mobile handset protection, with growing adoption of smartphones and mobile internet usage. However, the adoption of protection plans in this region is still relatively low, and many providers face challenges such as a lack of consumer awareness and limited distribution channels.
Overall, the demand for mobile handset protection varies by region, with mature markets in North America and Europe and emerging markets in Asia-Pacific, Latin America, and the Middle East and Africa. Providers in each region will need to adapt to the local market conditions and consumer preferences to succeed.
Competitive Landscape:
The global Mobile Handset Protection market is highly competitive and fragmented with the presence of several players. Mobile handset protection is diverse and includes several types of providers, including mobile network operators, device manufacturers, third-party vendors, and insurance companies. These companies are constantly focusing on new product development, partnerships, collaborations, and mergers and acquisitions to maintain their market position and expand their geographical presence.
• Apple Inc.
• American International Group
• AT&T
• Microsoft
• Verizon Wireless
• Asurion
• Sprint Corp
• Squaretrade
• Best Buy
• T-Mobile
• Liberty Mutual Holding
• Others
Segments
By Protection Provider
• Mobile Operator
• Mobile Device OEM
• Direct-to-Consumer Services
• Others
By Pricing Model
• One-time Fee
• Monthly Fee
• Billed by Carrier
By Sales Channel
• Retail Chains
• Brand Stores
• Online
By Geography
• North America
o U.S.
o Canada
o Mexico
• Europe
o U.K.
o Germany
o France
o Italy
o Spain
o Russia
• Asia-Pacific
o Japan
o China
o India
o Australia
o South Korea
o ASEAN
• Latin America
o Brazil
o Argentina
o Colombia
• MEA
o South Africa
o Saudi Arabia
o UAE
o Egypt
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The report provides quantitative and qualitative aspect for the market in terms of value and volume, along with supporting market trends, challenges, restraints.
The report provides an in depth analysis from both production and consumption point of view at the regional and country level. Key Factors considered within the report scope are Production capacity by countries/regions, average price, consumption ratio, revenue earned and gross margin.
The report provides competitive analysis of around 30-50 companies operated in the market, these companies are bifurcated into niche players, the leaders and major contenders.
 Business Model
 Production Capacity, Revenue, Sales, Gross Margin
 Key Business Strategy
 SWOT Analysis
In terms of competitive landscape, the report provides distinctive factors that would help the end user in taking a key decision within the business:
 Company Share Analysis from 2018-2022
 Company Analysis by Revenue and Sales
 Company Production Capacity, Gross Margin
 Company Share Analysis by Application/End Use
 Company Share Analysis by Product/Specification
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One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
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The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
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Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
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