With the increasing prevalence of expensive household goods, cars and consumer electronics, insurance has become an unavoidable and often necessary cost in modern life. Most insurance specialists and even banks now offer insurance plans that cover theft, loss, malfunctions and damage of mobile phones.
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“Asia Pacific Mobile Insurance Market: Asia Pacific Demand Analysis & Opportunity Outlook 2023”
Asia Pacific mobile insurance market is segmented into risk covered such as accidental damage, theft, liquid damage, breakdown and worldwide cover. Among these segments, accidental damage segment is expected to occupy the top position in Asia Pacific mobile insurance market.
Further, rising incidences of accidental damage of smartphones coupled with high repairing cost of damaged smartphones is expected to supplement the growth of Asia Pacific accidental damage mobile insurance market. Further, increasing sale of smartphones is anticipated to strengthen the growth of Asia Pacific mobile insurance market during the forecast period.
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Asia Pacific mobile insurance market is expected to flourish at a significant CAGR over the forecast period. Moreover, Asia Pacific mobile insurance market was held at USD 7.8 Billion in 2016.
Increasing disposable income and rising sale of smartphones are some of the factors which are expected to drive the growth of the Asia Pacific mobile insurance market.
China grabbed the highest percentage share in overall mobile insurance market in 2016. The growth can be attributed to high penetration of the smartphone in the country.
Moreover, rising disposable income of the population is expected to positively impact the demand for mobile insurance market in Asia Pacific. Singapore, Japan & India market is poised to grow at exponential rate during the forecast period i.e.
2017-2024. Increasing sale of premium smartphones is expected to be the key factor behind the growth of mobile insurance market in the Asia Pacific region.
Increasing Sale of Smartphones
Rising sale of smartphone across the Asia Pacific region is one of the key growth drivers of mobile insurance market. Further, in Asia Pacific, many people are purchasing premium mobile smartphones.
This massive adoption of premium smartphones is anticipated to expand the market of mobile insurance.
Availability of Innovative and Customized Mobile Insurance Policies
Many of the retailers, wireless carriers, insurance specialists, device and OEMs are now offering insurance policies that cover loss, malfunctions, damage as well as theft of mobile phones. Moreover, in order to increase the sale of mobile insurance, many mobile phone insurance policies now have added safety features such as backup facilities or data recovery, along with improved technical support, allowing customers to safely back up their mobile phone data online.
This factor is envisioned to bolster the growth of the Asia Pacific mobile insurance market.
However, lack of awareness and slow adoption rate in various Asia Pacific countries are some of the factors which are expected to hamper the growth of the Asia Pacific mobile insurance market.
The report titled “Asia Pacific Mobile Insurance Market: Asia Pacific Demand Analysis & Opportunity Outlook 2023” delivers detailed overview of the Asia Pacific Mobile insurance market in terms of market segmentation by risk covered and by country.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the Asia Pacific mobile insurance market which includes company profiling of HL Assurance, NTT DoCoMo, Syska Gadget Secure, AppsDaily, SyncNScan, New India Insurance, Vodafone Australia, Optus and Virgin Mobile Australia. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
On the whole, the report depicts detailed overview of the Asia Pacific Mobile insurance market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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