GCC Mobile Phone Insurance Market

GCC Mobile Phone Insurance Market Overview:

The GCC mobile phone insurance market was worth US$ XX Billion in 2023, expanding at a CAGR of X% during 2018-2023. Looking forward, the market is projected to grow at a CAGR of around X% during 2024-2029, reaching a value of US$ XX Billion by 2029. Mobile phone insurance refers to specialized insurance policies that cover financial losses that are beyond the control of the insured party. It is a risk-transfer system that ensures full or partial financial compensation for smartphones. It offers coverage against theft, water damage, high repair cost, accidental damage, cracked screens, and other broken parts. It also helps users to evade the expensive replacement costs of mobile devices or their different components. At present, due to the rising sales of smartphones and the increasing incidences of robbery, mobile phone insurance is gaining traction across the GCC region.

The market is primarily driven by the increasing utilization of smartphones across the GCC region. In addition, the growing focus of individuals on safeguarding their mobile devices against unforeseen conditions represents another major growth-inducing factor. Besides this, the emergence of multichannel interaction and direct-to-consumer insurance assistance is also accelerating the product adoption rate. Moreover, the leading insurance providers are introducing online insurance platforms and a paper-free process to claim the policy. They are also providing mobile data and virus protection plans and collaborating with mobile phone manufacturers to offer different coverage policies to users, which is positively influencing the market growth. Along with this, the introduction of recovery features, data protection, and extensive technical support is also creating a positive market outlook across the globe. Furthermore, due to the spread of the coronavirus disease (COVID-19) and the rising adoption of digital solutions, online insurance portals are gaining traction as they save time and provide 24x7 services. This, coupled with the increasing popularity of affordable policies with varying monthly premium amounts and coverage based on individual requirements, is also escalating the demand for mobile insurance policies across the GCC region. On account of these factors, the market is expected to witness positive growth in the coming years.

Beginning with a regional overview, the report explores the dynamics that have a strong influence on the GCC mobile phone insurance market and can also impact its future growth. Taking 2023 as the base year, the report covers historical market scenario from 2018-2023 and provides forecasts till 2029. This includes the study of value and volume trends and pricing history. Growth inducing factors, market restraints and recent developments have also been analysed in the report in order to provide a deeper knowledge about the industry. On a regional basis, the report examines the GCC mobile phone insurance market in Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Oman and Bahrain. For each of these regions, the report studies the GCC mobile phone insurance market in detail for latest trends, outlook and opportunities.

The report analyses the competitive structure of the GCC mobile phone insurance market industry and provides the profiles of major players operating in the market. The price margins for the products along with the various success and risk factors for manufacturers have also been covered in the report. Moreover, in order to determine market attractiveness, the report analyses the GCC mobile phone insurance market industry along the parameters of the Porter’s Five Forces model. This model examines the degree of competition in the GCC mobile phone insurance market industry by analysing the threat posed by new entrants and substitutes, and the bargaining power of suppliers and buyers. SWOT analysis of the market has also been presented in the report which highlights the strengths, weaknesses, opportunities and threats pertaining to the GCC mobile phone insurance market industry. Furthermore, the value chain analysis of the GCC mobile phone insurance market industry has also been covered in the report. This comprises of all the activities in the value chain, such as the procurement of various raw materials, manufacturing, sales and distribution. 

GCC Mobile Phone Insurance Market Segment Insights:

The GCC mobile phone insurance market has been analysed as followed:

By Phone Type:

• New Phone
• Refurbished

By Coverage:

• Physical Damage
• Electronic Damage
• Virus Protection
• Data Protection
• Theft Protection

By Distribution Channel:

• Mobile Operators
• Device OEMs
• Retailers 
• Online
• Others

By End User:

• Corporate
• Personal

By Country:

• Saudi Arabia
• UAE
• Qatar
• Oman
• Kuwait
• Bahrain

Country-wise, the market has been segmented into Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Oman and Bahrain. Amongst these, Saudi Arabia represents the largest market, accounting for majority of the GCC region.

Competative Landscape: 

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Highlights of the GCC Mobile Phone Insurance Market Report:

• Historical and current scenario
• Trends and developments
• Impact of COVID-19
• Market forecast
• Price analysis and forecast
• Porter’s five forces analysis
• SWOT analysis
• Value chain analysis

Report Customisation:

The GCC mobile phone insurance market report can be customised as per your requirements. You can get in touch with our analyst, who will make sure that the report suits your research needs