The report titled “Europe Mobile Insurance Market” assesses the regional market based on damage type, mobile type, price range, providers, and region. A comprehensive report provides a detailed historical and future market size with a trend analysis. The report underlines the market share analysis, Service provided by leading players, competition overview, strategic imperatives, annual figures, growth strategies, growth avenues, and competition assessment for the target players assessed in the Europe Mobile Insurance market study.
Market Overview and Dynamics: Demand for mobile insurance to rise due to the increase in the number of mobile damage incidents coupled with the growing customization of insurance policies
The Europe mobile insurance market is expected to grow at a CAGR of around 6% during the forecast period of 2022-2028. Growing customization of insurance policies and an increasing number of mobile subscriptions is expected to drive the demand for mobile insurance in the region.
Europe’s mobile insurance market is set to observe moderate growth in the next six years. Some of the key drivers in the Europe mobile insurance market are an increase in the number of incidents of accidental damage, phone thefts, and virus infections. Moreover, mobile insurance also covers mechanical and electrical failures coupled with additional coverage of phones such as unauthorized usage, e-wallet payments, and malicious damage. These are some of the factors anticipated to further propel the demand for mobile insurance in the region.
Western Europe is expected to hold a prominent share of the Europe mobile insurance market. According to Ericsson, in Western Europe, 5G subscriptions increased from 5 million in 2020 to 31 million in 2021, and are expected to reach almost 150 million by the end of 2023. Moreover, as per the data published by the International Telecommunication Union (ITU), Germany has observed a slight increase of 0.2% in the number of mobile subscriptions over the period 2019-2020, hitting 107.4 million subscriptions in 2020. France’s mobile subscriptions reached 72.8 million in 2020, reflecting an increase of nearly 1% from 2019. Increasing mobile subscriptions is expected to augment the demand for mobile insurance across the economies of Europe.
- On the basis of mobile type, new smartphones are dominating Europe mobile insurance market as the new mobile protection plan can get coverage of up to 100% of the handset’s value.
- Based on the price range, the economical smartphone segment is holding a prominent share. The increasing demand for economical smartphones is attributed to the fact that consumers are impressed by the phone’s value and competitive prices, especially when compared to similar smartphones of the same caliber.
- On the basis of region, Western Europe is dominating the Europe mobile insurance market. In Germany, increasing mobile subscriptions are expected to augment the demand for mobile insurance across the economies of Europe.
Europe’s mobile insurance market is fragmented in nature with the presence of various players operating in the region. Public and private players including startups adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers and acquisitions, partnerships, and collaborations are some of the strategies followed by industry players. Some of the key developments in the Europe mobile insurance market include,
- In June 2021, Insurance2go, which is part of the SPB UK & Ireland Group and is owned by Loyal Insurance Services Ltd., announced a new partnership with AXA Partners UK&I to help the brand expand in existing and new markets.
Some of the key players operating in the Europe mobile insurance market include Apple Inc., American International Group Inc., Assurant Inc., Asurion, AT&T Inc., AmTrust Financial, Brightstar Corp., GoCare Warranty Group, SquareTrade Inc., Taurus Insurance Services Limited, Revolut Technologies Inc., and others.
RationalStat has segmented the Europe mobile insurance market on the basis of damage type, mobile type, price range, providers and region.
- By Damage Type
- Internal Part Damage
- Physical Damage
- Virus and Data Damage
- Theft & Loss of Device
- Others (Damage by Malicious Intent)
- By Mobile Type
- New Smart Phones
- Refurbished Smart Phones
- By Price Range
- Premium Smart Phones
- Economical Smart Phones
- By Providers
- Device OEMs
- Mobile Operator
- By Region
- Western Europe
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Western Europe
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