Report : Europe Mobile Phone Insurance Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Coverage (Physical Damage, Electronic Damage, Virus Protection, and Theft Protection), Sales Channel (Mobile Operators, Device OEMs, Retailers, and Others), Phone Type (New Phone and Refurbished), and End User (Corporate and Personal)
Increasing Cases of Accidental Damage, Phone Theft, and Gadget Failure Fuel Europe Mobile Phone Insurance Market Growth
According to the latest market study on “Europe Mobile Phone Insurance Market Forecast to 2028 – COVID-19 Impact and Analysis – by Coverage, Sales Channel, Phone Type, and End User,” the market is projected to reach US$ 10,811.60 million by 2028 from US$ 5,962.73 million in 2021; it is estimated to grow at a CAGR of 8.9% from 2021 to 2028.
The Europe mobile phone insurance market is experiencing significant growth owing to the innovations and upgradations of policies and schemes by the market players and the procurement of insurance policies for future. The market across Europe consists of a few well-established players and small firms offering single coverage type. The mobile phone insurance market is concentrated with mobile network operators, device OEMs, retailers, and others. These market participants enhance their schemes as per the requirements of customers. In addition, the smartphones market is significantly growing with the launch of new phones and demand for refurbished phones across Europe. Smartphones are prone to physical and technological damages. Accidents, liquid spillage, and drop are among the key causes of the physical damage to phones, while overcharging and voltage fluctuations are among the prime causes of technological/electronic damage. Theft or the loss of the device is another potential threat to smartphones. These factors are major concerns for smartphone users. With the rise in the adoption of smartphones, more users are opting for mobile insurance.
The Europe mobile phone insurance market is segmented on the basis of coverage, sales channel, phone type, and end user. Based on coverage, the market is segmented into physical damage, electronic damage, virus protection, and theft protection. By sales channel, the market is segmented into mobile operators, device OEMs, retailers, and others. By phone type, the Europe mobile phone insurance market is bifurcated into new phone and refurbished. Based on end user, the market is bifurcated into corporate and personal.
Impact of COVID-19 Pandemic on Europe Mobile Phone Insurance Market
Businesses face new challenges due to the COVID-19 epidemic and the development of remote work environments. New premiums on some lines of business, such as travel, events, and trade credit insurance, have increased as a result of the pandemic, and losses from these lines of business may become large. Consumer purchasing power has decreased significantly in a short period as a result of COVID-19's major influence on economic activity and employment levels at the local, regional, and global levels. Insurers are reacting with payment suspensions in order to prevent a big number of lapses. As the healthcare infrastructures have collapsed as a result of rising cases, the public healthcare emergency will require the government and market players to intervene and assist in the revival of market operations and revenue through collaborative efforts of research and development initiatives undertaken to recover the losses during the forecast period, which ends in 2028. In addition, the increased investments bode well for the industry in the following years.
American International Group, Inc.; Allianz SE; Apple Inc.; AT&T Inc.; Aviva insurance Limited; Better Buy Insurance; Gadget Cover; Insurance2go; Telefónica UK Limited; and Pier Insurance Managed Services Ltd. are among the key companies profiled in the Europe mobile phone insurance market. Several other players are also functioning in the market, contributing significant revenue shares year-on-year.
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